Thank you for your clear explanation and demonstrate. I appreciate very much! Once converted from TL to WL, is there an age limit? Let's say I need to use the cash value that's been accumulated is there a fee or interest rate? Could you pls clarify what you mean by one can have multiple policies out of 1 TL policy?
Can Someone use Death Benefit money from Term Insurance to create a Whole Life or even a start up Business??? I was recently told I could! By an Insurance Pro.
For the 10k, what was the source of funds?? Did that come from the term policy or use his OWN money outside of the policy to fund the whole life policy??
My mom has a small term life that reached it maturity. It was really small 10k she keep paying until she passed. It's now 14k, and it's In my name, I would like to use the 14k as a premium to open up a full term so I can get an 80k loan, is this possible????
Jesse - you can use 14K to open a whole life policy, but a premiums of 14K will not give you 80K of cash value for a loan. If you would like to see what cash value would be available in a whole life policy and how it could work for you, you're welcome to contact our office: team@life-benefits.com 702-660-7000 Look forward to assisting you!
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Thank you for your clear explanation and demonstrate. I appreciate very much! Once converted from TL to WL, is there an age limit? Let's say I need to use the cash value that's been accumulated is there a fee or interest rate? Could you pls clarify what you mean by one can have multiple policies out of 1 TL policy?
Great questions. We'll be creating video to answer these questions in the upcoming weeks. Stay tuned!
Can Someone use Death Benefit money from Term Insurance to create a Whole Life or even a start up Business???
I was recently told I could! By an Insurance Pro.
Diego, Once a death benefit is paid those funds can be used for any purpose, including purchasing a whole life policy or starting a business.
In this example, this would be considered a Modified Endowment Contract, is that right? If so, can we do this in a way that doesn't do that?
Hi Thomas, None of the illustrations used in this video are MECs
Great job Mrs. Mcfie. Thank you
For the 10k, what was the source of funds?? Did that come from the term policy or use his OWN money outside of the policy to fund the whole life policy??
Jessica - The 10k was money from his income/savings outside the policy
My mom has a small term life that reached it maturity. It was really small 10k she keep paying until she passed. It's now 14k, and it's In my name, I would like to use the 14k as a premium to open up a full term so I can get an 80k loan, is this possible????
Jesse - you can use 14K to open a whole life policy, but a premiums of 14K will not give you 80K of cash value for a loan. If you would like to see what cash value would be available in a whole life policy and how it could work for you, you're welcome to contact our office: team@life-benefits.com 702-660-7000
Look forward to assisting you!
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