How Do You Withdraw Cash From A Life Insurance Policy?
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- Опубликовано: 11 окт 2024
- Is it possible to cash out from your life insurance policy? How does one go about it? Well, there are three ways that you might want to know right now and I'm going to explain what they are and how they work. It's going to be a fun episode today, so stay tuned!
To your abundance!
Doug Andrew
Key Moments In This Episode
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00:35 What I do for people
01:23 There are three ways
04:15 The dumb way
06:36 Call it a loan
10:18 Do you understand this?
What To Watch Next
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You are a gift - - why wasn't this taught or isn't this being taught to parents so the insured child can build up a college fund beginning in preschool or birth - instead of having to get into an unscrupulous amount of debt and without any of the degrees allowing them to earn the money to pay because the degrees come with no experience.
Monica it is being taught 👍🏾me and my team of financial services professionals teach this everyday 😉
@@thomascrossjr569then why don’t you have content on it💀
@@Partart3160 our training is live my friend 😏and we do lots of personalized training 😉
The LIFO and FIFO concept makes a difference! THanks!
I took a term policy life insurance this year and I'm 30 years old, next year I'm looking to go whole life coverage
When you are ready to explore your options we invite you to schedule an appointment with one of the IUL Specialists we work with by visiting www.3dimensionalwealth.com/getstarted.
I just bought the Laser Fund and read the first chapter. Best book i've read since Rich Dad Poor Dad.
Thank you! Glad to hear you are enjoying the book!
Doug should be doing stand up comedy with that delivery. The guy got skills.
Doug, I just learned about these policies, got you book, thank you. I'm in my 50s and I wished I had known about these sooner. I just got my life insurance and I'm telling the whole world :)
sorry to hear that bro
i work with primerica and I help as many to get term and invest the difference
I think you should give it a try and help them at the same time getting paid
another source of income but doing the right thing
Where and how did you get your life insurance? What company? Who can I contact? Thanks
@@primoreyes5225 doing the right thing is educating people on IUL!!!
@@snyderrbf I can help you find the right IUL policy for you Brandon.
@@primoreyes5225 hey can you reach out to me about this I'm interested
This information just saved me a headache thank you
Glad it helped
This is great teaching for generations of wealth building and protecting
I've been watching you through so many videos repeatedly Untill I finally understand I would definitely love to read your books ! Thank you for continuing to bless us with your wisdom !
This was right on time
Hi thanks for the info ! Maybe a dumb question but I’m at 2:07 & right before you mentioned adding 10,000 to a 1 or 2 mil policy; is there a certain policy ? I’m 28 & now looking into life insurance.
Love that I've become interested in this at 28
Same here at 27 lol
I hate that I have to be such a responsible adult lol
i need you as my consultant seriously, seriously you are giving Gems. im so glad i stumbled upon your channel 🙏🏿 definitely going to start at book 1
Me too
Wouldn’t the face value of the policy decrease to match the loaned money?
Can we get an update on this in 2022? Any recommendations on who to go to for life insurance?
Thank you Doug for the life saving advice. I was on the verge of making a stupid straight draw of my policy with a mistaken idea that this was the only and best option.
With the intent of making a loan against my policy as advised, I have a few further questions that I need help with
What process do I need to follow in order to not make any mistakes?
Where do I need to look to find proper information on what to do next?
Once again, many thanks for the words of advice!!
ps. should I continue to make payments on to the policy while the claim is being processed?
You need to have an audit done on your policy. An IUL specialist can help you, and if you need me to introduce you to one, just request it here: 3dimensionalwealth.com/getstarted/
My mind is blown, this is fascinating
Go to 3dimensionalwealth.com/getstarted to learn more! By meeting with an IUL Expert, you can determine for yourself how the LASER Fund strategies will work for you and your particular set of circumstances.
So if I follow correctly. You start a life insurance policy where you put money into it yourself. And then you can get a LOAN, from your policy. They credit you the interest rate for what you would be earning if you didn’t touch it.
Then you take that loan and use it on real estate, a deal, or other investment. And then Put your cash flow back into the policy, and then it grows bigger with your profits……
So this is just a Better savings account.
