So you don’t understand that the only money you can borrow is money that you gave them ? Why pay to borrow your own money? They give you a 5% return at best ! I put my money into mutual funds and the same amount invested in mutual funds grows at over 10% every year and doubled in 7 years! And it’s tax free too ! Just like in the insurance policy when you take money out you pay taxes but my east taxes are at lower rates of 15%. Not the 30% income tax rate!
@@sfsfuzzy3597thanks for your comment. Personally I don’t have issues with credit card debt and invest in a number of ways…but if I have to pay for life insurance anyway, I’d like to know all the options. This is just one way to start learning about it.
I’m not even halfway through the video and I just wanna say y’all have been doing a amazing job on explaining everything even down to dummy terms and I think y’all should consistently do it this way
Love you guys and appreciate the info you’ve shared on this. My mom and I each have a whole life policy and after listening to you, we have been able to borrow from the policies. Thank you so much!
@@markeshabailey1922 yes you can never borrow more than you have the extra ! Not what paid for the insurance but all the money over the cost of insurance! That’s all you can borrow is your money ! Now how is that a good thing? I got term life insurance and invested the rest and after 20 years I have no need for life insurance! I have more than 1.6 million dollars just from the same money that you want to pay them to loan you of your own money! My money made 25% so far just this year ! In one year my money made more than you will get in twenty years giving your money to them
I was going to have mine set by another company but the way you both break it down i will be contacting your company thanks for breaking it all the way down.
This is what I have been looking for! A layman’s video that covers living benefits, loans, withdrawal etc! You gained new subscriber here. I’m a new life insurance agent too! I’m glad I found your channel! Looking forward for more! ❤
You must be an idiot ! I’ll give you a better deal! Give me a hundred grand and then pay me for life insurance and I’ll loan you a portion of your money back for a feee ! Heck yes ! The fact is whole life is not tax free it’s just that you have no growth and if do get growth you can’t have it they keep your money! If you ever take the money out you pay taxes and not lower capital gains but at the invite rate of at least 28%
I love you guys video It’s GREAT information I would see TikToks about this & wouldn’t believe it but now I see how it works. Great way to get financially stabled 👌 I have a couple of question I wonder if you could help. you have to be a citizen or is ok if your a resident?
Beware. Their advice is not in your best interest but theirs. They stand to get huge commissions and the insurance company will collect huge fees if you end up buying a policy from them or any whole life salesman. 80% of policy holders end up surrendering their policies early when they realize what they actually bought and decide to cut their loses.
because you are borrowing money from the insurance company (not your own money), against your own money (collateral). so, you will have to pay interest on the money you borrow from them.
@Elegan_te thats not true. You are not borrowing off of any money the insurance company is giving you, you are borrowing off of the money that you accumulate in the policy( cash value) and your money is not accumulating until after a year or two. Borrowing your own hard earned saved money has never brought wealth to anyone it brought them debt 💯
But you also need to tell your audience that you have to BUILD the cash account after YEARS of paying this. A lot of people are under the impression that you buy the policy and they can access these funds. Very misleading.
Question is: T min 7:32 you say that if I pay my annual premium then I can borrow against it.. Well why would I borrow against anything if I had the money in the first place to pay that kind of premium?...Inquisitively.
@@tankercrewchief me too. I was able to borrow after 30 days of having my policy. This depends on the agent. He/she must be knowledgeable enough to structure it well for the client.
Honestly sounds better to get a regular life insurance with minimum annual payment and save the rest. Dont understand why you want to pay interest on your own money. If i give the insurance 10k annually, they take all of it. But can lend me 60% of my own money back but i have to pay back with interest. Which means more money out of my pocket. Might as well i keep thtat 60% and find an insurance policy that takes the 40%. Amother thing is when you die, you have no idea how tf your money will be spent...i say spend it while your alive on the things you want
When u do borrow the cash from the policy, let’s say for the purpose of paying off credit cards. Is the borrowed money reported in your credit report as an installment loan?
If I work for a company that offers life insurance and I've been paying on it for x amount of years, can I use the life insurance from the company that I've been working for?
Hello, when you talk about paying your premium. Is that your monthly payment on the life insurance or that 10k per year? So from what I understand is that in order for me to borrow that 60% which is 6k, I have to put in 10k in premiums for that year? Could you please advise? Thank you.
