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In this episode, we ask:
- Can you say ca-ching?
- What are the risks of a giant pile of cash?
- What are the four key challenges facing all savers today?
- What about the low interest rate environment?
- Have you been successful in saving for retirement?
- What is a required minimum distribution?
- How do we pay for long term care expenses?
- What is the average cost for nursing homes?
- Does Medicare cover nursing care?
- At what age does your financial plan end?
- How old will you live?
- What if you live past age 90? 100? 110?
- Am I too old?
- If you are age 60 to 85, how would your policy be affected?
- How long do you have to wait?
- Have you saved up your nest egg?
- What do you do with a lump sum when you don’t want to wait years for growth?
- What if you could do a one-time drop in?
- What if you could have a death benefit with your lump sum?
- What if your age could work to your advantage?
- What is a Bank on Yourself type Single Premium solution?
- What is a single premium?
- How do single premium plans work?
- What about health problems?
- What about naming someone else as insured?
- What if you own the policy?
- How does the value grow as soon as starting a new policy?
- How does the death benefit continue to grow?
- What about the cash value?
- What about long term care?
- How long does the coverage last?
- Can you use this benefit AT HOME or does it have to be in a skilled nursing facility?
- Is this more cost effective than a traditional long term care policy?
- What is the downside?
- What happened in 1986?
- What is the TAMRA act?
- What are the tax changes?
- What is the 7-pay test?
- What is the MEC (modified endowment contract)?
- What is FIFO?
- What about the gains that exceed the basis?
- What is considered taxable with MEC policies?
- Why are all single premium products MECs?
- What are the privileges of being age 60 or older?
- When do the gains kick in?
- Should we be afraid of MECs?
- In what circumstances do MEC policies make sense?
- In what circumstances do Single Premium policies make sense?
- Did you review the case study below?
