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The Halo of Life Insurance

Finishing Well / Hans Scheil
The Truth Network Radio
September 12, 2020 8:30 am

The Halo of Life Insurance

Finishing Well / Hans Scheil

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September 12, 2020 8:30 am

Hans and Robby explain the halo of life insurance, which is a list of 5 people who cannot touch the money given to your beneficiaries. 


Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on for free!


You can contact Hans and Cardinal by emailing or calling 919-535-8261. Learn more at 

If Not For God
Mike Zwick
If Not For God
Mike Zwick
If Not For God
Mike Zwick
Finishing Well
Hans Scheil
Finishing Well
Hans Scheil
Finishing Well
Hans Scheil

This is Amy Thomas from the masculine journey podcast where we discover what it means to be a wholehearted man your chosen Truth Network podcast starting in just seconds. Enjoy share it, but most of all, thank you for listening and for choosing The Truth Podcast Network. You're listening to the and welcome to finishing well brought to you by Cardinal guy, certified financial planner belonged to Shiloh best-selling author and financial planner helping families finish well over 40 years of finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes. Now let's get started. Finishing well welcome to finishing well today so I'm in a very intriguing title to the Halo. Bianca had a wonderful song be my Halo anyway. The Halo of life insurance were here with her certified financial planner Hans Shiloh and you know God is all about life insurance and put this together but I mean you know the death benefit of a relationship with God is absolutely beyond us and we talked about that before, but as you thought about her certain things that they God just seems to protect like widows and orphans and ending to see his comment in his signature there in the way that he's protected certain things only want talk about that today, but in Amos 914 he's kinda given us a hint of what this would be like if you could not become a member of his family.

He says I restore the fortunes of my people Israel, and they shall rebuild the ruined cities and inhabit them. They shall plant vineyards and drink their wine and they shall make gardens and eat their fruit. In other words, when you fall under this Halo buddy, you know it it's going to be good and and as we put together that the prep work on the show. Hans, it's clear that they God's hands all over the beneficiary of a life insurance policy absolutely and I you know is telling you earlier with kind of thrown this information together for the show route really this morning in yesterday afternoon and love that is our our guest could not appear with us this morning we had we had a scheduled guest person and any addict can come in and who uses the is the president of a fairly large life insurance distributor who I met listen to speak to and he was the CEO of the company at the time and young man and very much a man of faith and with God and just how he led the whole session of a bunch of insurance agents away on the convention who were not necessarily doing godly things just how he appropriately and thoroughly and reverently, you know.

Thank God and honor God through the whole session and I just said Mac apologetically. I know and it makes me want to. I'm looking forward to when we actually do interview him but hospice telling me that is it busy to sit in this conference it was to sin. This is the way this is done, guys. We we pray in and and and and this is how we honor the Lord with what we do and it was even saying that he was doing it, and he was just from his sheer leadership in God's leadership. It was just me. I was there as a student because on the same that's what I'm attempting to do. He and attempting to do it in in in a shameless way that if I if I said that I wasn't concerned about some people from my past like laughing at me when they hear the show or I may not just let that stuff run my life but it's kind of there and gotten much better as I mix the two of the subjects together which is life insurance investments. Financial plan link handling your money and following the word of the Lord and just walking the walking the talk I just watch the sky do it and so I was really ready to just open ended and just asking one question for the interview and not give them a lot of time to prepare is what you see is God's role in this whole life insurance business that were both in your leader in the magister want to hear them talk, as I'm unsure and we will get the opportunity to do that.

But then when I found out he wasn't coming and then you and I need to throw together the show I started thinking about okay so what would he say what and what would a how do I answer that question okay the end I prayed a lot about this and I know we really ended up his life insurance to me and I sense to God is all about the beneficiary and we we spend very little time in the life insurance business really focused on beneficiaries time about people like me that sells stuff in people like me that are the trainers of the trainers of the people that sell the stuff we spent all his time talking about the death benefit and how we calculated replacing income tax benefits and the pricing out in the underwriting and how we charge for people that are sick and are extra healthy and then I'm his needs are endless amounts of things that are all important and they're all focused on leading the person to buy these policies. We spent like almost no time talk about beneficiary and the beneficiary is the whole reason it exists in the first place.

