David Lewis is the founder and owner of Monegenix, an insurance agency based in Durham, North Carolina, as well as its lead insurance adviser and a registered financial consultant. I’ve been a client of David’s for two years, and, in that time, he’s shown me some incredible things about what whole life insurance can do for my financial plans. I recently had an enlightening conversation with him about whole life insurance—specifically, how you can use it to improve your life in ways many people don’t know about.
Tim White: How did you get into financial planning services, and what led you to specialize in life insurance?
David Lewis: Long story short, I started working in the industry because I drifted between many different careers, and this was the first one that really caught and held my attention. I read in a textbook how insurance is all about protecting the things that people value most. That really struck a chord with me, as did the prospect of being able to protect people from losing their savings to market crashes and government-induced crises.
One of my first bosses in the insurance industry told me that he invested some of his own money in the company 401(k) plan, but most of it went into our whole life insurance products. He was investing $60,000 per year in premiums because he knew exactly where his money was, knew that it was growing safely, and slept well at night as a result.
That’s when it really hit me. This guy who had been in the business for thirty years, a competent and successful investment adviser, chose to put the bulk of his own money into whole life insurance. That’s the moment when I decided I needed to investigate it more deeply. . . .
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1. American Council of Life Insurers, “Life Insurers Fact Book,” 2018, https://www.acli.com/-/media/ACLI/Files/Fact-Books-Public/FullLifeInsurersFactBook2018.ashx?la=en (accessed August 5, 2019).
2. David C. Fix et al., “Life Insurance Cost Disclosure: Staff Report to the Federal Trade Commission,” March 13, 1979.