Good stuff guys. I guess I was a little confused because he said he pays cash for his vehicles, and then later on he said he took out a policy to pay for his wife’s vehicle. I was under the impression that taking a policy loan for a vehicle would help over the long term, but he mentioned about paying cash ?
Great question. Taking a policy loan and repaying it only fills the cash value back up. It does not increase the cash value. There are IBC agents that promote otherwise but they are wrong. We address that during our education process. In BYOB, Nelson did not take loans, we surrendered cash value and the "loan repayments" were actual premium payments. Lets get your Big Picture scheduled and we can discuss it
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Good stuff guys. I guess I was a little confused because he said he pays cash for his vehicles, and then later on he said he took out a policy to pay for his wife’s vehicle. I was under the impression that taking a policy loan for a vehicle would help over the long term, but he mentioned about paying cash ?
Great question. Taking a policy loan and repaying it only fills the cash value back up. It does not increase the cash value. There are IBC agents that promote otherwise but they are wrong. We address that during our education process. In BYOB, Nelson did not take loans, we surrendered cash value and the "loan repayments" were actual premium payments. Lets get your Big Picture scheduled and we can discuss it