DO these 6 things before opening an IUL
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- čas přidán 1. 07. 2024
- If you have been looking into opening an IUL policy, make sure you do these 6 things before you actually open one up!
1. Figure out what you want to use your IUL for
2. Work with an Experienced Agent
3. Research the Insurance Companies Rating and Financial Stability
4. Review the Company Illustration
5. Make sure your IUL is Properly Structured
6. Clean up your medical records
Once you have checked off all of these boxes, and you feel ready to open up an IUL policy, I invite you to use the link below to schedule a call with me or my team to help find the best policy that fits your needs.
illuminated-wealth.com/bookwi...
Can the federal government change the tax laws on IULs at any point to take away the tax free status?
The federal government can do whatever they want, to whoever they want, whenever they want lol. Now...when it comes to IUL's and other types of cash value life insurance, in my opinion, I highly doubt they ever would change the laws around it, because that is where most of the high positioned government officials save their money. And also where most of the high net worth people that fund the government privately save their money.
If you look at whats happened in history with these policies, they actually keep making the laws more in favor of these types of plans. In 2021 the government INCREASED how much money people can save into their life insurance policies.
So....I truly do believe the laws will always be in our favor with these plans.
Sure, the national debt is continuously increasing, but the tax system will never touch insurance payouts. The government will instead only increase sales and income tax, a politically unpopular choice, instead of targeting different revenue streams like insurance payouts that are held by a relatively small portion of the population.
@@austinbradshaw3636 you are correct. I truly believe it’s also because life insurance was designed to support widows and children. And the government believes widows and children shouldn’t have to pay taxes.
@@illuminate.your.wealth I’m sure the government can differentiate between pulling money out of an IUL for income versus a death benefit following the policy holder becoming deceased.
@@austinbradshaw3636 sure thing.
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