today we're talking about the ideal financial SUV and I'm using SUV as an example at the end I'm going to tell you what this vehicle is. But let's think about this for a second why does everybody own an SUV or they should own that SUV. It's because it'll do everything right. Think about it if it's bad weather what vehicle do you want to take its the SUV it's the has the greatest chance of getting you to where you want to go you got to take the kids to soccer in fact you don't take your kids and the neighbor kits you fill it up maybe it's in the evening you you and your spouse dress up you go get your friends and you go to the Opera it's totally acceptable to show up in your SUV you've got a boat you can tow it with your SUV there's a reason why everybody should probably own an SUV because it'll do for you everything you need now I've got to give you a fantasy SUV so let's assume the car company says to you you can buy an SUV from us and you will own it forever and now this SUV you're going to make your car payment every month but this is what they guarantee you they guarantee you that the value of your SUV will increase for your whole life guaranteed that the car is still going to smell new with that new car smell forever so you've got a car that's going to get better all the time you never have to think about getting another one and the car company says to you not only are we guaranteeing you by contract that this that the value of your SUV the eques in it is going to increase every year but they say when we make a profit every year we're going to give you your share we're going to add that value to your to the equity of your SUV and you go wow this is a great vehicle and now it gets better let's assume you want to go buy a sports car you say I want a little two-seater that I can run around it so now you call up the car company and you say to them hey I want to go buy this sports car and they say not a problem by contract we will go ahead and we will loan you the money at very favorable rates based upon the collateral that you've got basically the equity in your SUV and so now you're gonna go buy this sports car and so when you get this sports car you get to drive it around and enjoy it now the loan that you borrowed from the car company they did they said you know what you don't have to pay us back yet you can pay us back whenever you want you can pay us every month every year you don't have to pay us you can just pay the interest you decide how you want to pay because someday you're probably gonna sell that sports car when you can't get in it anymore or actually you can't get out of it anymore and so now you're gonna sell it and you're gonna take that money and you're gonna pay it back to the car company now here's the magic the value of your SUV continued to grow all those years that you owned a sports car okay so this financial vehicle choose the financial SUV is an amazing vehicle and here's the last part of it so someday in the future when you die the car company says to your heirs bring the SU SUV in you trade in the SUV and in exchange they give you a check for two three four five times what the SUV is worth tax-free now let me ask you if car companies offered you that kind of a deal would you take it would that be of inch to you to buy a vehicle that you could have forever that always got better where the equity always grew in it that it was guaranteed that you could use it you could access the cash that would be a fabulous but they don't offer do they but it there is a financial vehicle that does do that that financial vehicle is whole life insurance now you may go world whoa that doesn't make any sense to me but let's do a little recap here so what you do is you buy a whole life policy you make the premium payments every month the value of the cash value the equity grows forever for the rest of your life in that contract the death benefit grows forever by contract the insurance company makes a profit every year they send part of that profit there your share of the profit and they credit your policy so it continues to grow but wait you need some money maybe it's to pay for college maybe it's to go buy that sports car whatever it might be put a new roof on the house and all you do is call them up and say hey I need to get a loan and use the collateral the equity of my policy to collateralize it and I'll pay it back when I can and now you own this increasing value vehicle for the rest of your life and in the end when you die your beneficiaries exchange your life insurance contract to the insurance company in exchange for two three four or five times what your policy was ever worth originally that's whole life it is the ideal financial SUV if you haven't got one you got to be thinking about it everybody needs one in their plan and I do let me just real quick I got to talk about term insurance because all the financial talking heads will tell you that term insurance is what you should buy so let's think about term insurance term insurance is like leasing vehicle you lease it for a number of years you make the payments on the lease but some point the lease runs out and you have to turn the car in and what do you have to show for it nothing you did need a car to get someplace but that's what you have to show for it term insurance is the same thing it's like leasing that SUV I'm gonna have it for 10 years 15 20 years but at the end I'm not going to have the vehicle anymore and I'm not going to have the money anymore and most importantly from an insurance standpoint I'm never going to have the death benefit if I didn't die during that term period okay so whole life it's the magic stay tuned check out our next video
