MPI Agent - Carolyn Blosil

FREQUENTLY ASKED QUESTIONS

What Happens If I Lapse, Surrender, or Cancel My Policy?

The MPI® Secure Compound Interest Account is designed as a permanent life insurance contract to bring life-long benefits to you and your beneficiaries. There can be consequences if you were to lapse, surrender, or cancel your plan. The attached video covers what happens if an MPI Policy is terminated.

The MPI® Strategy! How the Triple Advantage Works

The MPI® Secure Compound Interest Account has 3 core pillars of success that by working together, deliver the following: Security of life insurance, growth of the S&P500 or other stock-based strategies, and leverage using the RELOC™ (participating loan) to provide enhanced Compound Interest potential. Watch the following video to see how MPI can deliver the Triple Advantage of Compound Interest.

What Happens to MPI® in a Down Market?

Does the MPI® Secure Compound Interest Account blow up in a market collapse such as 2008 like many other investments? No! Watch this to learn how the 0% Floor Feature protects your account value in a down market.

Who Gets My Cash Value When I Die and Who Pays Back the RELOC™?

When you pass away, the life insurance contract amount plus the full cash value, which is net of any loans or RELOC already, pays to your designated beneficiaries as the death benefit. The longer your MPI Secure Compound Interest Account has had to mature, the larger the death benefit can be for your family, heirs, and beneficiaries.

Does the MPI® Calculator Adjust for Inflation?

The MPI Calculator does not adjust for inflation. To combat inflation, it is always a good rule of thumb to save a % of your income, rather than a flat amount. As inflation increases over time, so should income levels allowing you to save more money.

What Are The Minimum and Maximum Contribution Limits Into MPI®?

The MPI Secure Compound Interest Account is a life insurance contract. Therefore, limits are based on your health, your income, and your family (those that would need resources if you were to die prematurely). Assuming you qualify, the minimums can be quite low, typically around 10x your age as a monthly commitment AND maximums quite high meaning plenty of flexibility to accommodate your future/retirement plan.

Can I Roll Over My 401(k) or IRA into MPI®?

Because an IRA, 401(k), and other typical retirement plans are “qualified” according to the IRS, they are not eligible for rollover status. Therefore, withdrawing YOUR money before reaching the age the government has chosen, you would be susceptible to penalties, fees, or taxes – perhaps all three.

Can I Defer My Tax? Is MPI® Tax-Free Retirement Income?

The contributions you make to your MPI® financial plan are not tax deductible because they are made with post-tax dollars, much like a Roth IRA. However, all your distributions and retirement income from the plan will be tax-free.

Is There An Age Limit To Start A MPI® Secure Compound Interest Account?

As a life insurance contract, the MPI Secure Compound Interest account requires that you meet the minimum age in your state to legally enter a contract, usually 18 years of age. A parent can begin a plan for their child typically after 15 days old.

Do I Have To Pay Monthly Or Can I Pay Annually?

There are 4 standard payment options with an MPI Plan: Monthly, Quarterly, Bi-annually, and Annually. MPI® Unlimited suggests that payments be made monthly to create a savings habit of “Pay Yourself First.”

What Happens If I Get Divorced?

No two divorce settlements are the same. Life insurance policies may be part of a qualified domestic relations order (QDRO). This may mean that one spouse is required to continue to make payments on behalf of the other spouse, or that the cash value of the policy be divided amongst the spouses. After a divorce, we recommend reviewing your beneficiary designations to ensure that the death benefit passes to the individual(s) you intend.

Should Both Spouses Have A Plan And Should My Children Have Plans?

Financial freedom is an individual accomplishment. In order to provide maximum family security, we suggest both spouses have their own individual MPI® Plan. If additional savings are available after parents have started their plans, MPI Children’s plans can provide a path to financial freedom for the complete family.

Will My MPI® Plan Cancel If I Lose My Job And Miss A Payment

A key reason we built MPI using the IUL Life Insurance Policy structure was not only to create a way for people to save more, but also to protect them from the uncertainties of life, including losing a job or falling on hard times. If this were to happen, your policy can likely sustain itself for a period of time. This is when you would call your MPI Certified Advisor to discuss your choices, review your future, and choose a strategy to move through the near-term challenge toward the future you envision.

Will My MPI® Plan Cancel If I Get Sick?

Your MPI will not cancel if you get sick. If you are to miss a payment for any reason, please contact your MPI Certified Advisor immediately to review your situation and determine the best path moving forward.

What Reasons Can Decline Me From Starting A MPI® Account And What If I Don't Get Approved?