Ok what about this? Can I take a loan to fund the policy and then borrow to pay back the previous loan? Like the millionaire making the bank pay for the policy
She said you have to pay back the money you borrowed. Someone told me they have a whole life policy they don’t need to pay back. They said if they don’t pay the loan back, the policy won’t be as valuable when it’s distributed to their beneficiaries. Are there actual policies like this?
I'm confused, can someone please explain - I thought when you withdrew the CV, it was tax-free? But this is saying you're subject to taxes on your withdrawals?
Let assume you have contributed 50K to date and cash value accumulated is 70K. 90% Liquidity is 63k accessibility. If you withdraw 50k, there be no taxes. However, any amount withdraw over 50K is taxable. In other words, you can withdraw up to what you have contributed tax free and amount you withdraw after that is subject taxes
What if you have a term policy that you wanted to convert to a whole life policy and you throw $$$ into turning it into a whole life policy would that be wise?
One question? If I start a whole life insurance policy. Let’s say 1,000,000 and I pay the premium upfront (10,000). How much can I borrow for real estate purchase. Let’s say 500,000. When can I pull the funds
OMG, if ever, it would be decades before your cash value would be at that level! Keep in mind, the policy is designed to "endow" at either age 100 or 120 depending on when it was issued. So probably a little over have way from the time of issue before you get to that level of CV.
But it is not true that all policy loans work like that. I mean, if my policy has a participating loan option to choose then it works as you are saying otherwise it wont.
great video! i am curious on your thoughts on this "Although the rates may be favorable, you still pay interest on life insurance loans. And because the interest is often subtracted from the cash value, it can sneak up on you. If your loan plus interest exceeds your policy's cash value, the policy could lapse." basically loan interest value overtaking the compounded value added? does this mean there is a sweet spot on how much you deposit and how much you should take out on a loan (considering the interest rates?)
The interest is not subtracted from the cash value. It compounds if you do not payback at end of the year. it is lot to explain in text. The insurance company will not take interest from your cash value. You're in control of when you pay back the loan. However, if you do not make the interest payment, it will be added to the loan balance at end of the year (compounding on your).
Sure! Let’s say I use a credit card at 20% interest. I borrow from the insurance company at 5% simple interest to pay off the credit card. I paid the debt with the money borrowed from the insurance company but maintain minimum payments for the credit card back to my system, the difference is 20% min credit card payment - 5% insurance company. The difference equals 15% back to my system because I was already prepared to pay back the credit card company with the monthly minimum payments
I just came across your UT videos. Great info. I do have a question. I do have a New York whole life insurance policy. I had it a couple of years. My police is over 5K with a cash value of $586.00. I just started a Real Estate investment business. I buy tax delinquent residential vacant lots/land and I flip them. I need about $1000 to purchase a small peace of lot/land I have my eyes on. would I be able to borrow $1000 if my cash value is $586?
It’s cheaper to use a 0% credit card for one year, than pay insurance company interest It’s cheaper to buy a car and get bank loan 2.5% than to pay 8% to insurance or even 5%
@Krthaspecialist Yes. They pay the face value of the policy minus any outstanding loan balance. That's a fancy way of saying the insurance company keeps the cash value.
Hello, I have a whole life insurance illustration and I want to have someone look at mine to verify I am getting the best benefit. I’m a shopper and don’t go with the first proposal. Can you help?
@maxumgenesisgroup Your best benefit would be to cancel the whole life policy that is ripping you off, and buying a term life policy. Whole life premiums are about 10 times the same term policy.
Call me stupid but why would I pay an insurance policy interest to borrow my own money I had in the first place. This as got to be the worst financial decision a person can make.
Thank you for your comment. We have to pay interest because we leveraged our policy get a loan from the insurance company. Our money is still earning interest because we didn't touch it. We made the decision to leverage our policy because over time we have access to more cash than what we pay premium.
Here’s a idea.. compound your money with low cost ETFs and don’t buy things you couldn’t afford in the first place to pay these ridiculous interest rates on your own hard heard money.
If I borrow against my cash value, are there taxes on that money? If I use it on debt vs investments, will it be seen different by Uncle Sam? Thank both of you for sharing your wisdom!
Ok so what if you decide to fund your policy upfront with 50k - 100k does that instantly gives you higher loan borrowing power and interest gains on your life policy. Idk if my question make since. Instead of waiting for the cash value to increase over years to borrow can you just preload the policy?
Are you really willing to hand that much cash over to an insurance bank?? The minute you do it is their money!! What are you trying to accomplish by putting that money into a policy?
