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Life insurance issues that salespeople would prefer you NOT know!

More on Life Insurance

Rick Kahler MS CFP

By Rick Kahler MSFS, CFP®

Here are three points about life insurance that many life insurance salespeople would prefer you not to know:

  1. Not everyone needs it.
  2. Those who most need it are often least able to afford it.
  3. It is not a good investment.

Let’s take a deeper look at each point.

Not everyone needs life insurance. You probably don’t if you are single, financially independent, don’t have large debts, or own property or a business that will be liquidated upon your death. You need life insurance only if anyone would be put at risk or suffer financially because of your death.

Here are four circumstances when insurance is typically necessary:

  1. Parents with young children. Before the kids are born young couples, who typically are both employed, may not really need life insurance. However, when the first child comes along it’s imperative that there is enough insurance to raise each child to financial self-sufficiency.
  2. Business owners with large debts, key employees, or partners. Without life insurance to pay off business debts, an owner’s heirs might struggle to keep a company going or be forced to sell it. Companies often insure the lives of key employees whose loss would severely affect the business. Life insurance is also routinely used to fund “buy/sell” agreements which specify that the estate of the deceased will sell and the surviving partner(s) will buy the decedent’s interest in the company. This is especially important for a minority partner who could not afford to buy the shares of a deceased majority owner.
  3. Employed spouses close to retirement who haven’t fully funded their retirement plans. This is one that is commonly missed. If a surviving spouse depends upon several more years of retirement plan contributions from a partner’s salary in order to fund an adequate retirement, life insurance could make up the difference.
  4. People with large estates (over about $11 million per individual) in assets that can’t be easily liquidated. This need is rare, but we do see it occasionally. It may apply to farms or ranches where nearly 100% of the value of the estate is in land or a closely held business. In order for someone to pass the land or business on to heirs, it is important to have enough life insurance to cover estate taxes.

Those who most need insurance but can least afford it are often young couples with young children.

Typically these are the years when couples struggle to make ends meet with the demands of student loans, house payments, and the costs of a growing family. The good news is that term insurance is usually very inexpensive.

Life insurance is not a good investment.

In my 35-plus years of doing financial planning I have never, not once, seen anyone fully or partially retire on a life insurance investment.

One reason why is that a significant portion of the premiums in the early years of the policy go to paying out commissions. The loss is really never made up, and it takes years just to get back to even. This fact is cleverly hidden in the sales materials that lead you to believe you will never lose a dime, receive guaranteed returns, and get a tax-free income for life. These claims are true, but they are not the whole story.

Assessment

When making decisions about life insurance, remember that it is not meant as a source of income, but as a means to replace income or to pay taxes or debts. Used appropriately, life insurance is a valuable and affordable financial planning resource.

Conclusion

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

Contact: MarcinkoAdvisors@msn.com

https://www.crcpress.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

***

Twelve Steps of Financial Independence for Doctors

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A Basic Guide

By Lon Jefferies  MBA CFP® CMP®

Lon JeffriesWant to get your finances in order? Consider this comprehensive 12-step guide to address each element of your personal financial situation. In most cases, you should not address a step until all previous steps are satisfied.

1. 401(k) 403(b) Match: Without exception, if your employer matches 401(k) contributions, you should maximize whatever they’re offering. If it’s a dollar-for-dollar match, that’s an instant 100 percent return! Even the 50 percent return of a two-for-one match is irresistible.

2. Consumer Debt: Pay off your credit cards and all other unsecured loans, prioritizing the debts with the highest interest rates. Credit cards frequently charge rates as high as 30 percent. Paying off a card with 30 percent APR is comparable to getting a 30 percent investment return. Not completing this step will hamper your entire financial plan.

3. Cash Flow: You can’t develop wealth if you spend more than you make. Construct and follow a written budget to ensure you are living within your means. Your budget should include saving at least 10 percent of your gross income for retirement. Constantly compare actual spending with your budget and hold yourself accountable! Mint.com is an excellent free tool for this step.

4. Emergency Reserve: Develop a liquid savings account consisting of enough money to cover three to six months of expenses. These funds should only be utilized in crisis such as a job loss or medical emergency.

5. Life Insurance: If you have dependent children, you likely need life insurance. Cost-efficient coverage can frequently be obtained via your employer. To calculate the amount of coverage to purchase, first determine how much money your survivors would need to maintain a comfortable lifestyle, and then subtract any income they will generate as well as any savings you’ve accumulated. Alternatively, if you don’t have children in your household and your spouse is self-sufficient, you may not need life insurance coverage.

6. Disability Insurance: Getting hurt can completely derail your financial planning. A loss of income halts your savings and likely leads to increased debt. Obtain enough disability coverage to bridge the gap between earnings and expenses in the event of an injury. Coverage can frequently be purchased through your employer.

