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Life Insurance and Life Insurance Abundantly

Finishing Well / Hans Scheil
The Truth Network Radio
January 5, 2019 8:30 am

Life Insurance and Life Insurance Abundantly

Finishing Well / Hans Scheil

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January 5, 2019 8:30 am

At the end of last week's show, Hans and Robby discussed the significant decrease one spouse receives in Social Security income when the other spouse passes. This week they talk about the solution to this gap.


Robby starts of the episode talking about his wife, and how he wants to provide for her and allow her to advance the kingdom if he passes before her. Life insurance is the way to do this, and it is available for everyone who wants to love and provide for their spouse and family.


Hans then talks about all the people he’s worked with that tell him they do not need life insurance for one reason or another. His philosophy is that everyone walking the planet should have at least $25,000 of life insurance. No matter if you are married or single, someone is going to have to pay for bills and a funeral when you pass, as the estate cannot pay out money that quickly. Life insurance can, and provides this money to whoever has this responsibility.


Lastly, Hans and Robby discuss how life insurance can be used by your children to further the kingdom. Robby brings up Bart Millard from Mercy Me. His father bought a modest life insurance policy which allowed his son to be able to invest in his dreams, his music. What a gift to give, and a gift which has touched hundreds of people.


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

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Welcome to finishing well brought to you by certified financial planner belongs child best-selling author and financial planners 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 all right this is finishing well as the time of the stigma show is life insurance and life insurance abundantly.

As we talked about at the end of last week's show that wow you know the way that Social Security is these days.

At the first spouse that goes the second spouse is going to be left with a significant maybe half the income that they previously had certainly would be in my wife's case right to be deceased, and so is as I begin the process you know and I have seen men that love their wives really well at an inner I often have asked the question God, how can I life love my wife better. How do I go about loving her well and I and I get that I'm supposed be pointing to God and I I get that I'm supposed to take part in making her spotless and all those things that Jesus is doing but then this is this idea of counsel, which is know every human being is is made with this what I call a special sauce.

You know that something that's uniquely theirs at an I'll bet you if you really sat down and began to think about what is it in my spouse that she here he does uniquely well that just just really highlights the world and and and and then I think about wow what can I do. Even in my posterity even is a pathway to make sure that she has a way to bring the kingdom of God and reflect that glory because, again, that special sauce and my wife I know is reflection of Jesus. And if you know my wife, you would know that she exceeds in loving children very very well liked child services or even holding babies in the nursery, but she also exceeds and in helping elderly in a similar way and even special needs, which is what you know and I've done for a number years. So how cool would it be if I would plan for that. Hans is is I look at my so security benefits and go out with. I began to take that earlier.

I started to invest in something so that Tammy could use this to glorify God. Actually advance the kingdom with the way that she glorifies God and and plan something in her retirement that would advance the kingdom or give her the resources to be able to do that.

It something we could plan for going absolutely thinking I was sent in the bar here much lower love is talking about replacing that law Social Security income.

You definitely raise the bar here while you might remember the end of the show.

I said I want my wife to say coaching it out. Not because grub is gone, but because I realized that with the resources that Robbie left me, there's new ways that I can advance the kingdom that more people to know our Savior.

More people you know would be get beat be able to see the glory God gave us and I was telling you, just on the break here that you I've been selling life insurance and often life insurance for 42 years, so it's been a while and I delivered a lot of death checks were settlement checks to beneficiaries and families and that certainly well.

It's bittersweet because they've lost a loved one, but it you know the will is never settled yet.

I'm interested this is for the everything's an upheaval as this is generally about a month later, sometimes even quicker than that in you know I contrast that to delivering a new policy to somebody that just purchased it and there's a lot of joy there. I can just feel it and it's almost universal and many times this is the same person that was just objecting all the way along the line in the can of avoiding it. Raising reasons that they can afford, or they can do it when they've they finally done and then they've got approved by the company and now word delivering the policy just the joy is that I can feel that in the sense of satisfaction and Emma connect that to what you just said of what you want to do. Now if I give a minute. Tell a story that just blesses my socks off.

The family know about it and if you listen to the Truth Network network for a while you've you've probably heard a segment by Karen Mulder called wisdom of the wounded and and Karen Mulder's husband was very very successful door builder in Holland, Michigan. He makes he made doors for years and years and he sold the company and heat you can tell if you listen to Karen segment that she's a gifted lady when it comes to helping widows and and caregivers and and just sage wisdom and he recognized that in his wife and he went about finding her ministry and he went about promoting his one and all of us that, you know, I can tell you many many times I've heard her segment and the blessed by her wisdom. As a result of a husband who saw his wife's glory and invested in it and plan for it so that she would continue to have this ministry, as long as she wanted to happen.

