Insurance [6/7 Series] - Tom Wheelwright & Kim Butler - The WealthAbility Show

The WealthAbility Show #141: Have you considered the benefits of investing in life insurance? Or how the different functions can uniquely alleviate stress for our loved ones? In this episode, Kim Butler joins Tom in exploring the world of life insurance, how it all works and benefits business, society, and our families.
Order Tom’s new book, “The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make” at: winwinwealthstrategy.com/
04:10 - What are some primary and secondary functions of life insurance? What makes it unique?
09:33 - What is the difference between “Term Life Insurance” and “Whole Life Insurance”?
16:14 - Why is life insurance tax free?
19:00 - What are the functions and benefits of the death benefit? How does it alleviate stress for our families?
23:00 - What are the basics of life benefits?
26:38 - What is the negative side of borrowing from it? How do you borrow properly? How does this apply to taxes?
33:40 - What is Kim’s biggest recommendation?
39:17 - What is the important distinction between mutual and stock companies?
41:35 - Tips and first steps towards life insurance.
Looking for more on Kim Butler?
Websites: prosperitythinkers.com/Insurance
prosperitythinkers.com/tom
Book: “Perpetual Wealth: How to Use “Family Financing” to Build Prosperity and Leave a Legacy for Generations”
Tom Wheelwright, #CPA is a Best-Selling Author, Entrepreneur & Worldwide Authority on Tax. wealthability.com/tom/
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DISCLAIMER: WealthAbility® does not provide tax, legal or accounting advice. The materials provided have been prepared for informational purposes only, and are not intended to provide tax, legal or accounting advice. The materials may or may not reflect the most current legislative or regulatory requirements or the requirements of specific industries or of states. These materials are not tax advice and are not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. Readers should consult their own tax, legal and accounting advisors before applying the laws to their particular situations or engaging in any transaction.

[@johnq748]

Thanks Tom and Kim. Thanks for being humble Tom and letting her use all the information Kim did an excellent job. And cleared up a lot of mysteries and things we didn’t even know to ask about

[@FrenchChefatYourHome]

Thanks and greetings from Paris ❤

[@JLW667]

0:33 0:40 Yes 2:46 Term vs Whole Life Insurance 4:29 1st function 4:45 #2 5:59 Actuary 6:39 10:40 Term Insurance When? 12:06 Insurance definition 12:19 12:54 Whole Life Insurance 13:50 14:29 Dividend Paying 14:48 Liquid 16:21 Tax Free 18:36 Safety 19:48 Mutual Company 21:52 24:24 26:39 Only Borrow keep the money in the policy 28:36 401k 30:36 Universal Life Insurance 31:59 34:23 80 years young 38:56 Heir 39:33 Public vs Mutual Companies 43:14 Learn about Life Insurance 43:53 Prosperity Thinkers

[@luistovar2494]

Thanks for the master class. I may have been fooled by the influencers in social media

[@10passtrader]

❤from India🇮🇳🇮🇳🇮🇳🇮🇳

[@JayReiser]

Great topic Tom! Whole Life is such a complex investment. I couldn’t pull the trigger bc if I loaned all the cash which I invested, the policy became insolvent In year 22.

[@davidcalhoun9804]

Does it make sense for an American to get an annuity in Switzerland?

[@theluckshow9617]

Great interview. I went from working at New York Life to Merrill Lynch and it's been a big difference. Any thoughts on the IUL?

[@snellerfinancialservicesll5303]

She doesn't like it

[@Wavyysav]

Should I get whole life policy at 22? I feel its a solid investment.

[@murdered350]

Absolutely. But don’t think of it as an “investment”. This is a PRODUCT. You are merely storing money till the day you die. But until then, your money will be gaining tax free compound interest. Money that you have access to and and are able to utilize/loan yourself whenever you want. Use your available cash value to make wise investments or pay off appropriate debts. Start a business and use your cash value to loan your business start up capital. Possibilities are endless

[@fforum15]

How long do I need to have an active policy to borrow against the policy?

[@snellerfinancialservicesll5303]

30 days

[@tinagomez4418]

So basically nobody outside the US & Canada can use this vehicle. I'm based in the UK and apparently loans made by an insurer are taxable

[@snellerfinancialservicesll5303]

I'm 12 minutes in. I love both these people. But this is a horrendously boring discussion. Few people care about the details of life insurance itself & actuarial science and all that. However, Life Insurance is fascinating for all of its tax advantages and using it as a tax shelter, as well as the ability to leverage it tax free to combine it with real estate investments, private lending, and business opportunities. Why they didn't start there is anybody's guess, But I now understand why this video got low views and low engagement.

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