Have you ever heard of famous music stars insuring their voice box (larynx) and a model’s legs being insured for millions of dollars? I think we all know who the Kardashians are and they are no different either. When Kim’s butt became famous and her most well known trademark she had it insured for a whopping 21 million dollars. Well how about their whole life insurance policies? Something you don’t often see in the news is how super stars protect their assets and prepare their money for the end of life and for their beneficiaries. But whole life insurance isn’t just for the ultra rich and famous. Everyone should have some sort of life insurance in their back pocket.
Star of Winter Bones, Jennifer Lawrence is expecting her first child (with husband Cooke Maroney) and if she wants to ensure her child will be able to receive his/her inheritance tax free she will get, if she doesn’t already have, a whole life insurance policy. Many celebrities, high profile CEOs, and business owners make sure all of their ducks are in a row, by getting whole life insurance to ensure that their beneficiaries will receive tax free inheritance.
Without a whole life insurance policy your beneficiaries may end up paying big that tax season after receiving their inheritance. Whole life insurance policies are paid over the span of your adult life and once you pass your beneficiaries receive a tax free inheritance.
Whole life insurance isn’t just for your children though. For instance does your spouse make enough to cover the mortgage or to pay for your funeral if you were to pass suddenly? Whole life insurance policies also protect your spouse if you were to pass before them. After you pass your whole life insurance policy will continue to help them pay for things such as, living expenses, debts, mortgage payments, funding your children’s education and spousal retirement.
If Jennifer Lawrence’s character in Winter Bones had set up a policy for herself then the two children characters in the movie wouldn’t be settled with her debts and the cost of her funeral when her character passes.
But there are plenty of real people who have whole life policies to protect their loved ones in the event of their own deaths. From actors to writers to directors. Many people know the importance of taking care of those they love even after death and whole life insurance policies aren’t just for the extremely wealthy. I myself have whole life insurance so that my loved ones won’t have to worry about my mortgage payments or funeral costs or any of my student loans if I were to pass.
Take the amazing director James Mangold for instance. He has 2 children and a loving wife named Cathy Konrad. What would they do if he passed away suddenly and they no longer had his income to support them, pay for their home or the children’s schooling? With a whole life policy he wouldn’t have to worry about what would happen to them if he died suddenly or even of old age being able to ensure his wife and two children would not need to worry about losing their home and being taxed that year on their inheritance.
Another huge player in the world of television and movies is Walt Disney the creator of Disney, DisneyLand and Disney now his company owns Disney+. Walt Disney had a whole life insurance policy and used his policy to act as his own bank in a sort of way to liquidate funding for his dream (aka the Disney franchise). Walt borrowed against his policy in 1953 and because of that we have Disneyland. Broke and unable to get the funding for his dream he borrowed against his own life insurance to get the money to start his career which is now a global enterprise bringing joy to millions of people around the world. Without Walt Disney’s insurance policy we would have the DisneyLand we all know and love to this day.
Walt isn’t the only huge player to use a life insurance policy though, McDonald founder borrowed against not one but two life insurance policies in order to pay employees in the beginning of his career so that he could keep his dream alive. Now there’s a McDonalds on almost every corner around the nation. His whole life insurance policy is what funded his hallmark branding campaign using the liquidity provided.
Both of these amazing multi million dollar companies would have never been what they are today if those two men weren’t smart enough to invest into whole life insurance earlier in life. Whole life insurance policies have protected people and their families and businesses for years and will continue to do so for many more years to come. So if huge names like these know it works, what’s stopping you from doing the same? Protect your loved ones and investments. Invest in yourself today. Start looking into whole life policies and find one that’s best for you and your needs.