by You deserve a bright future. Your belief in yourself and your passion to build a legacy of happiness and success that will repeat through generations of its powerful motivators. And it all pays off. You earn more money, and, more importantly, you think about ways to grow that money into permanent wealth. And that process may require you to think outside the frameworks.
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Perhaps you have not considered a life insurance policy to build wealth. After all, it is not there to protect your loved ones in case you die – especially suddenly? Well, yes. But it can be much more than that.
Strategically used, life insurance can be a powerful tool for building wealth. You just have to know when it’s time to add it to your overall financial plan.
Some changes in your life are incredibly joyful – such as getting married or welcoming a child to the family. Of course you want to ensure that your loved ones are protected if something happens to you. A solid life insurance policy can ensure that they can retain their lifestyle or at least cover essential costs in your absence.
But life insurance can do more than offer a death benefit. With a whole or universal life insurance policy you can build in cash value based on a tax -based basis and possibly borrow at that present value to help finance important goals, such as buying a family construction or covering your children’s tuition fees.
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Whether you have dreamed of opening a comic book store, because you were a child or recently launched a handmade soap company, building a company takes serious efforts and protection.
This includes getting sufficient life insurance for yourself and all partners. With the right life insurance you can not only protect against the loss of a large stakeholder; You can also help with repaying business debts or taxes.
Life insurance can also be used to finance a buy-sell agreement and a legal contract between co-owners that outlines how ownership interests will be transferred to the aftermath of an important event such as death, handicap or even one owner who simply runs away. This type of planning is essential to guarantee business continuity and can prevent disputes in surviving owners or heirs.
You do not have to approach retirement to seriously start your estate planning. In fact, the sooner you include Estate planning in your power strategy, the better positioned you are in the long term.