The MPI Secure Compound Interest Account is a life insurance contract that can require a medical exam and underwriting. This process can take up to 8-12 weeks in some circumstances. Health does play a vital role in the approval process of an MPI Plan. If you do not get approved, there are other options for you or your family to take advantage of Compound Interest. It is important to begin the no obligation underwriting process as soon as possible to determine your best route.

Can I Use MPI® As My Emergency Fund?

The cash value of your MPI Secure Compound Interest Account is accessible without penalty for any reason at any age. Because of this feature, the cash value in your MPI plan can be used as an emergency fund as well as many other uses.

Who Manages the MPI® RELOC™ Match Every Year?

The MPI RELOC feature is fully managed on your behalf by the insurance company and MPI Unlimited. Every 2 years a full review of your plan will occur to ensure full utilization of the RELOC feature.

How Do I Access Retirement Income And Who Manages It?

Once you have achieved your goals and are ready for retirement, MPI Unlimited with work with you to create a retirement income schedule and the insurance company will manage distributions.

Can I Apply For MPI® If I Live In New York?

No. The MPI Secure Compound Interest account is not available to residents of the state of New York. If you split residence with another state and are also a legal resident of that other state, then we can discuss your eligibility.

How Much Should I Save?

As a starting point, we recommend you pay yourself first by saving at least 10% of your gross income, starting as early as possible, and saving throughout your earning years. As you accommodate this savings rate, we encourage people to continue to increase their savings rate as their income increases. The more you save and the earlier you can apply compound interest, the sooner you can achieve the retirement you dream of.

Is MPI® FDIC Insured?

Your MPI Secure Compound Interest account is not insured by the FDIC (Federal Deposit Insurance Corporation), which applies to deposits held in a bank. Your account is a life insurance contract between you and the insurance company.

SIDE BY SIDE COMPARISON

Roth IRA S&P 500 Index Fund vs. MPI® Traditional Plan 1996 - 2020

Is the MPI Secure Compound Interest Account a better retirement strategy than the Roth IRA invested in the S&P 500 Index Fund. The Math says YES. Watch this video for a side-by-side comparison.

401(k) Plan With Employer Match vs MPI® Traditional Plan 1996 - 2020

I have a 401k match from my company. Is the MPI Secure Compound Interest Account a better option than a 401k + Match?

Fees: 1% Financial Advisor vs MPI®

Who charges more? A traditional financial advisor with Compounding Fees or an MPI Secure Compound Interest Account with decreasing fees? Watch this side-by-side to learn the truth about fees.

15-Year Mortgage vs 30-Year Mortgage Plus MPI® Secure Compound Interest Account

Which is a better financial decision? 15 year mortgage and then start saving for retirement or a lower payment 30 year mortgage and begin saving immediately? Watch this side-by-side for a complete breakdown.

Pay Your Home In Cash vs. 30-Year Mortgage Plus MPI® Account

Is paying off your home in cash a good idea? This decision could cost you millions of dollars to your future self.

529 Children's Education Savings Plan vs MPI® Children's Plan

Should I open a 529 College Savings plan or an MPI Secure Compound Interest Account for my child? Which provides the best benefits long-term?

Early Access Penalties of a 401(k) vs MPI® Surrender Charges

The MPI Plan is intended to be a life-long contract between you and the insurance company. Early cancellation to this plan could result in a surrender charge. Watch this video to understand the difference between a surrender charge found inside the MPI Secure Compound Interest Account and an access penalty found in many traditional plans such as the 401k/ IRA.

Buy Term Life Insurance and Invest the Rest vs MPI®

Buy term, invest the rest is a common investing philosophy promoted by the mainstream financial advising community. But is it your best option? Compare this philosophy with the MPI Secure Compound Interest Account to learn that there are much better options.

Indexed Universal Life 1.0 vs MPI® (IUL 2.0)

What is the difference between an IUL and MPI? Watch this video to understand how the RELOC feature (Participating Loan) can increase your retirement income by up to 2x or more over the traditional IUL

Whole Life Insurance vs MPI®

Whole Life Insurance vs MPI… Which strategy can bring you more value? Through the triple advantage of Compound Interest, you can increase your retirement income by up to 5x over the traditional Whole Life Insurance plan.

Is Infinite Banking a Scam?

What is the Infinite Banking Concept and is it a good financial strategy to help you achieve your financial goals? The math says no! Watch this video to learn why.

FAQs

FREQUENTLY ASKED QUESTIONS

SIDE BY SIDE COMPARISON

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