Best selling author Kim Butler and co-host No B.S. Money Guy Todd Strobel talk about how your cash value life insurance grows and how to get an accurate long term view by comparing it to bank rates.
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Links in this Episode:
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Kim’s latest book Busting The Life Insurance Lies
Quick read Live Your Life Insurance
Free financial calculators at Truth Concepts
00:28 Today’s topic: Whole Life Insurance and How Your Cash Value Grows
01:06 The whole life cash value is the perfect emergency fund
02:36 Kim’s newest book Busting The Life Insurance Lies talks about calculating internal rate of return on page 228 in the book
05:25 If you look at whole life companies website you’ll see a gross dividend around 6% which is irrelevant because fees are not factored in
07:39 Your cash value should be looked at when viewed over time, not 5 to 7 years
09:00 The rule of thumb is cash value whole life insurance grows at 2-3 points above bank rates
10:05 What happens when interest rates come up on CD’s?
10:46 When purchasing life insurance you’re purchasing an asset
13:30 Financial calculators at Truth Concepts