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Old 03-01-2010, 10:58 AM  
will76
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Join Date: May 2003
Location: USA
Posts: 18,037
Other uses of life insurance:
Life insurance can also be used to protect your estate as well as fund buy-sell agreements between business partners. I'll touch on these two topics briefly now but go into details in future posts. If you die and have acquired a lot of wealth, life insurance can be used to pay the estate taxes your family would be required to pay (estate tax laws are constantly changing). In many cases a child will inherit the family business but have to sell the business because he can not afford to pay the estate taxes on it. One of the other similar types of situations where life insurance becomes very beneficial is when there are multiple owners of a business. You can use life insurance to fund a buy-sell agreement where if one partner dies the life insurance proceeds enable the remaining
partner(s) to buy the deceases partner?s share of the business from his family / beneficiaries.

Putting all of this into perspective and what it means to you... How much do you spend on car insurance every year to protect your car? How much do you spend on insurance for your home? EVERYONE pays car insurance and if you own a home you very likely pay insurance for that as well. Why do you pay money every year to protect material items but not to protect your health or income, or life? Does it make sense to get into a car accident and have insurance to fix the car but have zero insurance to cover your
medical bills or loss of income? Why would someone have insurance to fix a
$35,000 (or more) car, but not have insurance for potentially $100,000's of medical bills and millions of dollars of lost income. Which do you think is more important to insure?

In closing, before you can focus on acquiring wealth and building assets, you need to put the proper protection mechanisms in place to make sure all of your hard work doesn't disappear in the matter of seconds. If you try to build wealth without the proper protection its like owning a store in a bad neighborhood, with no security system or alarm, and leaving the back door unlocked.

Everything I have mentioned above is what I consider the foundation to long term financial success. In case you are wondering I personally have health insurance with an HSA account, disability insurance, and life insurance. Why work so hard, make good money, but not protect it properly?


About the author, his experiences, opinions and services offered:

I started learning about health, life and disability insurance as well as several other retirement options, tax strategies, estate planning, etc. from my financial planner about 8 years ago. This is something that I enjoy learning about and have spent a lot of time educating myself on these topics over the years.

In the coming weeks I will be putting together a website that will provide a lot of valuable information covering everything I have mentioned in the post. I am also able to provide you with coverage for many of those services, if you are interested in getting coverage for yourself. I just recently became licensed to sell health and life Insurance. My business
partner, Ryan, is also licensed and is an attorney as well. If we can't help you I have my personal financial planning who has 25 years of experience to help assist us. Also, I plan on having a section of the website for "preferred partners" listing other professional services that may be of benefit to you.

Our industry needs to be educated more on these matters. From protecting your income, to long term retirement, to tax savings advantages, doing an llc vs. s-corp, buy-sell agreements, I am here to help you free of charge. I am not trying to "sell" you, just educate you so you can make the best decisions for yourself. I also want to make you aware of things you may have never thought about before. Often people do not think about these issues until it is too late and the damage has already been done. Feel free to
work with any financial planner / insurance agent you like. I'm here to share with you everything I have learned and help you if you would like me to assist you further.

Another reason I decided to help other people like myself in the adult industry is because of negative experiences I have had with some local companies in the past due to the nature of my business. I have been denied service by attorneys, accountants, and even a disability insurance company because the nature of my business is adult related. You can obviously feel comfortable speaking with me and know your information is kept strictly
confidential.

There are several other topics I will be covering in future posts. However, if you have any questions in general about any of the material I have touched on above feel free to ask. Please, only serious questions will be responded to. If you have a difference of opinion that is great, I am far from a ?know it all?, but please state your case if you disagree
with something by backing it up with substance, replies like "you are wrong" will be ignored and will not be responded to.

If you read this far I hope you have found this post to be beneficial and it helps you.






The information provided in this post is for informational purposes only.
This information is not intended to be nor should it be viewed as legal advice. Although every effort is made to provide accurate and useful information, Unbiased Services, its owners and/or representatives assume no legal liability for the accuracy, completeness, or usefulness of the information provided here.
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