What's better? A million dollars in a cash value that you can borrow against or a million dollars in an investment or savings account that you can take and spend without having to pay it back? Keep in mind that you paid to fund both of these options. As for the death benefit, you also have a term policy with the savings account.
@@juanvsreviews I agree. Both would take years for normal folks to achieve, but you're likely to get there much faster with the investment. I posed the question because many promoters of whole life (mostly salesmen) speak of your cash value as though it is as good as cash in your pocket when it most definitely is not.
@@markf.2050 i’ve sold life insurance for years and I can’t even begin to tell you how many people I get asking for this. They tell me they watched on Tik Tok or RUclips. It’s crazy
@@markf.2050 really ? My mutual funds this year alone have grown 25% just since Jan 2023 ! So yes I’m happy with my mutual funds and I can get it at any time and never pay it back ! Oh and I no longer need life insurance! I have over 1.5 million in my account
@@markf.2050 yes and the cash value is only money that you paid over the cost of the insurance policy ! So it was your money you have it to the insurance company they paid the agent more the first two years than you will ever get! Plus it’s not tax free at all ! It’s not your money till you cancel your policy ( that’s the only way to ever get your money back) And when you take possession of the money you owe taxes on that money! Not just 15% Capitol gains tax either it’s income tax rate if at least 28% according to the Tax code
These policies typically have 8% interest rates. Much higher than mortgage rates or auto loan rates. You better have a high yield investment to use this method. Also, the break even periods on these is typically 10-15 years. You may have some cash value up till then, but wayyyyy less than you paid in. The agents are making lots of money from you for those first 10-15 years
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Clear & Concise start to finish. I love direct information without the fluff
Definition of a power couple Salute
I’ve watched many videos trying to understand how this works. Y’all had the most clear explanation
No other video I've ever watched gave me word for word detail like they did.
So you don’t understand that the only money you can borrow is money that you gave them ?
Why pay to borrow your own money?
They give you a 5% return at best !
I put my money into mutual funds and the same amount invested in mutual funds grows at over 10% every year and doubled in 7 years!
And it’s tax free too ! Just like in the insurance policy when you take money out you pay taxes but my east taxes are at lower rates of 15%. Not the 30% income tax rate!
If they had paid off the debt instead of giving their money to a insurance scam they would not have had credit card debt
@@sfsfuzzy3597thanks for your comment. Personally I don’t have issues with credit card debt and invest in a number of ways…but if I have to pay for life insurance anyway, I’d like to know all the options. This is just one way to start learning about it.
I can agree with that I was thinking the same thing. This was a good video.
You two keep the explanation in a simple language to understand. Good job!
I’m not even halfway through the video and I just wanna say y’all have been doing a amazing job on explaining everything even down to dummy terms and I think y’all should consistently do it this way
Love you guys and appreciate the info you’ve shared on this. My mom and I each have a whole life policy and after listening to you, we have been able to borrow from the policies. Thank you so much!
hello what company are you with did you have to be with them more then a year to borrow?
I’m about start Whole Life Insurance after watching this
@@markeshabailey1922 yes you can never borrow more than you have the extra !
Not what paid for the insurance but all the money over the cost of insurance! That’s all you can borrow is your money !
Now how is that a good thing?
I got term life insurance and invested the rest and after 20 years I have no need for life insurance! I have more than 1.6 million dollars just from the same money that you want to pay them to loan you of your own money!
My money made 25% so far just this year !
In one year my money made more than you will get in twenty years giving your money to them
@@AnthonyParrisAntLyve you must be really ignorant at math
I was going to have mine set by another company but the way you both break it down i will be contacting your company thanks for breaking it all the way down.
We’d love to support you 😎
This is what I have been looking for! A layman’s video that covers living benefits, loans, withdrawal etc! You gained new subscriber here. I’m a new life insurance agent too! I’m glad I found your channel! Looking forward for more! ❤
You are a fraud ! No one can be that damn stupid
Check the rate against your credit union. Sometimes the credit union has a better personal loan rate.
I borrowed from mine to invest in the stock market.Not really sure if it was a smart move but.
Start a business
You can buy insurance and get a greater return by investing in a totally separate account. Dividends and capital gains are how you grow your money.
$120k credit card dept. Wow that's a lot!
Whole life is the payday lender of the middle class.
This is exactly what I was looking for. Thank you for this video!
You must be an idiot !
I’ll give you a better deal!
Give me a hundred grand and then pay me for life insurance and I’ll loan you a portion of your money back for a feee !
Heck yes !
The fact is whole life is not tax free it’s just that you have no growth and if do get growth you can’t have it they keep your money!
