Managing Your Financial Future

Are Cash Value Life Policies Really as Good (or as Bad) as You’ve Heard?- Season 4: Episode 3

November 17, 2020

Life insurance appears to be a fairly easy topic to understand.  You pay your premiums to the insurance company, and if you die within the specified period of time, your beneficiaries receive the death benefit proceeds of the policy.  If you outlive the policy, no death benefit is paid. But that’s just one element of life insurance.  Another type is the often-misunderstood (and sometimes mis-sold) cash value policy — and here’s where things can get complicated.  And here’s where “Professor” Rick Plum, CFP® may be able to help you understand. Cash value life insurance isn’t for everyone, but for some individuals, it may indeed be exactly what they need to reach their goals.  Who should consider cash-value life insurance, and who should stay away?  And how do these policies work? 

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The information provided is based on current laws, which are subject to change at any time. Lucia Capital Group is not affiliated with or endorsed by the Social Security Administration or any government agency. Social Security rules can be complex. For more information about Social Security benefits, visit the SSA website at www.ssa.gov, or call (800) 772-1213 to speak with an SSA representative.