In this episode, we discuss the biggest pension myths, and how you can make the best decision for you and your family.
To start, one of the most significant points to focus on in your pension is who to insure. People often ask the questions, "Do you just insure the individual who qualifies for the pension plan? Or if you're married, do you also include your spouse? And what are the pros or cons to including a spouse in regards to the pension plan?"
You go, you work your whole life, you retire, and then they give you an option. It's to choose to get the monthly income just on you, or for you and your spouse. Of course, we're all concerned about the well-being of our spouses. When you first see the number, you say, "Here's the monthly amount of money I can receive from a pension with just me. And if I add my spouse, wow, that's a massive reduction." So it causes people some stress when they see the monthly reduction of money per month if they add their spouse to it.
And there's so much more. Which, we'll cover in this episode to help you maximize your pension.
Pension Myths and Maximization Topics Discussed:
* Who to insure in your pension plan
* Ensuring your spouse is provided for
* Leveraging a dividend paying whole life insurance policy correctly
* Where social security fits in, or doesn't
* Can you count on your pension to be there when you retire
* How to maximize your pension
Pension Mythis Episode Takeaways:
* If I die, the day after, she's set because I've been building life insurance banking policies to create wealth
* If you only put money in a pension, you can't leave a legacy of wealth for your family.
* So more and more, it's becoming a reality that pension programs are going out of existence.
* Social security too is that it's constantly changing and who knows how long honestly, it's going to be around for.
* With the city of Detroit going bankrupt. All the people who had pensions, guess what? They're gone.
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In this episode, we'll pick up where we left off in episode 19. We'll share how to build the perfect life insurance policy to use for becoming your own banker.
The primary goal of this episode is to discuss why we do what we do. What it focuses on the life insurance policy is when doing banking. And, in the last episode, we shared all the reasons why you're not supposed to use other types of policies and other methods to design policies.
So if you haven't listened to episode 19, we suggest you listen to it first because we went through a few important foundational points. And you may want to know that we're going to compare.
When it comes to building your own banking system, the focus is not on benefit. Instead, we're cash focused. So the goal is to actually put as much of your premium dollars into a paid up additions writer as you can. Which will stuff the policy go straight into the cash value. And in this episode, we explain how this is all done.
~ The Perfect Life Insurance Policy:
* The correct policy for use in Infinite Banking
* What is a paid up additions writer and how is it used
* What is a mutual company
* Traditional Life Insurance vs. Infinite Banking
* Being cash focused vs. benefit focused
* Understanding guaranteed interest rate vs. guaranteed cash value
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Episode Takeaways:
* When buying a single premium writer, you're buying it strictly to have cash, and it buys you a little bit of guaranteed death benefit.
* Without a paid up additions writer, the policy is going to underperform, and it won't be a banking policy.
* Life insurance it's called life insurance. It's not called death insurance. It should be life giving, to an extent.
* With banking, we're not benefit focused. You're cash focused.
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