Key Takeaways
- There are several ways to protect your assets:
- Setting up a business entity
- Setting up a trust
- Homesteading your house
- The most important types of asset protection are life insurance and disability insurance because they protect your most important asset, your ability to earn an income.
- You're not buying insurance because of what you can gain, but rather, what you could lose, without it.
Terms
Permanent Life Insurance: provides lifelong protection, and the ability to accumulate cash value on a tax-deferred basis. Unlike term insurance, a permanent insurance policy will remain in force for as long as you continue to pay your premiums.
Term Life Insurance: also known as pure life insurance, is life insurance that guarantees payment of a death benefit during a specified term. Once the term expires, the policyholder can either renew for another term, convert to permanent coverage, or allow the policy to terminate. Term life insurance policies provide a stated benefit upon the death of the insured, provided that the death occurs within a specific period.
Disability Insurance: provides income protection for those who become disabled and can no longer work for a long period of time. Employees who have paid the Federal Insurance Contributors Act (FICA) tax for a specified period of time, are able to claim the Social Security disability income insurance.
Resources
Use the link below for insurance strategies from our Resource Hub:
https://www.wizefi.com/resource-hub/insurance/
Use the link below to connect with a professional or apply to be a WizeFi professional:
Instructions
Follow the instructions below to record your insurance accounts:
- Click "add insurance account" and choose your account type.
- Fill out each field accordingly and then click save.
- Continue this process until you've added all your insurance accounts.