The Limitations of Savings Accounts

Many people worry about providing security for their families if something unfortunate happens. They think about what their spouses and children will do to pay the bills. So comes the question: Should you buy life insurance or focus on saving money in a bank? 

While both life insurance and savings can result in a lump sum benefit for your loved ones, there are key differences, especially if you also plan to implement IBC to secure the future of your family. 

In today's conversation, Russ, Joey, and the financial freedom coaches talk about the reasons not to use your savings account for IBC, and they focus on the following:

1. The top reasons not to use your savings account for IBC 
2. Why a life insurance policy is a better place to build your wealth
3. Recognizing your biases and shifting your mindset to achieve your financial goals

Disclaimer: The opinions expressed on this podcast are solely those of the hosts and guests and do not constitute financial advice. Always consult a licensed professional for financial decisions.

This episode is sponsored by a podcast show partner. We may receive compensation if you use links or services mentioned in this episode.

The hosts may have a financial interest in the programs or services mentioned in this episode.

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Creditor Protection Around Different Assets (including Life Insurance) for Different States - https://www.actec.org/assets/1/6/Survey_of_Asset_Protection_Techniques.pdf?hssc=1

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