It is said that the mountain adjacent to Juneau, Alaska contains large veins of gold. And the north slope of Alaska has tremendous reserves of oil and gas that could do much to satisfy our thirst for energy. The oil shale deposits in some of our western states are said to contain more oil than Saudi Arabia.

In times past we have seen great efforts made to mine gold deposits in Alaska, California, and other areas of our land. Who knows what other mineral deposits have yet to be uncovered in the far reaches of the continental United States, much less the areas off shores?

We are blessed to live in a country with great resources, and yet there remains one that we seldom hear anything about. This resource has the ability to do great things for a great many individuals and families and organizations.

With this untapped resource, we could solve the funding problems of many of our worthwhile charities. We could provide money for educating our children and grandchildren, and do so at a substantial discount. It would be possible to help solve the problem of paying for health care for our aging citizens, and relieve the government from the burden of providing such are.

And yet, there is no evidence of a burning desire to use this resource. It appears to be largely unknown to the majority of our citizens. Among those who are advised of it, there is reluctance to pursue it. Instead, there is a
mental hurdle to even examine the potential benefits.

And it is not that difficult to understand this resource, and for many people it is as easily obtainable as transferring money from one pocket to another.

Knowing what you know today, if you were given the opportunity to turn back the hands of time, and make an investment in Microsoft, who would not do so? That investment can be made this very day, and you can know exactly how it would perform.

In fact, its performance would be guaranteed by contract.

What is this resource we have been describing? It can be summed up in one word – INSUREABILITY. If that sounds scary to you, it is not unexpected. In polite circles, mention of the word ‘insurance’ is sufficient to send some folks hurrying off to tend other business.

Because we have been accustomed to thinking of insurance in certain specific situations, and because we do not fully comprehend the mechanism of insurance, we prefer to shift the conversation to sports, politics or whatever.

A GOOD INVESTMENT?

Certainly, we have been indoctrinated not to think of life insurance as an ‘investment’. Yes, it may provide some peace of mind, but the trade off is that you must give up something from your current budget needs in order to enjoy it. And if we want an investment, we are told to look to the securities markets or to real estate, or gold, or commodities, or even the race track.

Speaking of investment results, would it not be worth considering if you were able to guarantee a 3 for 1 tax free return on your money? How many other places can you do so? What if a married couple could achieve a 6 to 1 return on their money? Would that not be of interest if they were looking to set up a family educational fund for their grandchildren? Such results are easily achievable with the use of modern insurance contracts.

When we think of life insurance, we have been trained to think of dying as a requirement to receive the benefit, and few people want to do that. However, in recent years, insurance companies have developed contracts that solve financial problems while living. Specifically, the problems referred to are those related to failing health – a natural consequence of getting along in years.

No longer is it necessary to die in order to access life insurance benefits. With the advent of ‘accelerated benefits’ provisions, you can use the face amount of insurance to pay for nursing home expense or for care at home. Typically, you can use 2% of the face amount each month, and that should last for as long as four years of care, if needed.

Many people have looked at the purchase of long term care insurance, and have rejected it simply because they felt they would never need it. We are told that in 60% of the cases, they were right. That means that 40% were mistaken, and their bet resulted in financial chaos.

Using the new insurance contracts eliminates any question of potential usage of the benefits. Since nobody lives forever, you are guaranteed that your benefits will be paid, either in the form of health care or as a tax free life insurance benefit.

Naturally, there comes a day when it is not possible to set up a benefit account using life insurance. Everyone reaches a point of being uninsurable. This simply points out the need to consider planning ahead at at time when it is reasonable for an insurance underwriter to consider acceptance.

Properly understood, your good health is worth a good deal of money along with a great increase in peace of mind. The key is knowing what it can do, and the purpose of this essay is to prompt you to be open to the idea of asking your adviser to explore this choice in your behalf.

Like it or not, we all must be financial planners. Bob Zimmerman now brings over 50 years of experience to the aid of those seeking to better inform themselves. Holding a BS degree in Finance from the University of Detroit, he also has an MBA degree from that institution.

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