A lot of people have been misinformed about insurance. Before buying one, it is vital to understand its value and purpose.
Colton and Joel McGriff proceed to part eight of Becoming Your Own Banker. They discuss the overview of how insurance works. Many people have been told that an insurance policy is a must-have. To increase the demand, the industry and some financial advisors flood countless bits of misleading information. This episode addresses the wrong notions about insurance, the different types of insurance policies, and the process of building a solid banking system.
Highlights:
- Life Expectancy and The Mortality Table - 0:57
- A solid system - 2:25
- Infinite bank concept way of cash storage vs. buying a savings accounts - 3:58
- The paradigm shift: replacing the wrong connotations about insurance - 5:10
- The disconnection, the banking function, and death benefits as a bonus - 7:18
- The hold-up: the constant stream of misinformation from the industry - 9:52
- Different types of policy you can buy - 11:00
- Modified Endowment Contract (MEC) Line - 12:16
- Benefits of a paid-up additions rider - 13:27
- Two parts of insurance contract - 14:16
- Changing the mindset on insurance premiums - 15:42
- Connect with companies that are mutual for years already - 17:07
Resources and Links: - https://www.themcgriffalliance.com
- colton@tmafamily.com
- kierson@tmafamily.com
- joel@tmafamily.com
- Phone: 205-991-4448
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