Gary Scofield discusses the importance of life insurance for financial protection.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-gary-scofield-founder-mansfield-financial-strategies-discussing-life-insurance/
Long-term care policies offer a valuable feature known as accelerated death benefits. This feature allows policyholders to access the money they have paid in premiums before their death if they require long-term care or assisted living. However, if the policyholder does not end up needing these services, the money paid in premiums is essentially lost, similar to how automobile insurance or homeowner’s insurance works. It is important to note that this feature is different from traditional life insurance policies, where the benefit is only received by the heirs after the policyholder’s death. Permanent life insurance policies also provide the option of building cash value and equity, which can be utilized for various purposes. Overall, the accelerated death benefits feature adds flexibility and value to long-term care policies.
In the episode, Gary Scofield mentioned that permanent life insurance policies have the ability to accumulate cash value over time. This accumulation occurs when a portion of the premium is turned back into either cash value or dividends. He also states that the insurance policies issued now are different from those in the past, indicating that they have evolved to offer more benefits.
One of the purposes of this cash value is to provide accelerated death benefits. Policyholders can access the equity in their policy before death and use it for various purposes, including retirement planning. By taking out a policy loan at low-interest rates, individuals can supplement their retirement income with cash value. This allows them to activate an income-for-life benefit, which newer policies are offering.
Additionally, Gary Scofield mentions that whatever remains of the cash value at the time of death will still be received as a death benefit. This means that even if the cash value is used for retirement planning, the policyholder’s beneficiaries will still receive a death benefit.
Gary explained: “We take a personalized approach to help individuals by understanding their unique circumstances, goals, and concerns. As independent advisors, we have access to diverse products and solutions to create comprehensive plans that provide secure and predictable lifetime income. Our mission is to guide people towards a worry-free retirement, building lasting relationships along the way.”
About Gary Scofield
Gary is an accomplished financial advisor who has spent over four decades dedicated to guiding clients toward financial prosperity in retirement. With impressive credentials, including a lifetime membership in MDRT (Million Dollar Round Table), Gary’s expertise shines. His certifications as a Certified Senior Advisor (CSA) and Certified Long-Term Care (CLTC) specialist demonstrate his proficiency in navigating the complexities of senior financial planning and long-term care. Pursuing additional designations in ChFC and CLU, Gary remains at the forefront of industry knowledge.
He takes a personalized approach to helping individuals by understanding their unique circumstances, goals, and concerns. As an independent advisor, he has access to diverse products and solutions to create comprehensive plans that provide secure and predictable lifetime income. His mission is to guide people toward a worry-free retirement, building lasting relationships along the way.
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