7. Estate Planning: Obtain a power of attorney, medical directive and living will. These documents allow you to designate the person you would like to make decisions for you if you become incapacitated. They also specify your preferences regarding life-prolonging medical treatments. Ensure both primary and contingent beneficiaries are assigned to your retirement accounts. Finally, develop a will or trust to ensure all other assets are distributed as you desire when you die.

8. Retirement Contributions: With risk exposures covered, it’s time to return to retirement planning efforts. Again, a 401(k) is an attractive retirement vehicle because it frequently offers an employer match and allows large annual contributions ($18,500 or $25,000 for individuals over age 50). If your employer doesn’t offer a 401(k), you can still contribute up to $6,500 (or $7,000 if over age 50) to an IRA. IRA contributions can be made on behalf of both spouses, even if only one is employed.

9. Traditional or Roth: The type of account that is best for you depends on when you want to pay taxes. A traditional retirement account allows an immediate tax deduction, the investments grow tax deferred, and the money isn’t taxed until the funds are withdrawn from the account. Alternatively, taxes are paid on Roth contributions immediately, but both contributions and growth are completely tax free when withdrawn during retirement. Put simply: will you be in a higher tax bracket now or when you withdraw the funds?

10. Asset Allocation: The most important investment decision you can make is how much of your portfolio will be invested in stocks versus bonds. A higher proportion of stocks leads to increased risk, but the potential for greater returns. The more time you have until the funds are needed, the more risk you can usually afford to take. Consequently, you should reduce the proportion of stocks in your portfolio as you approach retirement in order to minimize your risk factor. Identify an asset allocation that is aggressive enough to accomplish your investment goals while exposing you to an acceptable level of risk.

11. Get Caught Up: According to a recent Fidelity study, your nest egg should be one times your salary by age 35, three times your salary by 45, five times your salary by 55 and seven times your salary by 67.

12. Education Planning: Only after your retirement savings is where it should be can you focus on your children’s college education. At this point, explore a Utah Educational Savings Plan 529 (uesp.org) or a Coverdell Education Savings Account, both of which offer tax advantages if used for schooling.

Assessment

Does this mean you don’t need a financial advisor? Of course not! A qualified, comprehensive financial planner can add value, address shortcomings, and answer questions in each of these areas. Once you have completed each of these steps, you can be confident you have your financial ducks in a row.

###

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Conclusion

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Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

The Monetary Value of Human Life

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How Much are We Worth?
By Matthew Pelletier
[Director of Public Relations]
Compliance and Safety LLC

###

Monetary-Value-of-a-Human-Life
 Assessment

• Japan places the highest value on a human life, spending $11,728,000 to save a single life through improvements in public safety.
• South Korea spent the least, at a measly $878,000.00 per life saved.
• Health insurance companies value life at $50,000 per year of quality life, a depressingly low number compared to what government entities will pay. Keep your workforce healthy with proper Health & Wellness training.
• The families of suicide bombers receive just $25,000 per suicide.
• While the families that lossed a loved one on 9/11 received an average of $2.1 million per death, families of fallen soldiers receive a maximum of just $400,000. Rush Limbaugh did an interesting piece about this huge disparity back in 2002.

Conclusion

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INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

  Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™ Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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The Centenarian Diet

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Is There Such a Thing?

By Muhammad Saleem

Source: www.TermLifeInsurance.org

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The High Cost of Dying

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An RIP Visual Presentation

You might think that once you expire, your financial worries are over. But alas, even in the afterlife you will still be paying your debts.

Funerals rank among the most expensive purchases many people will ever make, and the burden of payment often falls on family.

Learn how expensive it really is to die.

Source: lifeinsurancequotes.info

Assessment

So, why hasn’t the cost of healthcare come down over the same period?

Conclusion

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Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

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Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Healthcare Organizations: www.HealthcareFinancials.com

Physician Advisors: www.CertifiedMedicalPlanner.com

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Is it Time for Level Life Insurance Commissions? [A Voting and Opinion Poll]

Ending the Churn-em’ and Burn-em’ Ethos 

By Staff Reporters

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Some insurance agents are currently noting that life insurance ownership is almost at an all time low because of the economy. And, some have even prompted suggestions that a “level commissions” payout would reverse the trend.

The argument goes something like this:

If agents were compensated 10% a year over a 10-year period rather than 100% in year one, annual reviews would increase substantially. The long-standing current method is not geared toward ongoing service, but to “churning” and “flipping”. Clients get better service from their property/casualty agents and wealth advisors because these practitioners have a financial inventive for their clients’ continued allegiance.

What do you think? Please vote and be sure to add your comments below.

Conclusion

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Things You Didn’t Know About Death

Not a Unique Experience

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Death is an experience that we’re all going to have at one point or another. Why not take a few minutes to learn some interesting and some truly bizarre facts about death, dying, and the dead? Brought to you by medicalinsurance.org

Conclusion

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