IBC 201: Multiple Whole Life Insurance Policies and Infinite Banking

[@liaoweien]

Thanks for the video. IIUC even with lender who provides line of credit for the life insurance cash value, you still have control, they can let you renew the loans after a few years right? If you cannot make the monthly payment, they can let you accumulate the interests automatically. In the the worst case, the outstanding loan balance will be reported to your life insurance 's policy loan. Did I miss something? Thanks

[@TheMoneyAdvantage]

Thanks for watching! I am not sure I understand what you are asking?

[@liaoweien]

@@TheMoneyAdvantage Thanks for your reply. Based on what I understand the control from the lender who provides line of credit for the cash value has the same level of control of policy loan from whole life insurance companies.

[@liaoweien]

when the 3 to 5 years term ends, you can renew it, which means you dont' have to pay it back within 3 to 5 years.

[@TheMoneyAdvantage]

@Wei Liao What 3 to 5-year term are you referring to exactly? The ability to renew would be dependant on the lender's willingness to lend and whether they deem you worthy.

[@TheMoneyAdvantage]

Life Insurance companies do not control the loan repayment the policyholder does. A lender outside of the life insurance company is going to have as much control as your loan agreement allows.