Denzel Rodriguez bought his first whole life policy in 2018 for $500 a month, then added a second in 2019 funded at $70,000 a year. People stack policies as income grows to lock in larger death benefits and build wealth for their heirs.
2018
$500 per month
2019
About $70,000 per year (transcript: 'funding 70,000 years').
So why do people have like three, four different policies? For a numerous amount of reasons. But I would say some of the common ones I come across is, for example, I'll just use me as an example. In 2018, I got my first policy saving $500 a month. And my income was at a certain place at that point in time, that's what I could afford, 500 bucks a month. So that was like 6,000 a year. That was one whole life. My income then jumped and then I got a second policy in 2019 funding 70,000 years. So right away, I already have two whole life policies simply because I have the ability to save more dollars, put more money away. And that's one of the primary reasons I do it and other people do it, is because they, they simply are increasing their wealth or increasing their income, which means they are able to store more money away safely. But not only that, they're also thinking about more death benefit coverage. Because essentially what people are doing is they're purchasing their future net worth in advance in the form of a death benefit. And the more you're able to secure, the more wealth you're able to pass on from a legacy standpoint, but also from a protection standpoint.