If you ever take the money out you pay taxes and not lower capital gains but at the invite rate of at least 28%
Thank you for sharing this video. Great information.
I love you guys video It’s GREAT information I would see TikToks about this & wouldn’t believe it but now I see how it works. Great way to get financially stabled 👌 I have a couple of question I wonder if you could help. you have to be a citizen or is ok if your a resident?
Very informative!! Subscribed 🎉
Beware. Their advice is not in your best interest but theirs. They stand to get huge commissions and the insurance company will collect huge fees if you end up buying a policy from them or any whole life salesman. 80% of policy holders end up surrendering their policies early when they realize what they actually bought and decide to cut their loses.
thank u for this. listening on repeat to fully understand, i need to get on this
Why pay back “as a loan” with “interest” if it’s my money?
because you are borrowing money from the insurance company (not your own money), against your own money (collateral). so, you will have to pay interest on the money you borrow from them.
@@Elegan_te consumer laws iykyk
Also, if you don’t pay it back it is deducted from your death benefits
@Elegan_te thats not true. You are not borrowing off of any money the insurance company is giving you, you are borrowing off of the money that you accumulate in the policy( cash value) and your money is not accumulating until after a year or two. Borrowing your own hard earned saved money has never brought wealth to anyone it brought them debt 💯
They do not allow you to borrow off of the face value. This information is not Correct
I’m bout to look for ah million dollar life insurance policy. Ima see how much it costs with y’all at wealth nation
But you also need to tell your audience that you have to BUILD the cash account after YEARS of paying this. A lot of people are under the impression that you buy the policy and they can access these funds. Very misleading.
Whats the process ? Or how do you build
@juanvsreviews Watch the whole video they explain it takes a couple of years to build ACV depending on the policy.
They said accumulating of cash that’s built up
How do you pay the loan back?
Correct this is insurance games and folks do not get rich off this. It costs folks more than just investing and growing assets.
thanks for breaking it down in such a clear way
Looking into this and love it.
What a thorough explanation
Great video! Thanks for the info.
Clear and concise.
You are a liarb
In the long run term life insurance is better.
the part that confuses me is can you only borrow form what you put in?
EXACTLY!!!!!!!
When taking out a loan against your life insurance policy, are the interest rates usually higher or lower than banks?
Thank you guys 🙏 God bless you!
God is not going to help them ! They are frauds cheating people and lying
Question is: T min 7:32 you say that if I pay my annual premium then I can borrow against it.. Well why would I borrow against anything if I had the money in the first place to pay that kind of premium?...Inquisitively.
This video will answer a lot of questions about infinite banking. Thank you.
Thank you guys!!!
Okay so what i am trying to understand is how i put all my information in on your website and then get told i dont qualify?
Is this applicable only in the USA???????????????????????????????
How long do you have to have the policy before you can start borrowing
Years
@@begin5277I borrowed mine after 30 days of getting the policy. It depends on how it's structured and how much you put in.
For me using Guardian Life, it was almost immediately
@@tankercrewchief me too. I was able to borrow after 30 days of having my policy. This depends on the agent. He/she must be knowledgeable enough to structure it well for the client.
im new to this in is video really make me understand 😊 ty
Thank God i found you guys thank you for ur knowledge 🙏🏾
Thank you guys! Been looking for a video where this is broken down for me
Great information thank you for explaining this
Honestly sounds better to get a regular life insurance with minimum annual payment and save the rest. Dont understand why you want to pay interest on your own money.
If i give the insurance 10k annually, they take all of it. But can lend me 60% of my own money back but i have to pay back with interest. Which means more money out of my pocket.
Might as well i keep thtat 60% and find an insurance policy that takes the 40%.
Amother thing is when you die, you have no idea how tf your money will be spent...i say spend it while your alive on the things you want
Great Job guys
Yeah but don’t forget money spent on premium life insurance are taxable.( not deductible) If you don’t pay you self as a corp employee.
But it takes like 4 years to Accumulate funds man ❤ lets goo
How fast can you get the money if you have cash value on your policy?
So my question is something caught my ears , are you guys agents that will help design my policy ?
Great video!! Could you point me in the direction of an agent that can help me get started with this insurance?
How about other types of life insurance policies??? There is a lot of misinformation about getting loans from LIP.
Do you have to pay it back
When u do borrow the cash from the policy, let’s say for the purpose of paying off credit cards. Is the borrowed money reported in your credit report as an installment loan?
