The Detailed Guide on Funding Life Insurance Policies – Episode 558

Kim and Spencer engage in a deep-dive discussion about life insurance policies. They emphasize the importance of having the right mindset and principles when dealing with life insurance policies. They elaborate on the concept of overfunding and underfunding these policies. Kim and Spencer mention how the premium of a policy can build cash value and the ways that a “Paid Up Addition” could increase the death benefit and build cash value. They caution against overfunding your policy beyond the IRS’s Modified Endowment Contract (MEC) limit, which could lead to tax implications. 

Prosperity Thinkers is proud to be an affiliate of the transformative Gravy Stack movement, helping individuals around the world unlock their potential and achieve financial freedom. By providing resources, tools, and mentorship, we contribute to creating a culture of abundance, possibility, and growth. Please note, as an affiliate, we may receive compensation for our efforts. Our collaboration, however, goes beyond financial arrangements; we truly believe in the power of the Gravy Stack movement to change lives and foster prosperity.

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 Thinkers thinking and strategies today!

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Links and Resources from this Episode

Show Notes

  • The future possibility of creating a video of the book
  • First step in life insurance – funding
  • “Paid up addition” in life insurance
  • The flexibility of funding in whole life insurance
  • What MEC limit is
  • The seven-year MEC limit analysis
  • The right timing to utilize life insurance
  • Using life insurance in your financial situation
  • The timing of insuring people from multi-generation families
  • Who is the key person in life insurance
  • The concept and benefits of key person life insurance

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