You know, I just think wow and and the blessing that that we've had here the Truth Network and whatever that how can I love my wife will like that and plan for that as we go into the season because no Karen didn't start doing that when she was in her 40s.

You know, she started doing it when she was a nurse at the biggest mom. Guess she might be in her 80s now and you know he is still found a way to provide for that ministry and first heard to glorify God in that way and that's available to all of us to love our spouses. I went running this and goes both ways is from wives to husbands as well. We don't know who's going to go first and when were doing retirement planning want to put that in the positive and more want one to send both of them into their mid-80s late 80s early 90s, mid 90s, Jan if if it really works out that way that life insurance is still going to be nice but not as necessary as it is if one of them makes it into their 70s and maybe even the late 70s or 80 and then the other one lives on for another 10 or 15 or 20 years. That second person just when it comes to Social Security and a lot of other things now is going to be forced to live unless in the doesn't cost that much less for one to live than it does to me that the bills don't cut in half. Certainly when when when when somebody passes on so you know what I want to do is get into my book a little bit and just talk about it. It's a complete cardinal guide to planning for living in retirement. It's on Amazon.

We have both the original book and workbook edition. You can buy it on Amazon. It's by Hans trial. You can also go to cardinal and go to the seven worries tab you can download the chapters that pertain to life insurance which we talk about today for free PDF or the and/or you can send me a message on the website just as they would you please send me your book and I'll be glad to do that to give me your address if you want the paper copy or you want the digital copy, send me your email address and will get right out to you so if I going to the workbook which you can download this chapter later on her right now. If you're sitting at your computer and I'm into the workbook and I'm on page 88 Jan just a simple thing were were talking about. Do I really need life insurance and retirement. Whether I'm married or single, do I need life insurance and there's a lot of people that think that the answer to that is no kids are grown, house paid for term insurance is expired.

I'm not working anymore. I want suffer a loss of income or my fat household won't don't really need. And so I wrote this in the workbook to just say as a minimum, I think that everybody walking the planet have $25,000 with life insurance is a word you come up with that will top of page 88 were saying as a minimum $10,000 for a funeral $2000 for attorneys fees for estate settlement and asked for a small estate. If you have a much larger space in the cost a lot more than that $1000 for an executor, executor, as opposed to nothing. Again, this is for a small estate if you know a person is going to be the executor of your stay there, go through some personal liability and a lot of work and it's appropriate a lot of by insurance. They buy a small insurance policy for the liability of executing things properly. At the very least $1000, and 6 to 12 months of income replacement and that's really where M0 and in at a minimum, which is $12,000 you add all that up is $25,000 down at night and I think about even in my own situation that you know father's wife passed away, but if he were to pass away, and we still get a household. Taxes are still come and do the water still gotta be turned on all the stuff in his will want probate overnight.

I mean you where is the money can come from for that stuff to get handled in the meantime you know it is the most well-to-do family member that pays for the funeral. In situations like that.

We have a single person passes away truly can have assets who can get Adam and you gotta get to this attorney then you pay the attorney right when you get there and open up the estate open up the accounts, the life insurance is like right now it creates a state liquidity and I'm talking about here is a minimum and then I go on in the workbook to just give some examples possess the next question people have is like in there like walking around with this question, this is Mike Schmidt is a whole bunch people walking around.

How much would $25,000 or how much would $100,000 life insurance cost me about you know that can be answered with a simple phone call to me and I promise I won't try to close you over the telephone or something. I'll be glad to give you the information you go right my workbook and I have an example of a 55-year-old, a 70-year-old for four different types of policies that are all whole life that offer you 25,000 that are guaranteed to be in effect when you die in if you wanted more than 25,000. You can use the examples in the book, you can just multiply this times tanner times four and multiply everything in there and should be a little bit less you get a little savings for buying a bigger policy, but not enough really that that the numbers are can at least be directionally accurate. So your listing to finishing well, a certified financial planner Hans Schild in today's program life insurance and left for circuits that but that late, which is the you know that that's kind of an interesting term life insurance so we are working to get into that in the other thing that I think is really to be finally come back.