Despite what 'the crowd' says, the loans are one of the more exciting elements of these policies!
ruclips.net/video/Ciqvx1oP9r4/видео.html
You are very smart will get one of your books.
Thank you for your passion to teach, Doug!
Hi Doug, I am from the UK and was wondering if we can set up the same structure for life insurance over here as in the US that allows us to borrow against our life insurance & who I need to contact?
@Doug. Exceptional video. I am based in Japan, and I would like to know how to purchase your book from here.
If I’m borrowing this money to pursue some business venture, how am I expected to be making monthly payments on 1million dollars that I borrowed from an insurance policy?
I have a question if I have a take out a whole life insurance policy for 200,000 in the next 30 days I have access to the funds can I borrow a 100,000 on the policy
Wow sir one day hope to meet you in person for lessons
We hold many events and would love to have you there! For more information check out our website! 3dimensionalwealth.com/events/
this video was amazing, thank you Doug, i will be looking into those books!
Glad it was helpful!
Is any of this applicable for australia?
He made it sound so simple
so is it possible to borrow against the death benefit?
unreal. amazing, amazing stuff. wow!
thank you!
Hi Doug, where do I start? I don't make a lot how much do I need to start? Can I use this method to pay off credit card debt?
If you can comfortably save around $500/month you can get started.
If you’re constantly carrying credit card debt, you’ll want to get that under control first.
This is a long-term strategy, so if you want to take full advantage you want to have the long-term in sight.
You can also setup a time to speak to an IUL Specialist we work with here: www.3dimensionalwealth.com/getstarted
Excellent. Thank you for the education
You are welcome!
Which whole life insurance do you recommend? I’m not sure which company to go too, I want to do what you explained I the video. Thank you!
Hey there, you can setup a time to speak directly to an IUL Professional we work with here: www.3dimensionalwealth.com/getstarted
I’m starting to understand.. But my question is if I Take a Life Policy out and ask for a loan on my policy.. say it was 100k and i took out 50k will they allow me to do so and at 2% credit me 2% on that for the year as many times I can do it
I am not sure I am understanding your question, but I will take a guess at answering. You can only do it as many times as you have cash in your policy. So if you have $100k in your policy, you are not going to be able to take out more than that.
How much do I need to have in before I can borrow? Also.. what kind of life insurance policy should I invest into?
Hello! I invite you to schedule an appointment with one of the IUL Specialists we work with by visiting www.3dimensionalwealth.com/getstarted.
?
Thank you Doug
Very welcome
Doug I have 2 iul sold by friends. I realized i like the one iul over the other National group over Transamerica. Should i give up the other one? I want to maximize my funds in National. They said 1035 is not an option. Thanks.
Great question, there's probably a lot more info needed to help with that decision. You can have one of the IUL specialists I can introduce you to take a look at it. You can connect here: 3dimensionalwealth.com/getstarted/
Who said that? Did you get a chance to get that cleared up?
@@thomascrossjr569 no I didn’t. I ended up canceling all my IULs and invested in low cost index fund. Im happier now
@@wmmarquez I’m sorry 😞 to hear that. If you’re ever in the market of getting a product that performs well without being in the actual market subject to risks please don’t hesitate to reach out to me. My team has years of experience building these products for maximum performance.
Fantastic info! What if your life insurance wasn’t set up initially to borrow money?
Depending on the type of policy, you may want to consider a 1035 exchange. you can explore that with an IUL Specialist we work with. Just setup a time here: www.3dimensionalwealth.com/getstarted
Great sources but Where Do You Find the policies. Thanks!
Hi James, you can request a time to speak to one of the IUL Specialists we work with here: www.3dimensionalwealth.com/getstarted
Thank you for sharing your knowledge sir. I've subscribe to your channel. Also, I know that trick with "Family Foundations". Whatever amount you invested would also be tax free. Very very smart! I'm craving to learn more & more from you.! Starting from getting those books. Thank's
Thanks for watching and getting the books!
this the Golden wisdom and now where do I go to open this policy account
We work directly with several professionals that can advise you on IUL and life insurance. If you'd like to schedule a time to speak with one of them, you can select a time here: www.3dimensionalwealth.com/getstarted
Hello, could you please explain how life insurance works? I have no idea about this but I want to get life insurance with cash value. What is the best life insurance option, and what should I do? Thank you.
