Money wealth life insurance. Wealth and insurance, money, wealth life insurance. Insurance, wealth, money. The world’s richest people are known for their extravagant spending habits. But shockingly 40% of those who have more than $3 million in assets are all but broke because they have a very small income to live off of or no business at all.
What is Money wealth life insurance?
Money Wealth Life Insurance, or simply M.W.L.I. is a type of insurance that covers your assets in the event that you pass away and leave your heirs any amounts above $1 million dollars when your current policy ends. Currently, M.W.L.I policies cost between $10,000 – $50,000 each year for coverage on a single life or $20-$50 buy-in for beneficiaries to use on a new life.
How does this work?
The first part is easy, you just buy a M.W.L.I. I policy from any company (usually an insurance company) and pick the years you want to cover your assets for, usually about 2-3 times longer than you think you will be alive for. Next, you get a will made up and put in the safekeeping of a lawyer that knows how to use it in the event of your death (for some reason most lawyers don’t know what to do with life insurance policies). Now that’s done, all that is left is to live life as normal—though I would start working on getting more assets ASAP! It’s better to have more money when you die than not enough.
Benefits of this type of Insurance
This type of insurance is a great way to ensure you leave something behind for your family. It also insures that in the event of your death you will still have money to provide for needs like healthcare, help pay for children’s college, and provide a nice life-long retirement. It’s not a bad way of ensuring your family will be take care of after you are gone.
There are some downsides however: If you wish to pass away, think about how much extra money is needed if. You want someone to be able to take care of any future children that may come into the world and assuming no other relatives are purchasing similar Money wealth life insurance.
How much does insurance cost?
Most Money wealth life insurance policies start at about $10,000 for a single life policy and go up from there depending on how much you wish to insure, the number of years (the coverage period) and who you are buying the policy from. If you want to insure your assets for 10 years. And need to insure $10 million, that’s a total of $100,000 pretty much everywhere.
How do you get an M.W.L.I policy?
The easiest way is to go with a company like Guardian Life Insurance which is a large life insurance company (currently the largest in the US) that offers Money wealth life insurance coverage as well as “key man”. And term life insurance policies for employees of companies. Who have qualifying programs for employees who are risk takers or leaders within their company.
What companies can I buy my M.W.L?
Some of the largest companies that sell Money wealth life insurance policies include. But are not limit to Guardian Life Insurance, American Bankers Insurance, Mass Mutual, Allstate Life Insurance. And a few smaller insurance companies; there are also some banks that offer this type of insurance as well for their high valued clientele.
Money wealth life insurance is a great way to leave something behind for your family, even when you die. Be sure to check into this if you are one of the 40% of millionaires that are broke.