I'd like you to respond with me a minute I happen to know this year I became aware of a life insurance that was paid out to a star that you all know that would never been a star we would've been blessed by hundreds of songs that I can think of and and some that are extremely point in one great movie had his father not said in Armistead about apart as a life insurance policy so that he could follow his find out who that was and more about life insurance and life abundant were all enjoying the life of the kingdoms of living forming is this man invested in his son, Monica and all the different we come back. We hope you are enjoying finishing well brought you by cardinal visit cardinal for free downloads of preview shows including episodes about Social Security and Medicare, IRAs, long-term care, life insurance, investments and taxes as well as Hans best-selling book, the complete cardinal guide to planning for and living in retirement. Plus the accompanying workbook. If you want to follow along with today's topic download free PDF cardinal by going to the seven worries tab of today's show topic, just scroll down to useful documents once again for free resources shows going to get Hans book the complete cardinal guide to planning for and living in retirement or the work will go to cardinal you have a question, comment or suggestion for future shows.

Click on finishing well radio show and send us a word.

Once again, that's cardinal cardinal now finishing well brought by cardinal welcome back to finishing well today's show new year for 2019 is life insurance and life insurance abundantly in the idea of wow how can I invest into someone else's life it in a life insurance policy and before the break, I mentioned that I think y'all are pretty familiar with this particular person, Bart Millard with Mercy me wrote that song I can only imagine you know how he was able to write that was his father bought a modest life insurance policy and when he passed away. He said he handed this in us on this lightning of this check with the knowledge he said I don't want you to have to work.

I want to be able to work on your music and invest in your dream. And so in doing that his father invested in the kingdom because we all think of the sufferings that Mercy me is going out with you that we would not have had this man had not invested in the kingdom of the way he went so yes we have the spousal thing were talking about the minimum 25,000 whatever, but may have a son who's want to be a missionary. Go to Africa or or a daughter that wants to write me any old something that you see that they've got this glory of God and and and and you want to invest in the kingdom. You know what a neat thing to find a way to invest in that for eternity will yet since I want to put in the couple points here 1.

This 25,000 which were talking is small, but I don't want to belittle it. I think if I could get a whole bunch of our listeners that have small amounts or no life insurance that are in retirement to 25,000 I would consider it very good that what I've done for the families okay and what I've done for their legacy and so you know what I want to say about that is 25,000 is tax-free. It avoids probate law focused on those life insurance is that there is no then go to the will done matter what it says in your will. Whoever you write is the beneficiary is whose life insurance covers you write check to so you can pick one you children if you're going to have them look after your affairs. If your spouse were time on spouses. Yet her spouse. As you can name it you want your children as the contingent beneficiary everything to be looking after your estate.

In the end needs to be the beneficiary and this money is gonna come quickly and that just we get people paid real quick in the states we do these all the time and I wanted to zero in on that income replacement and you Artie did part of this for me earlier work you're talking about your father's a people that are married or single answer. When the world when he life insurance for they could just use the money and know the state of the money I have in the bank is very hard to access and then EEE just creates a burden for people. It it it will end up working with this is going to do is just create an immediate sum of money. This can go right to the person is taking care of that and included in that is $12,000 for income or placement. You see what the world I need income replacement for, if I don't have a spouse remain in which you need to force somebody's gonna have to pay your mortgage on your house and pay the power bill and pay the you know I owe the doc fees and just have to pay the bills pay the people that are mowing the lawn, pay the taxes pay themselves to go there and be fiddling with this stuff all the time you get somebody to clean the place out so so there's expenses they continue on love these seniors are retired people that I have working to get adult kids still living with him and I would suggest making him the beneficiary, and this is your only one.

You might want to make your daughter that lives across town. The beneficiary and then knowing that he's not can move right out of there or if he's inheriting the house he's going to need a little bit of get start when mom's been paying the bills so there's plenty of need for a single person to have that income replacement when the other thing I think it is probably on a lot of people's minds is GM 85 years old I can get life insurance. Well, yeah.

I mean, a lot of folks think that that is not correct in your life insurance all the way up through age 89. Lisa, my agency and you can get it with some pretty serious health conditions. So let's look at 25,000 is right in the workbook on pages 88 through 91 for policies.

These are female rates. These are the preferred rates of the Navy could be a little less. I just want to be forthright to be a little more for men age 55 $25,000 of whole life paid 100 480 bucks a year at age 55,079 year at age 70. All the ages in between sets less than 100 bucks, yet age 70. Yeah but 90 and guaranteed to never go up now term insurance paid 100 still live in 100 equipment and still pays your data.

Oh yeah Miss Beckwith at the beat that deal by four years now. This policy is not there didn't have to keep paying comes with a complementary and free physical exam okay okay they immediately people is a way to you don't have to pass with flying colors. He's gonna make it through. You can have some troubles in your past and you can have some some things it did seem pretty severe in maybe they're just gonna reach is going to charge a little bit more than the guarantee that premium but sets again for healthy to moderately healthy people.