Schedule a free consultation with one of our specialists here and they can help: 3dimensionalwealth.com/getstarted/
Hola my father just passed away sadly. What type of policy did he have if he’s had it for 39 years? Thanks
Awesome awesome thank you for this sharing
Thanks for watching
What should I do with my private life insurance when I go disable and I can not pay for it ? Please give me some advice please
Hello! You can schedule an appointment with one of the IUL Specialists we work with by visiting www.3dimensionalwealth.com/getstarted.
Are the laws and regulations or guidelines still the same today to these opportunities?
Thank you so much👏👏
Thank you 🙏🏼
Question is it a whole life or IUL ? That I know IUL uses the stock market correct?
Hi Doug, hope you are well. I am from South Africa and I am looking for whole life insurance now. do you know of any company that offer whole life insurance now to non USA residents. Kind regards Marius
What is the form name called?
Hey Doug,
how often does the interest on the cash value compound? Monthly, Annually?
@Alexandra Typically its annual, but you can sometimes get indices/policies that will allow you to dollar cost average so its more like monthly.
I love the concept. Is this doable in Australia?
Reach out to me and let’s discuss your options if you already haven’t spoken to anyone yet.
Wow for 68 look great man...GOALS lol
I’m 23 I want to get a $4,000,000 living benefit insurance policy but from who and where?
My purposes are to pull out either 90% of that value or to either borrow out the value of the loan.
How does repayment and such work?
We recommend scheduling an appointment with one of the IUL Specialists we work with by visiting www.3dimensionalwealth.com/getstarted.
Morning Doug,
This is my first time watching your channel and “Man, I’m blown away!”
Where would I start my research on finding the right whole life Insurance that earns cash value? I’m fairly new to all of this.
Hi GSXR Life, If you would like you can schedule some time with an IUL specialist who can answer more of your questions and even run some examples for you: 3dimensionalwealth.com/getstarted/
Why did you let your license expire?
Because of you were licensed, they cant say certain right? Finra censor you if u were licensed right?
Do you have a video how to be your own bank in Canada ?
Thanks Doug. I need an IUL specialist. Can you refer one?
Yes I can introduce you here: 3dimensionalwealth.com/getstarted/
I took two loans from my life insurance. A year later the insurance company told me if I didn’t pay back the loan it would eat away at my policy. They suggested I surrender my policy and get a different one which I did. I wish I saw this video prior my decision.
I wish you saw this before too! It is all in how you structure your policy. When structured correctly, a life insurance policy will become a Laser Fund!
@@missedfortune thank you for responding. I’m not sure what you mean Laser Fund. I will look into a it. Again, thank you.
How long did you have to have the life insurance before borrowing from it?
how long do you have wait to withdraw cash value and are you only able to take loan of what you paid in to the insurance policy
Hi Doug! I watched this twice and my head is still spinning a little bit. I think I have a related question but maybe not one as "on the nose" as this video addresses. I have about $50,000 cash value in my $300,000 WL policy. I was considering withdrawing that and paying down my 1st Lien HELOC, thus reducing the total principle, creating a greater monthly principle payoff, and maintaining the WL policy. Does that sound like a good move? Or should I let my money sit?
Great question. You may want to schedule some time with an IUL specialist who can answer more of your questions, audit your existing policy and even run some examples for you if you'd like: 3dimensionalwealth.com/getstarted/
If you call let us know how it went. You say you have 50,000 cash, so I don't think you take the whole $50,000 out and the remaining would not be enough to pay off the loan and if you didn't come up with more premium the whole life would lapse, All the examples Mr. Andrew give seem to be for million dollar cash value policies, so I don't know how this would work smaller cash value policies.
@@TrueNovice I ended up closing the policy and rolling the equity into a Whole Life/Long Term Health Insu. plan. Short = No more monthly premiums, if I have trauma and need LTH care tomorrow a few thousand a month to spend how I need. The longer I go without LTH need the longer that payout is, starts at about 3 years. If I don't need it, a hundred thousand when I die for my kids. The money I need when I need it, never have to pay for life insurance again.
