Page 95 - Webinar workbook

2. Disadvantages of Life Insurance

▪ Policyholders forego some current expenditure to pay policy premiums.
Moreover, life insurance is typically purchased for the benefit of others
and usually only indirectly for the insured person.
▪ Cash surrender values are usually less than the premiums paid in the first
several policy years and sometimes a policyowner may not recover the
premiums paid if the policy is surrendered.

▪ The life insurance purchase decision and the positioning of the life
insurance can be complex especially if the insurance is for estate
planning, business situations or complex family situations.
▪ The life insurance acquisition process can be annoying and perplexing

(e.g. Is the life insurance agent trustworthy? Is this the right product and
carrier? How can medical underwriting be streamlined?).

Cremation:

This option tends to be used by wealthier individuals that are environmentally conscious
and understand investing. Unlike the traditional method discussed above, cremation is
more cost efficient and there are biodegradable options that will allow your to be part

of the process of ridding the earth of toxins.

The average cost of a funeral today is about $6,500, including the typical $2,000-or-
more cost of a casket. Add a burial vault, and the average jumps to around $7,700. A
cremation, by contrast, typically costs a third of those amounts, or less.

Most millennials are more concerned with the environment and seeing a return on their
investments, then they are in keeping up with tradition.

A suggested method is to:

Purchase a cremation service, set up a savaging account with high percentage return

rate, leave there until the time comes, leave specifics in your Will & Trust and allow your
family to enjoy the money that is remaining free and clear of any penalties. It’s you
account and based off your instructions in the Will & Trust, you can release the funds to
whomever you like.

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