If you think about what else is there that shows cash value and we can use these for some tax advantages and long-term care insurance and new all I can stuff the when it's all said and done a life insurance is a way to create an estate with the stroke of a pen, and all you have is the first month premium and you pay that first year's premium or whatever and that generally relative to the amount life insurance is a small amount and you're off to the races.

Retirement is for some reason I go back to the movie.

I can only imagine I and and and of the hero that movie who wrote the song, I can only imagine you know his father was in a struggle with anger and in his son was a reflection at some extent, but as they work through their relationship.

At the end right before his father died he wanted him to have an estate.

McCarthy had made much money but he did do with the stroke of a pen in the first whatever heat he bought a life insurance policy that ended up paying for the group Mercy me that I believe the man things part that, but began it it gave him the money to be able to format group and live for a period of time without the income in order to create.

That's when you hear the song, I can only imagine that was made possible by the estate of his father, who wasn't equipped in a happy with the way he raised his son, but this was.

It was really a cool scene in the movie to see and I'm give his son that life insurance in a policy and how that paid off enough to the benefit of all of us because father wanted his son to have an estate number talking about the beneficiary that's in the throes taken and I started to think about things like and I started thinking my own work. I had many years where I ran a very large insurance agency that I built where we had over 100 agents and we had like when I left that role almost 30,000 customers so you can imagine a lot of those were life insurance policies so I had many customers that passed away during my time in this was from 1992 to 2003 or four and so whenever somebody would pass that was one of our clients, the company would call us in the speak to the branch manager was me and they would ask us if we want to deliver the check. In some cases they'd require us to deliver the check. Many times they'd ask us and since I had delivered most of my checks and it would just hit me when I do first vote. People were very thankful just and and many people start crying and they just couldn't believe it. Their father or mother, sister, brother, somebody had passed just thought enough of them to leave him something and then.

So that's one thing that I'm in no is the gratitude was just really really cool.

And then most of them were like afraid to touch was like you know can I cash that should I cash that and I was told not to cash anything you know and course. The reason they were told that is been down to the lawyer because they got open up the estate and I really want to bring up one of the biggest advantages of passing money through life insurance and through beneficiary designation is it totally bypasses the probate process. We got that down is number one on our list. That's forms. This halo is the beneficiaries. If you buy a life insurance policy name a beneficiary or beneficiaries. The you your you're gonna be bypassing the probate court the lawyers the county estate that they have no say in this. They don't even get a letter notifying them down just enough of those who have experienced this, I have firsthand that you know you gonna go down to the county in the Indian you speak to the officer there and and she's gonna tell you you need to run at in the newspaper, to see if there's any creditors. It's got a run for 60 days. I meant to make sure that somebody doesn't come up and say they got claim of this money at the Social Security is going to latch on to their checking account so that they can get whatever they've got coming the status can assess all the other accounts to see what their portion of the taxes are going to be in this cryptic long forms and there's all sorts of things that will take place in very short order. However, before any of that stuff happened my father's life insurance policy had been dealt with paid in on all that stuff way before we ever got to this it's it's yeah I mean did the stuff monies going to come here beneficiary A 2 to 4 weeks insurance companies and the laws give much longer than that. The reason it's of quick justice, providing you file the claim form and you which is really nothing more than sending a death certificate in an answer a few questions if the policy is over two years old and in other words, your if you're the beneficiary, and your father bought this policy more than two years ago with most the time is the case, not that many policies paying off in the first two years but it's over two years old.

It's what's called incontestable and the insurance company can't contest unless there was some kind of fraud involved or something and so what I just know for matter, practical experience when they get claims and they look see how the policy of its over 24 months. It just goes over processing. A higher annual event we got this whole halo there's five people that normally would have their hand out that you can sit and are really there something in the world where these people don't have any say well it just is that there really is a halo when it when it comes to life insurance on a quest to find out more about that in houses both the complete cardinal guide to planning for living in retirement that you have the 7 tablets there at the website. One of those life insurances were talk about today. Of course Hans would love to get a email from you in a course with all kinds of programs on the subject as well as podcasts are available. See just how through a one-out list of the finishing well podcast beginning of a break when we come back we have more stories and when I dove down these five people that normally would have their hand out for any money that you might receive. Miraculously really got a halo around my Hans and I would love to take our show on the road to your church, Sunday school, Christian or civic group. Here's a chance for you to advance the kingdom through financial resources and leveraging Hans expertise and qualified charitable contributions veterans aid and attendance IRA Social Security care and long-term care. Just go to cardinal and contact Tom to schedule a live recording of finishing well at your church Christian or civic group. Contact Tom to cardinal that's cardinal welcome back to finishing well, a certified financial planner Hans Schild was brought you by cardinal and forget the kind after carton when you go looking it up but anyway, today show is the halo of life insurance and as promised, we got five you know there might be morons. But these were once again the mind fairly quickly of people that normally have their hand out in any money that you received in a way shape or form, they can't touch the stuff. What will know and so we are recovered. The whole thing down at the county which the county courthouse, the magistrate, the probate court and that they will have a separate court for the crew record you as you told me I heard from a lot of people. There is there's a lady down there are a man that can direction.