How do I put extra money in my index insurance policy
Hi Narada, you'll need to make sure you have enough room for the cash value in the policy. Whoever set it up for you should be helping you know how to max fund it and tell you how much you can pay into the policy.
Is this only with certain life insurance companies or do they all generally have this withdrawal/loan process?
Meeting with a specialist they can answer all of your questions. If you would like to explore the LASER Fund options, go ahead and schedule a time to speak to an IUL Specialist that we work with here: www.3dimensionalwealth.com/getstarted
Hello Doug. Can I do this in Canada?
How can I apply this to my military insurance?
This is great🙌🏿
Thanks for tuning in!
@@missedfortune No problem. Would there be any way to withdraw and/or borrow against a term life insurance policy (more specifically a military policy)?
Doug I am 27 a single father of twin boys.. should I take a principle loan from my bank to drop into an index universal annuity, and pay off to the bank?
Hello! To best answer your question I invite you to schedule an appointment with one of the IUL Specialists we work with by visiting www.3dimensionalwealth.com/getstarted.
what if youre earning less than the index loan
I just watched your video and I'm one of the so-called percent of people that wish I knew this a long time ago I'm 60 who are what name is the best Life Insurance Company to go and do this with I'm not sure if you do this yourself yet please respond anyone
We work directly with several professionals that can advise you on IUL and life insurance. If you'd like to schedule a time to speak with one of them, you can select a time here: www.3dimensionalwealth.com/getstarted
If i take a loan from my WL policy will the interest earned from the WL policy be counted as repayment to the note?
With IUL specifically, interest earned is credited to the accumulation or cash value. Loan balances remain the same unless you payback the loan directly. Great question!
can this be done in canada?
Do you still offer advice Mr. Andrew for those who may want to get in contwct with you?
We work directly with several professionals that can advise you on IUL and life insurance. If you'd like to schedule a time to speak with one of them, you can select a time here: www.3dimensionalwealth.com/getstarted
@@missedfortune thank you very much, appreciate it. You are like the daddy we didnt have haha
Can I use a portion of my cash value to make payments on my loan I got from my policy?
I think the point of this is if you are alive pull it out as anything but a loan it's counted as income. He claims the interest on the money you leave in the policy will pay off the loan for you because the cash exceeds the interest on the loan and if you drop dead before the loan is paid off the remaining loan simply reduces the much larger death benefit that's available to your family tax free. So you would die with no debts from this and your family would get the insurance tax free.
Can I access cash from any whole life insurance policy, from any life insurance company?
Any cash value policy (Whole, VUL, IUL) will allow you to access cash from the cash value of the policy.
Doug do you still set clients up with policys?
Not directly. You can setup a time to speak to an IUL Specialist we work with here: www.3dimensionalwealth.com/getstarted
Thanks for tuning in!
What's a good reputable company(s) to purchase life and wholelife insurance???
Hello! To best answer your question I invite you to schedule an appointment with one of the IUL Specialists we work with by visiting www.3dimensionalwealth.com/getstarted.
So where does the insurance company make their money? These policies wouldn’t have all these “benefits” if it wasn’t lucrative for them first.
A loan you don't have to pay? So how is the money recouped? Oh, that's right subtracted from the death benefit plus the loan interest rate compounded.
Man, not so smart when the loan percentage is greater than any return you would experience after fees.
That one million dollar loan of your own money would cost you more than that, I think he said, $50k in interest to pay back if you let it sit and never pay it back.
But it is explained well. Just have to hear what he doesn't say or how certain things are said, in context.
What you don't understand is that these policies are not done solely for a death benefit aspect. It's done to get a flow of cash while you're alive and if you do die the loan is washed and your beneficiaries gets the remaining value of the death benefit..
@@constantinelife6754 I get that, but what you're not understanding is that these are life insurance policies and the cash flow isn't meant for you. The idea is that you die and take a loan out so that the DB is what pays minus the loan.
This gives the company profitability, but you are being given the only you have over paid and the company is returning a portion of that to you in the form of 'dividends'.
