It is well known that wealthy individuals and families can utilize the benefits of life insurance for estate planning purposes. A good estate planning attorney can incorporate an array of trusts and utilize measures to minimize the estate tax and to reposition wealth to benefit family members, charities, etc. What is not well known are the benefits of life insurance for those who are wealthy and feel they can self-insure utilizing their own assets.
How did the wealthy become wealthy?
We are all born with just two hands that can limit the amount of productivity we can accomplish with them. However, we have the advantage of a brain that has no limitation as to its productivity. The wealthy have figured this out and utilize their most productive asset to create and grow their wealth.
Most of the wealthy either grew their wealth and or maintained their wealth by utilizing smart and disciplined financial practices. The smart and most effective way to build wealth is to have your money work for you. The use of money to make money and the use of other entities’ money to make money is a basic premise of creating and growing wealth.
Life insurance and other insurance products can be an extension of this same principle. Life insurance products are priced in such a way that the wealthy can take advantage of tremendous growth and protection of assets without risk and at pennies on the dollar.
How can life and other insurance products benefit the wealthy?
The following are just some of the ways by which life insurance can enhance and create even more wealth for the wealthy:
The main premise here is that life insurance is a very good deal. There are few, if any, financial instruments that will yield the amount of return of a well-designed life insurance portfolio. The wealthy are well positioned to take advantage of these benefits. With the counsel of a good estate planning attorney and insurance professional the wealthy can maximize their wealth and their legacy.
has over 45 year's experience in both home office and field positions, starting his career as a home office life underwriter then transitioning to a field in house underwriter. Lombardo became associated and then principal of a well-known BGA for 30 years. After relocating to Southwest Florida, he opened Ash Brokerage of Southwest Florida, a branch sales and servicing office of Ash Brokerage, a national BGA. Lombardo is known for his underwriting expertise, case design and product utilization. He is a member of Risk Appraisal Forum and is active in Rotary and his community. Lombardo can be reached at Ash Brokerage of Southwest Florida, 3776 Cracker Way, Bonita Springs, FL 34134. Phone: 800-610-9810. Email: email@example.com.