Carmen, if you are Canadian you CAN drive a Camry in a snowstorm.😂
Loked and subscribed. You two are perfect. Thank you for the great advice.
@wealthnation are there any insurance companies that you guys suggest ?
Four percent interest? At what rate would my cash value grow throughout that year?
How can I set up a meeting with you guys to see if you guys can help with me getting a whole life insurance with Wealth Nation?
How do I know if this option is available to me?
Thanks!!! 💜💜💜
How do you guys use the life insurance to DCA into stocks? Do you constantly borrow month over month to put into stocks?
Does the loan payments count as part of the annual premium paid or PUAs?
This was sooooo good
If I work for a company that offers life insurance and I've been paying on it for x amount of years, can I use the life insurance from the company that I've been working for?
Hello, when you talk about paying your premium. Is that your monthly payment on the life insurance or that 10k per year? So from what I understand is that in order for me to borrow that 60% which is 6k, I have to put in 10k in premiums for that year? Could you please advise? Thank you.
Ok what about this? Can I take a loan to fund the policy and then borrow to pay back the previous loan? Like the millionaire making the bank pay for the policy
Thanks for explaining so well
how many times can you borrow on whole life insurance policy?
Si, you can do this with your 401k too??
She said you have to pay back the money you borrowed. Someone told me they have a whole life policy they don’t need to pay back. They said if they don’t pay the loan back, the policy won’t be as valuable when it’s distributed to their beneficiaries. Are there actual policies like this?
so if you pay the premium is it still $6,000 or is it more ? Can you elaborate more.
You can only borrow up to the amount you've already paid in premiums,,,so if you paid 2 months of premiums of $50 then you can only take out $200
I'm confused, can someone please explain - I thought when you withdrew the CV, it was tax-free? But this is saying you're subject to taxes on your withdrawals?
Let assume you have contributed 50K to date and cash value accumulated is 70K. 90% Liquidity is 63k accessibility. If you withdraw 50k, there be no taxes. However, any amount withdraw over 50K is taxable.
In other words, you can withdraw up to what you have contributed tax free and amount you withdraw after that is subject taxes
What if you have a term policy that you wanted to convert to a whole life policy and you throw $$$ into turning it into a whole life policy would that be wise?
How long do you have to wait before you are able to cash out of your account ?
Is it true you don't have b to pay it back. Take it from your benefits they will match ur intrest.
how much can you take out of whole life cash
One question? If I start a whole life insurance policy. Let’s say 1,000,000 and I pay the premium upfront (10,000). How much can I borrow for real estate purchase. Let’s say 500,000. When can I pull the funds
I have this same question
OMG, if ever, it would be decades before your cash value would be at that level! Keep in mind, the policy is designed to "endow" at either age 100 or 120 depending on when it was issued. So probably a little over have way from the time of issue before you get to that level of CV.
Does taking out a lone on ur life insurance help ur credit?
But it is not true that all policy loans work like that. I mean, if my policy has a participating loan option to choose then it works as you are saying otherwise it wont.
great video! i am curious on your thoughts on this "Although the rates may be favorable, you still pay interest on life insurance loans. And because the interest is often subtracted from the cash value, it can sneak up on you. If your loan plus interest exceeds your policy's cash value, the policy could lapse."
basically loan interest value overtaking the compounded value added? does this mean there is a sweet spot on how much you deposit and how much you should take out on a loan (considering the interest rates?)
These Cash Value Whole Life Policies continue to compound interest taxfree regardless of any loans, which is written against the policy as collateral.
@@TnavresGaming❤
The interest is not subtracted from the cash value. It compounds if you do not payback at end of the year. it is lot to explain in text. The insurance company will not take interest from your cash value. You're in control of when you pay back the loan. However, if you do not make the interest payment, it will be added to the loan balance at end of the year (compounding on your).
So this doesn't work for a 10 year policy?
When you said "the difference that we earned in interest we were able to keep"...13:40 I didn't understand. Can someone re-explain? Thanks.
Sure! Let’s say I use a credit card at 20% interest. I borrow from the insurance company at 5% simple interest to pay off the credit card. I paid the debt with the money borrowed from the insurance company but maintain minimum payments for the credit card back to my system, the difference is 20% min credit card payment - 5% insurance company. The difference equals 15% back to my system because I was already prepared to pay back the credit card company with the monthly minimum payments
Can you withdraw your cash value at any time?
