BetterWealth with Caleb Guilliams The Complete Guide to Overfunded Whole Life Insurance | Garrett Gunderson
Aug 24, 2023
Garrett Gunderson, New York Times bestselling author, joins BetterWealth to discuss overfunded whole life insurance, comparing it to other insurance options and financial instruments. They dive into the benefits of saving money, choosing the right insurance company, exploring various financial options, and utilizing life insurance for compounding and control. They also explore the advantages of owning a cabin, and ultimately delve into the benefits of overfunded whole life insurance, highlighting its ability to enhance assets and aid in estate planning.
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Choosing Life Insurance
- Understand life insurance as a contract between you and the company, not an investment.
- Choose mutual companies with high ratings and a long history, avoiding those who also sell P&C insurance.
Financial Strength of Life Insurance
- Life insurance companies, especially mutual ones, have a stronger reserve position than banks.
- This makes them less vulnerable during financial crises and rising interest rate environments.
Overfunding Life Insurance
- Overfund life insurance policies to maximize cash value and flexibility.
- This strategy minimizes commissions and provides quicker access to funds.