This is just very affordable and by larger amounts. We can use this policy possible for people with some pretty bad sicknesses to pay more, but many people with bad sicknesses are going to turn down next product. Just about everybody qualifies as a yes no application example that's in my book. It's called simplified underwriting you go through in your answer a bunch of questions. Yes no and if there all know it's a pretty serious stuff, and that up nation and we do a phone interview which we do together with insurance company to issue the policy immediately 25,000 of insurance very is called easy issue. The same female at age 55, 744 bucks a year. The man who sees me that the woman who 70 is pain 1442, a seven-hour of 225 bucks a month that for the exact same 25,000 that they have. There's a whole lot of people that are going to slip through okay for the people you can get that we got people in this next policy and kidney dialysis. About this thing, this is this is a miracle you can buy it with the cancer just all the things that you just think you're uninsurable. You can buy we can actually buy more than 25,000 but the price for this 55-year-old lady is 1059 year for the 70-year-old is 2046 now rapid like 170 bucks a month. We hung about somebody here is Artie been diagnosed with like a breast cancer or liver disease or some narrative right and you know you know when I know that I have a salesperson that works for me. That really understands this is when they look at me and they say how in the world can the insurance company do that work looking at getting one of these people insured and as soon as they say that to me. I say now. They got it, and when I answer them is you know the insurance companies are not content. They know what they're doing. Many insurance companies don't lose money on stuff for now I would tell you if you want to call to catch this policy does not pay its full benefit until expense force for two years.

So in other words, if you bought this at age 70. You paid the 2046 for two years or you pay the hundred and 77 month and you died within the first two years, there can put your beneficiary all your premiums that you paid +10% to your beneficiaries.

You just can get the premium back possibly get interest you make it to the 25th month and it pays off. From then on info so it is it's really a miracle, and we got that from two different very large companies and sometimes we have people trying to buy all they can buy we can stack them and we can get him 100,000. This type of insurance and it's a blessing for people that are uninsured are now finally get like man I wish I had weathered some 45 and you don't have to wait till your 75 to get it if you get it while you're 55, you can see the savings you know substantial like in or advising your children to get it when they're 20 yeah and I got one more. So this is for the people.

So I got my money in the bank.

I don't need life insurance enemy that 25,001 tell you if it's in the bank. It can be tied up in probate and it also most of them don't have 25,007 even if they do it's can be hard to get this thing is called single premium whole life, so you only make one premium, and for that 55-year-old woman. It's $10,593 as you write one check for that transfer, though she's got a $25,000 policy paid out for the rest of her life than men when she goes right containing 5000 for the 70-year-old it's 15,432 to pay 15,000 and you're going to know that you're going to get more than $10,000 more than you paid for your beneficiaries are.

You're not right that lender think marriage is on the five similar but nonetheless we have people live by very large policies with these, and we have other products that offers enhanced interest in the whole assortment of them, but when I wrote the book was just simple stuff that's four different ways depending upon your health pending upon how you want to pay for just have four simple examples in your you download these chapters, you look in the book and course to get a rating your exact age and all that you just give me a buzz be glad to give it or send me a message I'll don't have much time to get into this, but I don't want to miss out on it because it's it's in the subject or talk about life insurance abundant are these hybrids with long-term care.

So there's a way that you can get the life insurance and kinda have the benefit of knowing you got long-term care insurance with absolutely insist hybrids are simple. They allow you before your deceased now your utilizing nursing care, assisted living, home healthcare to get a portion of your death benefit every month or every year and perhaps all the way up to the whole death benefit and for long-term care so you can buy a large enough policy and you can know that your beneficiaries are ultimately going to get the benefit of death, though she needed earlier for long-term Jeremy. We have a lot of waste packets and stop lot of different products. Wonderful brightness, a matter of saying okay well you know it's kind of a meet time to do it before you, you know, if you're in your early 60s, but is not late to do it too late to do it. If you're in your 80s but just to go out and there is a way that gives life and life abundantly.

Even in our posterity through our state. You know with a little bit of planning and in the help from our friends and so we would urge you to go to Cardinal don't forget the guide you got put cargo like the bird and then and there you look at the seven ways Tab download any of those chapters, or just go to the contact Tom's page there are dog contact us in contact Tom's he'll send you out the book into Cindy's email and again we are just grateful we really are that you're joining us here in 2019 and were so excited to get this year started off with life and life abundant abundantly. Thank you for listing.

We hope you enjoyed finishing well brought you by Cardinal visit 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 ponds 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 get Hans book go to Cardinal do 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. Once again that's Cardinal Cardinal

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