Question 1

Will I need to consider replacing my permanent life insurance policy in the future?

Accepted Answer

No. Permanent life insurance is a type of life insurance that lasts your entire life, as long as you pay the required premiums.

Question 2

What is Term Life Insurance?

Accepted Answer

Term life insurance is a specific type of life insurance policy that offers a death benefit to beneficiaries for a predetermined period. The term length typically ranges from 10 to 30 years, during which the policyholder pays a fixed premium.

Question 3

What is an Asset Protection Plan?

Accepted Answer

Asset protection plans are legal strategies designed to safeguard assets from creditors, litigation, divorce, or legal judgments.

Question 4

What does an Executive Bonus Plan include?

Accepted Answer

An Executive Bonus Plan is a compensation strategy designed to reward key employees with additional benefits, which may include life insurance, cash value, or a combination of the two.

Question 5

What is Split-dollar life insurance?

Accepted Answer

Split-dollar life insurance is a strategy that allows the sharing of the cost of a premium for a permanent life insurance policy. They are often a key part of an executive compensation package and can provide a benefit to both the employer and employee.

Question 6

How will the "Your Family Bank" concept be beneficial to me?

Accepted Answer

Your Family Bank allows individuals, families, and business owners to develop a customized financing program that captures a portion of the interest typically paid to financial institutions, putting it to your advantage.

Question 7

What is the purpose of Key Person insurance?

Accepted Answer

Key Person Insurance is a life insurance policy that a business acquires on a key employee, such as a founder, owner, or executive. The business is responsible for paying the premiums and will receive the death benefit in the event of the insured individual's passing.