Blog

26
Mar

3 Tips to Spring Clean Your Finances

With the official start, the Spring is March 20th, the entire country can now start shedding layers after a record-breaking winter. Along with spring comes nice temperatures, fresh crisp smells, and most importantly, spring cleaning. Typically, spring cleaning will consist of throwing out or donating unused items, organizing the house. However, Spring is also a great time to spring clean your finances.

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1
Feb

Your 2019 Financial Calendar

There are 12 Months, 52 weeks, 365 days, 525,949 minutes in a year. From holidays to appointments and birthdays, a lot can happen and even more, can be forgotten. To help you worry about less and focus on more; here are 5 important dates you should add to your financial calendar :

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25
Jan

3 Trends Changing the Retirement Landscape in 2019

The last two decades mark a distinct time of change. Over the years, we’ve seen how medical advancements have altered the healthcare industry and how shifts in technology impacted our ability to be successful in the workplace. Among these evolving factors, it’s no surprise that the retirement landscape has also changed from what we knew it to be 20 years ago.

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8
Jan

Financial Resolutions for 2019

The holidays are in the rearview and the New Year is just over the horizon. As everyone starts the New Year off with positive changes and new annual goals, make sure your finances are one of them! Don’t let your financial dreams fall out of reach by checking out these 4 financial resolutions you should promise yourself in 2019.

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25
Mar

The Balancing Act: Are You Truly Diversified?

Everything in life… has to have balance.”

—Donna Karan

Have you taken a “30,000 foot view” of your finances lately? Is it positioned for the growth strength, stability and cash flow you desire? To help you answer that, let’s examine asset allocation and diversification through the lens of Prosperity Economics.

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15
Jan

Whole Life vs Term Insurance or Maybe a Third Option

Which type of Life Insurance should I buy, Whole or Term?

It’s a never-ending debate amongst financial advisors and self-proclaimed experts. Today, we’d like to suggest a third option.

But first… let’s summarize the two most popular and obvious choices:

Term life insurance allows the insured to afford more coverage for less premium, thus putting greater protection in place, in the form of a death benefit. However, term life insurance policies rarely provide a benefit, because they only provide coverage for a certain period of time and typically expire (like product warranties) before they’re likely to ever be used.

Like most other insurances, term life is an “if” insurance, not a “when” insurance. A benefit is paid only IF your house burns down, your car is vandalized, or someone passes away long before expected.

Whole life insurance, on the other hand, is a “when” insurance. It is a permanent policy that allows the policyholder to build liquidity in the form of savings while building equity in a life insurance policy that will provide a benefit WHEN the insured passes. Purchased through a mutual insurance company, such policies have a long history of paying dividends, provide tax-advantaged growth, and an option to borrow against the equity in the policy.

Sometimes insurance policies are compared to a home that you can either buy or rent. Term insurance is like renting life insurance; you only get to keep it for a certain term, and when that term expires, you no longer have it.  With whole life, as soon as you make your first premium payment, you’ve begun the process of “buying” the whole asset. This is similar to the way you purchase a home by making your first mortgage payment.

But there’s a third option when it comes to both homes and life insurance policies…

Some people find a home they can “rent to own.” In this arrangement, you, the lessee, would rent the home while securing an option to buy it at a later date. In a lease-to-own agreement, you don’t HAVE to buy it, but you CAN if you choose to.  You know you want to buy a home soon, and you’re getting ready.

Did you know that you can “rent to own” a life insurance policy, too?

These types of policies are known as convertible term life insurance. A convertible term policy gives the insured an option to covert a term policy to a permanent, whole life policy at a later date.

A convertible term policy is typically a level term life insurance policy (with a level death benefit for a specific term or length of time, such as $500,000 for 15 years), and all or part of it can be converted within a specified time frame. You can apply for a convertible term policy today, put it into place in 4-8 weeks, and decide later if and when you’d like to convert it to a whole life policy… without having to re-qualify.

To learn if convertible term insurance is a good fit for you read https://premiertrustadvisors.com/term-or-whole-life-the-third-option/#more-1311

https://premiertrustadvisors.com/term-or-whole-life-the-third-option/#more-1311

 

 

7
Aug

Borrowing Against Whole Life Insurance at a Bank

We get many questions on using life insurance policies with cash value as collateral for bank loans. While this strategy does not work at all with a term insurance policy, whole life insurance is excellent collateral.

Often, local (as opposed to large/national) banks and credit unions will lend against the cash value of life insurance. So you may want to start with your local banker.

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6
Aug

Term or Whole Life: The Third Option

“The third option is that other possibility…”

– Lynn Barrette, Counselor and inspirational blogger

The Convertible Term Insurance Solution

“Whole Life or Term Insurance?” It’s a never-ending debate amongst financial advisors and self-proclaimed experts. Today, we’d like to suggest a third option.

But first… let’s summarize the two most popular and obvious choices:

Term life insurance allows the insured to afford more coverage for less premium, thus putting greater protection in place, in the form of a death benefit. However, term life insurance policies rarely provide a benefit, because they only provide coverage for a certain period of time and typically expire (like product warranties) before they’re likely to ever be used.

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6
Aug

Alternative Investments: Non-Correlated Assets for a Better Portfolio

“Some people don’t like change, but you need to embrace change if the alternative is disaster.”

 – Elon Musk

Investors have short-term memories, which is why so many cling to the stock market, even when it’s on a downward trend, or overdue for a correction.

If you have lost confidence in the market, or are simply looking for WHERE you can invest OUTSIDE of the stock market—safely and profitably—you’re not alone.

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