In the life insurance industry, one of the great commandments is “thou shalt not cancel your policy!” Kim and Spencer also discuss why you should use the flexibility of the policy to sustain it and to help it sustain you.
Best-selling author Kim Butler and Spencer Shaw show you how to take more control of your finances. Tune in to The Prosperity Podcast to learn more about Prosperity Economics thinking and strategies today!
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Links and Resources from this Episode
- Article about how to save a life insurance policy https://prosperitythinkers.com/save-a-life-insurance-policy-when-you-cant-afford-the-premiums/
- For resources and additional information of this episode go to https://prosperitythinkers.com/category/podcast
- Understanding more about the whole life policy – 0:59
- An asset that you’ll never get back – 1:57
- The best place to store liquidity – 2:11
- Life insurance death benefit – 3:00
- Reasons not to cancel your whole life policy – 3:53
- Regret after canceling whole life insurance – 4:49
- Discussing a whole life insurance case study – 5:33
- Borrowing against cash value – 6:41
- Helping people understand the importance of whole life insurance policies – 8:10
- “I wish I’d bought a policy earlier” – 9:05
- Do not cancel your whole life insurance policy – 9:29
- Automation and your bank account – 10:44
- Financial education for your family – 11:28
- What to do if you’ve canceled a whole life insurance policy? – 12:05
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