Welcome back to the show everyone! It’s Monday, July 3rd, which if you are in the United States, we have a holiday tomorrow! Woo-hoo! Tomorrow is July 4th, Independence Day! Yay! Happy Independence Day to America! Since I have been cruising the United States in my RV over the last few weeks and seeing our national parks, state parks, and monuments, I am reminded of the beauty of our country. It’s quite amazing!
If you ever have the opportunity to take a road trip across the United States, whether it’s in an RV, car, motorcycle, or even in a station wagon like they did in the National Lampoon’s Vacation movie, I highly recommend it. There’s something different about seeing the country from the road. It’s a completely different experience than flying on a plane and staying in a hotel. You get to travel slower, be closer to the land, and enjoy the journey. And hey –– maybe I’ll see you out there on the road! We can hang out by my campfire and make smores! Yummy!
A little update on my RV journey –– today I am leaving Yellowstone and headed to Glacier National Park. I posted a video on my Instagram of a few highlights of my time here in Yellowstone. All in all, it’s been incredibal! I got to see Old Faithful erupt into the sky! That was really cool! I hiked about 10 miles and saw the Grand Prismatic, which is the largest hot spring in the United States and the 3rd largest in the world. So fascinating! And guess what else I saw? Buffalo! And they were only a few yards away from me. Gasp!
Thankfully, I haven’t seen any bears! I’ve been prepared with my bear spray though! Unfortunately, bear spray doesn’t work like bug spray where you spray it on yourself, and it protects you from the bears. Oh no. Bear spray is meant to be sprayed in the bears eyes when they get close to you. Good golly. I hope I return from this trip with a full cannister!
When I talk to you on Thursday, I’ll be able to give you an update of my time in Glacier, Montana! For now, we are going to talk about making you some money honey! That’s right! Or maybe even help your parents make some money honey! Today we are talking about turning your unneeded life insurance policy into serious cash. This is cash that could pay off debt, use towards your retirement, take a family vacation, or whatever your heart desires!
Our expert on the show today is David Rosell, founder and president of Rosell Wealth Management, an entrepreneurial firm in Bend, OR. For over 20 years he has specialized in working with affluent individuals and families who are at or near retirement. His goal is to help people live the life they have always imagined during these years. David is the author of 3 entertaining books that meld his passions of adventure and finance. On today’s episode, David and I discuss his new book, In the Know – Turning Your Unneeded Life Insurance Policy Into Serious Cash.
You will learn reasons as to why you would no longer want or need your life insurance policy, the options you have when deciding what to do with your life insurance policy, and how to go about selling your life insurance policy. Plus, you’ll get to hear some actual case studies of successful life settlements.
This topic of selling your insurance policy may or may not apply to you right now in your life, but it could apply to your parents. Many of you could be responsible for taking care of your parent’s estates, so you may want to consider the life insurance settlement as an option for them. Just something to think about as you listen to the show today.
This is David’s second time back to the show and he is such an awesome guest! Make sure you listen to the end, because David is oh-so kindly giving away free copies of his new book to all my listeners! Is that nice or what?
Without further ado, please welcome David to the show! Enjoy!
The Nuggets of Midlife Wisdom from today’s show:
- You only want to think about potentially selling your life insurance policy if you no longer want it or need it.
- The policy does not have to be a permanent policy; they can be a convertible term policy.
- 90% of these policies are lapsed or surrendered and people are either walking away with nothing or a small amount of cash value. 70% of something is better than 100% of nothing.
- A life settlement is the sale of an existing life insurance policy often to an institutional investor, which can include pension funds, hedge funds, and even banks.
- Once the policy is sold, these institutional buyers become the owners of the policy and it’s now their responsibility to make all the premium payments moving forward, but in return they will eventually receive the death benefit.
- Most people believe they only have 3 options when they are holding onto a life insurance policy they no longer want or need. 1) Hold onto the policy & keep paying the premiums 2) Decrease the death benefit and therefore decrease your premium 3) Let the policy lapse, surrender it & receive any potential cash value. The 4th option, of course, is life insurance settlement.
- Live a life by design rather than by default.
Mmmm. I love that last nugget of wisdom! Live a life by design rather than by default. Thank you so much David! You were great! Again! Check out David at Davidrosell.com and as a listener of The Midlife Makeover Show, you can get a free copy of In the Know: Turning Your Unneeded Life Insurance Policy into Serious Cash. Just email David at david@rosellwealthmanagement.com to request your free copy and tell him you were sent by Wendy! Also, if you have any questions, give David a call at 541-385-8831. I will leave all of his contact info in the show notes as well.
Thank you for listening! Enjoy your Independence Day and I will chat with you on Thursday from Glacier!
Smore to come!
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Disclosure: David Rosell is President of Rosell Wealth Management in Bend. www.RosellWealthManagement.com. He is the author of three books. Find David’s books at local bookstores, Amazon, Audible as well as Redmond Airport. Investment advisory services offered through Valmark Advisers, Inc. an SEC Registered Investment Advisor Securities offered through Valmark Securities, Inc. Member FINRA, SIPC 130 Springside Drive, Ste 300 Akron, Ohio 44333-2431. (800) 765-5201. Rosell Wealth Management is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc. Valmark Securities supervises all life settlements like a security transaction and its’ registered representatives act as brokers on the transaction and may receive a fee from the purchaser. Once a policy is transferred, the policy owner has no control over subsequent transfers and may be required to disclosure additional information later. If a continued need for coverage exists, the policy owner should consider the availability, adequacy and cost of the comparable coverage. A life settlement transaction may require an extended period to complete and result in higher costs and fees due to their complexity. Policy owners considering the need for cash should consider other less costly alternatives. A life settlement may affect the insured’s ability to obtain insurance in the future and the seller’s eligibility for certain public assistance programs. When an individual decides to sell their policy, they must provide complete access to their medical history, and other personal information. Client name has been changed to protect confidentiality. The gross offer will be reduced by commissions and expenses related to the sale. Each client’s experience varies, and there is no guarantee that a life settlement will generate an offer greater than the current cash surrender value.