I have forms in inventories and pages of paperwork which isn't all that big a deal. I mean, I think the average person with good it could walk through it.

I certainly did. Even though my father's estate was fairly complicated.

But one thing that was not any line anywhere was any life insurance settlement and it wasn't there. These people are just out of the picture and get notified get a memo that says we just made Ravi Gilmore $10,000 from Ravi Gilmore, Senior nothing. I mean it just that it is either we can just cross them off okay creditors same blog is is a is if you owed somebody's money in another words of my daddy had owed somebody's money this this was distributed long before the notice when out and inspect what even even if they got it later or it wasn't distributed. This creditors have no claim against his life insurance is a protection for widows and orphans that just built into the whole system. So even if they did find out who you were and you were getting those with a want is a stuff is very private. If they did find out they still have no claim even if this is just money or can your wife like on my insurance if I died on his can get it several million dollars and check and she can have the option to do whatever she wants with that it's her money and may had something to do with me. I'm dead. Any money that anybody that I owe money to that she can choose to pay him or not. Pam, she's not on there as we have number of things on her mortgage. That would be joint. My whole point is is this money goes free and clear, and it's it's not mine anymore and it's not subjects that we can discuss creditors and others envelope caveat with the creditors because the enemy take certain people like me who still have the department a rep not the Department of revenue. I guess it's the Justice Department through the small business administration that I still own money to write that that if my father's life insurance and was deposited in my account and of the possibly at that point it was protected up to the point and got in the my account but now it's there now. They could possibly so there's there's there's protections thereto that avail is really approximate because this money as long as it still is a life insurance company in this case could never talk about your creditors, not your father is protected forever from your father's creditors life insurance money paid to the beneficiary but never talk about your creditors after you receive the money the way we can protect that is by leaving the money at the insurance company and then doling it out to you in small amounts or there's all kinds of settlement options and as long as it's still there, which we would have the option to do so. There's even an answer for that right so if you have the situations and you are in receipt of a life insurance and there's a way to manage that.

So the creditors can immediately lime onto it you can you can manage that through Iranian way, if you're the parent and the situation in your leaving money to your son. This may be a real concern of your son or daughter son has some kind of credit history past whatever he owes people money and you're just afraid that if you give them any inheritance or give him any money right now it's his can be clogged up with the creditors. The answer to that is you would you would just select for him as the beneficiary settlement option for his part of the money.

So then you put it in where he's not even going receive it has to state the insurance company. He's just going to get a thousand bucks a month until the money runs out or something like that. So he'll just have an income and there's almost nothing for them to attaching the ruling I can get notified until is a large sum of money in his bank account and there's there's all kinds of protections written in the law again for widows and orphans and that gets extended to anybody that's the beneficiary of life insurance policy or annuity or an IRA. That type of thing smelling croissant creditors croissant creditors. Then we talk about the IRS and the IRS that they have passed staff that for against your dad. Theoretically, they could still come after you for that, or the life insurance Company. I guess because the IRS can do about anything that they want but but you know that would be assuming that your dad had IRS debts. She didn't, and most people don't.

But if better especially advanced old age is a normally have dealt with this, but if that was the case then I can find out about this to you deposit this money in your checking account announcing your checking account under your Social Security number, not your dad. And there's no legal obligation for you to disclose this so I mean, this doesn't get reported to the IRS so that's really where I got them on the list is that life insurance proceeds come tax-free to the beneficiaries then the insurance company themselves very talked about this a little bit. The incontestability is the laws are set up. You don't want to be the insurance company. The life insurance Company, which slow in paying widows and orphans beneficiaries.

You just members can make that statement.

