Some financial instruments successfully used by generations have protected families against risk of market fluctuations, high taxation and litigation. Now, Millennials are learning about cash-value and the power of compound interest, add-on riders to help them increase retirement savings, protect from increased taxes, economy volatility, get rid of debt and eliminate financial risk even if they lose their income due to unexpected job loss.
What’s this instrument, you may ask? It’s a simple combination of financial tools, riders and benefits that are largely unknown unless one is reading the fine print on their benefits package they already own. Dialing up your safety while protecting your future money and livelihood can be as simple as asking to activate your additional benefit riders on your disability or life insurance policies you may already own: “CVLI” – Cash-Value Life Insurance or “LIRP” – Life Insurance For Retirement Planning.
First thing to ask your financial advisor is: how much of your retirement funds are protected from market fluctuations? How much income can you draw in retirement, guaranteed, regardless of economic downturns?
Then, ask: how much of your income is guaranteed to continue in case you lose your job due to unexpected events, like an illness or accident?
And lastly, how can you activate these protection riders so you won’t have to worry if life throws you a curveball along the way.
If your financial advisor doesn’t have answers that satisfy your current needs, ask me for a second opinion. I would love to be one of your financial consultants.
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