Financial myths are so easy to perpetuate because they’re simple and convenient. The human brain loves a good phrase or adage because it provides a quick reminder for a complex situation. The truth is much harder to convey. It takes time, context, and a little hard work to explain and prove things that are true about the world. This is relevant across every industry, which is why one mission of Truth Concepts is to help advisors discover and explain mathematical truths. This publication https://back2gaming.com/cryptocurrency/how-cryptocurrency-is-changing-australian-players-attitudes-towards-online-casinos emphasizes games with growing jackpots on
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How Will AI in Life Insurance Disrupt Our Industry?
AI in Life Insurance Sparks Enthusiasm—and Fear—Among Tech Champions The launch of OpenAI’s ChatGPT in November 2022 marked a milestone in the history of modern technology. With 100 million active users just two months after its release, ChatGPT has garnered the fastest-growing user base ever recorded in the tech industry. With the increasing prevalence of artificial intelligence, new questions arise across diverse industries on how it will change how we interact with each other and how businesses interact with their customers. A mix of optimism, curiosity, and fear of AI
Read MoreCan You Run Expenses Through a Policy Loan?
Can you run expenses through a policy loan? Let’s talk about where this idea comes from, and why you should proceed with caution. Whole life insurance is a powerful asset because it can do many jobs. While its primary and most important function is insurance, it also provides clients with a place to store wealth and use it in a more efficient manner. However, it’s important that we don’t over-estimate its functions in a way that causes clients to make less efficient decisions with their money. For example, policy loans
Read MoreThe Basic Limitations of Financial Planning and Forecasting
The numbers don’t lie, or so the saying goes. While this is the simplest turn of phrase, it’s not exactly the whole truth. It’s not necessarily the numbers that are the issue, but the interpretation and application of the numbers. This just so happens to be one of the primary limitations of financial planning and forecasting, in general. Financial Planning Issues to Consider The thing about the typical financial planning industry is that projections and math are used to show people idealistic scenarios without all the proper contexts. For example,
Read MoreShould You Take Social Security Early and Invest It?
Should you take social security early and invest it? This question can come up often when helping clients secure their financial future. However, the answer is a resounding no in most cases. Taking an early social security benefit only works to remove dollars from your client’s future assets, when the future assets are less certain. Social Security benefits can supplement income, yet should not be considered the bread and butter. In general, we recommend delaying benefits for the optimal impact and finding other ways to supplement income. This includes working
Read MoreThe Whole Truth About Direct Recognition vs. Non-Direct Recognition
When trying to explain policy loans, and Direct Recognition vs. Non-Direct Recognition life insurance companies, we like to begin with a discussion of ownership. In a mutual insurance company, policyholders are the owners of the company. Whole life insurance is not like car insurance, home insurance, or other types of property insurance where you funnel money in and may never see it again. Yet life insurance frequently gets lumped together with all other insurance by agents and clients alike. Helping a client to understand that they’re an owner of the
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