I've been life insurance business and been leadership 44 years. Life insurance companies. They follow a rigid set of rules and in them is that to your incontestability and their just basically it's against the law for them to sit on your money and so they're gonna want to get this out to you quickly, and then the fifth one that we have on here is this goes back to I have a number of people come to me and say you know my supposed to split this with my brother. You know that these are the people that don't want to cash the check. The other checks and narratives for $200,000. They never seem to check that size.

It's made out to them.

There's no conditions. Original contract assignment and maybe can sign a receipt for me that I handed it to him bingo deposit. The bank, the bank that a few questions form they might delay crediting the money may be difficulty insurance Co. but my point is is you always hear about the you know the ex-wife of the estranged wife or that you may be alive your consumer my parents. We don't have those in our family okay, but then you could have the stepbrother or you could have the just. But a lot of times there's there's a sibling. This is relative and that you know and I getting this done again with probate and stuff work this long missing relatives decide that there did get into an argument with this annexing the whole families in uproar because it can't be settled until we get a raise agreement and will will and speaks to life insurance and beneficiaries may not slide the check over to Massena whose names). Mr. noons is Robbie doing. He seemed Bales's name or your mother left you this life insurance and she left it to you not you and somebody else now if she had named these other people, then they would begin their own check in years would be for less, but now this is this is yours and this is nobody that can challenge this because your mother made her wishes clear in writing by their absence. This is not like a will again remember there are number one where to cross them off there's just the just this stuff is so protected and also that he is absent and processing what you're saying you want to be really really clear on your beneficiaries if you want them to split stuff and do whatever you need to name appropriately because this is what's going to be describe them as we see that name on that check in and that's it. Or you may not have situations where we have an irresponsible brother responsible son in a very responsible daughter and moms afraid to leave any money to the sun because all of these people she's afraid of, you know, so maybe this show might make her a little less afraid of them, but still her concerns are genuine user son may squander that money so she may choose with a life insurance policy to leave. Her daughter is the only beneficiary.

Yet she may tell her daughters. Once you receive this.

I want you to dole it out slowly to your brother Joe will keep half of it is, squirreled away in the new dollar you can do whatever you want but you better be clear about this stuff to everybody that's involved in you better have trust that she's going to do that or not at her own strings in this this would call for a trust. If you really had a large amount of money and we could even cook or you were leaving a large amount of money through life insurance of this is got a really nice wall of protection. I don't want people to just blanket Lee same analyst of the show.

I got nothing to worry about. There's still there's caveats tell this, but just generally. I'm impressed with this list. When I sit here I made it and I just look at it and this is this is also not I will tell you from personal experience of dealing with older people and many of them in their 70s and 80s just now really starting to do some stapling. We do a lot of work for people in advanced ages.

One of their biggest concerns is they really don't believe that the right people are going to get the money and they're going to do the right things with me and so they have a fear of it. So consequently they do know estate planning or very little. And that's gonna do nothing but make it worse and if you want to bypass all of this and you got a certain amount of money that you really don't need to spend where you're alive, but still I keep control of and you want to leave it to a specific beneficiary or a group of people and amounts that single premium whole life insurance. I you could coming to me at 78.

We could take $100,000 put in a single premium whole life insurance policy might only have a death benefit of hundred 15,070 is not can be that much more than you put in there but you're really not doing it for the growth you're doing it because you can take advantage of the protection of all this is, we can sell the stroke of a pan and we can write down who's going to get the money how much they're going to get an end and just like you statement clearly, the IRS doesn't get that shocked them estate taxes on compared time for lawyers etc. etc. it bypasses all these again to go straight to the beneficiary which is the idea of of the whole thing like we talked about the beginning and show the beneficiary is the key to the life insurance is a state that God wants to protect those. This is awesome. So again we can find out more about this a cargo their seminaries to have included life insurances with today show was about. But hey love life insurance. We would urge you to get more podcast downloading information because the idea here is we all want to finish well know where we can hear God say well done good and faithful. So thank you for listing. Thank you. We hope you enjoyed finishing well brought you by cargo is a cardinal for free downloads of the show previous shows on topics such as Social Security, Medicare and IRAs, long-term care and life insurance, investments and taxes as well as constant best-selling book, the complete cardinal guide to planning for and living in retirement and the workbook once again for dozens of free resources past shows what to get Hahn's book go to cardinal if you have a question, comment or suggestion for future shows. Click on the finishing well radio show on the website and send us a word.

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