Fitness, Life Insurance and Safe Money

By | August 20, 2018

Fitness, life insurance & safe money interact in more ways than one. Not only does fitness affect one’s ability to qualify for insurance coverage, that coverage can affect one’s financial fitness, especially where safe money and retirement planning are concerned.

Fitness is a way of life that goes beyond physical fitness, although it certainly includes physical fitness. It requires commitment. Fitness includes physical, mental, emotional, spiritual, and financial fitness. The 5 F’s: Food, fitness, finances, fulfillment, and fun are intended to work together. Safe money is an important part of that.

Fitness is about doing our part to be healthy. Health is one of the two most important factors that determine one’s ability to qualify for insurance protection and the premium paid for that coverage is heavily dependent upon one’s overall health which as it applies to this sort of protection primarily is physical and mental health. As a result, owning this peace of mind (as opposed to the free death benefit provided through one’s employer) has a direct effect on one’s overall financial health.

Whether or not someone is overly concerned with the tax-free death benefit, being the owner of a permanent life insurance policy is being the owner of property that has real value that can be used in a variety of ways.

One very important aspect of owning a permanent policy is being able to supplement one’s retirement income on one’s own terms-a self-made pension. There are no IRS restrictions as to when someone can access the cash value of such a policy as this. If someone decides to retire early, they can do that and use the cash value of the policy as a pension of his or her own making. Fixed and fixed indexed annuities are also safe money that work well together with the cash value mentioned above to supplement one’s financial goal.

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One’s longevity is also dependent on one’s health, which is related to one’s fitness. The living benefits of safe money such as annuities, tax-favored or tax-free cash value of a permanent policy will have far-reaching effects on one’s financial fitness, as those benefits can be designed to last the duration of one’s life regardless how long that is. In the case of an annuity, even if it runs out of money, if structured properly will continue paying benefits for life.

Another common use of permanent insurance is for college funding. A parent or grandparent uses the cash value of his or her policy as college funding is the most common. The other way is to buy a policy on the child and over fund it, which will also create the funds when needed. Not only will it provide college funds, the child who will then be an adult can keep the policy and pay premiums based on when the policy was purchased as a child.

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