I just came across your UT videos. Great info. I do have a question. I do have a New York whole life insurance policy. I had it a couple of years. My police is over 5K with a cash value of $586.00. I just started a Real Estate investment business. I buy tax delinquent residential vacant lots/land and I flip them. I need about $1000 to purchase a small peace of lot/land I have my eyes on. would I be able to borrow $1000 if my cash value is $586?
It’s cheaper to use a 0% credit card for one year, than pay insurance company interest
It’s cheaper to buy a car and get bank loan 2.5% than to pay 8% to insurance or even 5%
Worst case scenario, if you die before paying back the interest of the loan,will the balance of the loan be deducted from the policy?
@Krthaspecialist Yes. They pay the face value of the policy minus any outstanding loan balance. That's a fancy way of saying the insurance company keeps the cash value.
What r the name of the insurance to go with to do this
Hello, I have a whole life insurance illustration and I want to have someone look at mine to verify I am getting the best benefit. I’m a shopper and don’t go with the first proposal. Can you help?
@maxumgenesisgroup Your best benefit would be to cancel the whole life policy that is ripping you off, and buying a term life policy. Whole life premiums are about 10 times the same term policy.
How do I get in touch with you guys to get my policy started?
Hello! Take this quiz and book a call at the end :)
bit.ly/Lifestyle_Banking
Great video!
Which company to go to?
Call me stupid but why would I pay an insurance policy interest to borrow my own money I had in the first place. This as got to be the worst financial decision a person can make.
Thank you for your comment. We have to pay interest because we leveraged our policy get a loan from the insurance company. Our money is still earning interest because we didn't touch it. We made the decision to leverage our policy because over time we have access to more cash than what we pay premium.
Here’s a idea.. compound your money with low cost ETFs and don’t buy things you couldn’t afford in the first place to pay these ridiculous interest rates on your own hard heard money.
Can you barrow 500.000 & buy
2 houses how can you make money like this
If I opened a policy how long before I can borrow against it ?
Good question
I have the same question! 😂
If I borrow against my cash value, are there taxes on that money? If I use it on debt vs investments, will it be seen different by Uncle Sam?
Thank both of you for sharing your wisdom!
Great question. You don't pay taxes on loans
Ok so what if you decide to fund your policy upfront with 50k - 100k does that instantly gives you higher loan borrowing power and interest gains on your life policy. Idk if my question make since. Instead of waiting for the cash value to increase over years to borrow can you just preload the policy?
That’s what I want to know we paid one off in full already
Are you really willing to hand that much cash over to an insurance bank?? The minute you do it is their money!! What are you trying to accomplish by putting that money into a policy?
You risk having the policy deemed to be a MEC, and thus getting taxed on it. The companies generally will not let you get close to the MEC limit.
Is this the same in the U.K ?
What's better? A million dollars in a cash value that you can borrow against or a million dollars in an investment or savings account that you can take and spend without having to pay it back? Keep in mind that you paid to fund both of these options. As for the death benefit, you also have a term policy with the savings account.
You still need YEARS to build that money. It’s not like you buy the policy and the money’s there. This is not great advise.
@@juanvsreviews
I agree. Both would take years for normal folks to achieve, but you're likely to get there much faster with the investment. I posed the question because many promoters of whole life (mostly salesmen) speak of your cash value as though it is as good as cash in your pocket when it most definitely is not.
@@markf.2050 i’ve sold life insurance for years and I can’t even begin to tell you how many people I get asking for this. They tell me they watched on Tik Tok or RUclips. It’s crazy
@@markf.2050 really ? My mutual funds this year alone have grown 25% just since Jan 2023 !
So yes I’m happy with my mutual funds and I can get it at any time and never pay it back !
Oh and I no longer need life insurance!
I have over 1.5 million in my account
@@markf.2050 yes and the cash value is only money that you paid over the cost of the insurance policy !
So it was your money you have it to the insurance company they paid the agent more the first two years than you will ever get!
Plus it’s not tax free at all !
It’s not your money till you cancel your policy ( that’s the only way to ever get your money back)
And when you take possession of the money you owe taxes on that money!
Not just 15% Capitol gains tax either it’s income tax rate if at least 28% according to the Tax code
Do have to make payments to pay it back?
Love it
Awesome stuff guys, as usual!
These policies typically have 8% interest rates. Much higher than mortgage rates or auto loan rates. You better have a high yield investment to use this method. Also, the break even periods on these is typically 10-15 years. You may have some cash value up till then, but wayyyyy less than you paid in. The agents are making lots of money from you for those first 10-15 years
My current interest rate is 4.89% simple interest annually.