If you surrender the policy with a CV of 500k, no loan against the policy, minus the surrender charge you would end up with far less than you paid. Then if you did that, the money would come out FIFO. The company gets first Crack at theiney for the surrender charge, and since the money doesn't leave them it had no penalty for them. But you as the client get stuck with the 'growth' and taxes on the 'growth' that comes from your 'dividends'. So if you paid 400k in this scenario and saw 500k as your CV and wanted all of the money it would never happen. You are the financier of this policy.
Call the company and ask them how much you would have if you decided to surrender the policy. If you have a loan, ask how much CV you truly have they will tell you.
Don't take my word for it, just go through your policy yourself and call the company. See howmuch true cash flow you have.
@@constantinelife6754 sorry sir. I read the comment and didn't realize it was on a different video. I thought this in response to something else I had written. I apologize for any rudeness.
But to your point WL is used as a cash flow vehicle, but unfortunately the cash flow is to the company.
what advisors never explain is that if you ignore the interest, if you do not pay the loan... you lose the policy!! and have to pay the taxes anyway...
That is not accurate--
ruclips.net/video/hGL3jihGgXQ/видео.html
ruclips.net/video/Ciqvx1oP9r4/видео.html
I have a question I would like to do 8 million 4 million two of them
We work directly with several professionals that can advise you on IUL and life insurance. If you'd like to schedule a time to speak with one of them, you can select a time here: www.3dimensionalwealth.com/getstarted
I will share it to others. Thank you very much
You're welcome!
Thank you first off for this amazing information but I do have a question. So let’s say I pulled from my policy and they charged me a 2% loan interest rate and they also credited my account 2%.
Not let’s say moving forward the market does 8% would that mean I only would net 6% until the interest earned covers that loan? Hopefully that made sense.
It sounds like in the first part of your question, you are explaining a fixed, zero wash loan. So in that sense, any money you loan against is earning 2% and you are being charged 2%, so they wash each other. It is the portion of your money that you are not loaned against that continues to earn the indexed return (8% in your example). If you want your entire account, including the loan, to earn the index return, you need to utilize an indexed or variable loan. These rates are usually 4-5% on the loan, but now you can earn the full indexed rate on all of your money.
How do I set one of these up
Hey there, you can setup a time to speak directly to an IUL Professional we work with here: www.3dimensionalwealth.com/getstarted
Wow!!!
Where's the link for the book
Just visit www.laserfund.com
What company do I start my policy with
Hey there, you can setup a time to speak directly to an IUL Professional we work with here: www.3dimensionalwealth.com/getstarted
When is the best time to actually burrow from yourself ?
We work directly with several professionals that can advise you. If you'd like to schedule a time to speak with one of them, you can select a time here: www.3dimensionalwealth.com/getstarted
Which life insurance company do you recommend investing in to get good interest?
Hey there, you can setup a time to speak directly to an IUL Professional we work with here who can show you which insurance companies we work with directly: www.3dimensionalwealth.com/getstarted
Comen to Alaska my friend
I wish I could talk to this guy
After buying a L.I policy, do I need to pay into it for a few yrs before pulling a loan out through it, or can I do that immediately?
i believe you have to put in first
What company can I even do this with.
We work directly with several professionals that can advise you on IUL and life insurance. If you'd like to schedule a time to speak with one of them, you can select a time here: www.3dimensionalwealth.com/getstarted.
Can I do that...
Where can I get a policy like this?
Yes please we need to know what would be best
We work directly with several professionals that can advise you on IUL and life insurance. If you'd like to schedule a time to speak with one of them, you can select a time here: www.3dimensionalwealth.com/getstarted
What is the best life insurance ?
We recommend IUL. Schedule a free consultation with one of our specialists here and they can help: 3dimensionalwealth.com/getstarted/
Im not hating, I think this is great. It really is funny though how the more money you have, the easier it gets to basically play games and shuffle it around to make more money. The true definition of the old saying it takes money to make money.
imagine if for the sad way you said "and i highly recommend it"
I WOULD MOST DEF BARROW OFF MY POLICY
When are you able to pull out from your life insurance policy
68 oof. Damn.