How to use whole life insurance to avoid taxes and grow wealth, with Eric Brotman
#46: Most people know what life insurance is. But they tend to think of it as term life: fixed payments for 20-30 years that pay out a death benefit if you die before the term is up (while paying nothing if you outlive it).There’s another type of life insurance called permanent life insurance. It never expires. The most common type is whole life insurance.Whole life insurance can get very complicated, so I invited a financial planning veteran with extensive experience in it (not affiliated with any insurance company) to share insight on how it works.This week, I talk with Eric Brotman, CEO of BFG Financial Advisors, a wealth management consultancy, about the intricacies of whole life insurance: who it’s best suited for, its tax and estate planning benefits, and how to use it for investing purposes.What you’ll learn:How a policy his parents bought for him at 14 which he inherited at 24 got him hooked on whole life insuranceThe main tax advantages of whole lifeHow whole life is used for estate planningThe type of securities life insurance companies invest inHow to choose a whole life insurance companyHow life insurance broker commissions work (and how much they are)What paid-up additions are and why they matterHow to borrow against your whole life policyThe tradeoffs of borrowing from vs. against your policyHow whole life can supplement social security in retirementIf you have whole life insurance, are you satisfied with it? Why or why not? If you borrow against your life insurance to invest in other assets, what do you invest in? Let me know by leaving a comment.Don't miss an episode, hit that subscribe button...If you liked this episode, be sure to subscribe so you don’t miss any upcoming episodes!Apple PodcastsSpotifyGoogle PodcastsStitcherI need your help, please leave a listener review :)If you liked this episode, would you please leave a quick review on Apple Podcasts? It’d mean the world to me and your review also helps others find my podcast, too!Links mentioned in this episode:Brotman Financial Groupwww.lowtaxbook.comDon't Retire...Graduate PodcastHYW private Facebook communityIntro/Outro: Old Bossa by Twin Musicom.