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Ignoring Their Money Cost Them Thousands!

Recently one of my clients introduced me to their friends and their names were Alex and Jean*. Alex had purchased a life insurance policy through someone who he had met through his prior employer. As it turns out, just reviewing this policy put Alex and Jean thousands of dollars ahead compared to where they were before they met me! I know that reviewing your Life Insurance Plans might seem about as dull and painful as visiting the dentist on the day he ran out of Novocain but believe it or not much of the money I was able to find for this couple had everything to do with how they were managing this one asset. (Or not managing it) Keep reading to see why? As it turned out Alex and Jean had problems with their debts and so I helped them to develop a FREE debt pay down plan. This is one of the main reasons they wanted to see me in the first place. We were able to trim years off of their debt and I actually showed them how to put less money toward their debt and divert more away to saving for their other goals like having an emergency fund and retirement money. On one of their largest debts, they were paying 19.99% interest, and this was costing them almost $800 per year. Here is how we used the life insurance to help with this problem. Alex and Jean were able to take out a special loan on their life insurance plan and pay off their bad credit card debt. This saved them hundreds of dollars per year. Not only that but now once this debt is paid, they can re-cycle that money again and again over their lives to help them out of whatever financial jam they get into. In addition to saving them money by drastically reducing their interest rates, this new loan would not show up on their credit score (as insurance loans are private transactions). This means they went from having a maxed-out card to having one that was paid off. This dramatically improved their credit score. Another benefit was that this new loan could be paid back at their convenience and on their terms. In effect they became their own bankers, no longer subject to the harsh rules and penalties associated with borrowing money from the bank. Alex and Jean were sitting on this solution before they ever met me, but they did not have the specialized knowledge or training to recognize the answer to their problem. If they never met me, they would probably still be struggling to pay off that card. But this was not the only problem we uncovered during this review. Tune in next month to see how we were able to find an extra several hundred thousand dollars of protection without any cost to Alex and Jean just from a simple review. Have you reviewed your financial plans with an actual professional? If not, why not call today with your questions. It's free and there is no-obligation or sales pressure. Seriously do it. (815) 633-9595. *Some of the names and details have been changed to protect the innocent.

Part 2


Last month I told you about Alex and Jean* and how they were able to improve their situation with their debt by using a special kind of loan from their Life Insurance Policy that they did not realize they could use. But as I said this was only part of the solution to their problem here is what else we were able to improve for them.


Upon further review of their plan, I found out that they both had really expensive riders on their plan. (a rider is an optional coverage that you add to a policy at the time of purchase but can be dropped off latter on). The riders gave the family additional term life insurance on all the members of the family. Alex had a $35,000 term rider and Jean had a $75,000 term rider and they had another $10,000 of coverage for their kids that they really did not need. All of these riders were costing them about $60.00 extra per month. So here is what we did.


We applied for new term policies using the new lower term insurance costs based on the fact that people are living longer than they used to. By applying for new coverage, we were able to get $250,000 of coverage on both Alex and Jean. This gave them about 3 times more coverage on Jean and 7 times more coverage on Alex and here is the best part. They only had to spend about $10.00 additional each month. The new term plans cost them about what the old riders were costing them but now they were thousands of dollars ahead when it came to their protection. They really could use the extra coverage because they have 3 kids at home and one of them is only 3 years old. What would happen to that family if one of the parents were to pass on early? By dropping the riders and using that money to pay for additional coverage Alex and Jean got the protection they needed without having to come up with hardly any additional premiums.


Alex and Jean were able to gain hundreds of thousands of dollars of extra protection not by having to get a second job to pay for their insurance but by having a professional review what they already own and make improvements. I know coming to see me may not be the most exciting part of your week but isn't it worth a few minutes of your time to stay current with your financial plan? After all it could mean thousands of extra dollars for your retirement, your emergency fund or your families protection. And hey if it is really that boring for you just ask me nicely and I will do a card trick for you when you come in. Seriously I'll freak you out so just ask. Why not call me today and let’s stay on top of your financial future and see if we can add thousands of dollars to your bottom line just by making some painless adjustments. Call for more information today.


*Some of the names and details have been changed to protect the innocent.

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