How to Use Whole Life Insurance to Get Rich
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- Опубликовано: 13 сен 2024
- Rob Gill and Kris Krohn tackle the secrets of Life Insurance policies, and how the right policy can help you become financially free.
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Kris Krohn is not in the business of providing personal, financial or investment advice and specifically disclaims any liability, loss or risk, which is incurred as a consequence, either directly or indirectly, by the use of any of the information contained in this document. Also, Kris Krohn, this document, and any online tools, if any, do NOT provide ANY legal, accounting, securities, investment, tax or other professional services advice and are not intended to be a substitute for meeting with professional advisors. If legal advice or other expert assistance is required, the services of competent, licensed and certified professionals should be sought. In addition, Kris Krohn does not endorse ANY specific investments, investment strategies, advisors, or financial service firms.
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NO INVESTMENT, FINANCIAL, LEGAL OR TAX ADVICE
The contents of this video are for informational and educational purposes only. They should not be considered investment, financial, legal or tax advice. Kris Krohn is not licensed in the insurance or securities industries and is not in the business of selling, soliciting or negotiating the sale of any insurance contract, security or other investment vehicle.
DISCLOSURE OF FINANCIAL RELATIONSHIP
Mr. Krohn has a financial interest in EPIC Insurance Services, LLC (EPIC), a licensed insurance brokerage agency incorporated in New Jersey, and is compensated by EPIC. See full disclosures here: www.kriskrohn....
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I’m 13 and have about $1200 in stocks! Thanks for all the advice! I love finance and you inspired me to make my own channel about finance, stocks, Entrepreneurship, later real estate, and more! Thanks
one day u gonna be a millionaire and me and u gonna be in dubai drinking
same here man, i am going to become a real estate investor, im saving up right now!
💫
Very Smart! Keep marching on you little tycoon! Xx
Listen to Dave Ramsey, these guys sound legit, but always question if salesmen have your best interest at heart
he’s talking about money doing whats good for him thats the best way to live life thank yall for this video
This man has tons of energy.
Insurance companies love him.
People like Kris allow the companies to get richer.
There only one kind of person that loves whole life insurance policies, and that’s the company’s that sell them
And I saw this at 1.5x!🤣
This is so dirty feelin , total sleezy pitch just robbing people with total junk.
@@bmorris8276 how?
@@Sebastiantv96he doesn’t understand
Term insurance is the most affordable form of insurance.
The example he gave of that elderly neighbor "having a 200k term and passing away a few years later" that would mean a greater pay out and at a lower cost.
It's a fraction of what a whole life cost.
Yea that was only part I didn't agree with
You still don't get it
@@NP-io4olwhole life insurance isn’t an investment, these guys are whole life insurance salesman. Term is better than whole life.
@@dopeminguez24 Its part of your investments
@@dopeminguez24what I loved is how he said " these are my gains just in the past yr!!"
Then turned around and said.. " these are deals I'm in the process of closing on right now.."
Still leverage a 401k to use the tax advantages and lower your taxable income. Although, it’s about balance using multiple baskets of investment to gain wealth.
Save your self do your research
Self Directed 401ks and IRAs allow you to take your investments out to invest in real estate. So does a Qualified Retirement Account
At what cost ?
No cost
You’re somewhat right. You can use it for a first time home purchase up to 10k. Other than that it’s things qualified edu expenses and your 401k may allow you to take from it if you can prove financial hardship. Otherwise you pay taxes plus 10%. There is a hefty cost.
There are rules about paying it back in most cases with whole life you don't have to.
What are the top 3 Cons to this type of policy?
High fees and low rates of return, on average it takes 7 years to break even on a whole life policy, the same amount invested in an sp500 etf will be double after 7 years.
I sell it so I will tell you the biggest is basically policy design. There isn't even a close 2nd. the 2nd one going with a agent who doesn't explain it and third make sure in the beginning you fund it.
And there is taxable gain taxes to consider as well … even on a “loan” basis … make sure you see the illustration showing these taxes.
Thanks Kris! I've actually had a life insurance policy for 3 years now, but never thought of capitalizing on my returns this way and literally make my policy pay for itself and multiply my returns & assets at the same time. Thanks again!
As long as it is whole life, not a term policy
Do research on whole life insurance......please😟
@@marjn1030 what's your take on it?
Aren’t there surrender charges when you borrow against the policy?????
@@pablopicasso8502 agreed....
I'm actually doing this right now with my insurance company. Actually, they don't even advertise themselves as life insurance, but as a wealth management company. I not only have life insurance, but have a special saving account with them and started investing into mutual funds with them as well. I'm starting pretty late but late is better than never. Definitely making some sacrifices but I know it will be well worth it in the end.
The excellent part of this is Kepping the explanation in layman's terms. Thank you
I bonded out my friend on murder charges using life insurance
@@raylowkey1724 great friend.
@@raylowkey1724👏👍🙏
Video starts at the 11:00 marker
Mr. Nelson Nash developed this concept called the Infinite Banking Concept. Give credit where credit is due.
Yes he did. And we are bringing it to you.
I am a financial consultant, you guys are 100% on point, 100%. I live my life by the same philosophy...
You're an insurance salesman.
Can we do this in AUS?
@@aaront936 lmao i laughed really hard at this
@@keithnguyen6879 that’s what I’m wondering too? Did u find out?
Your just an "INSURANCE SALESMAN" in layman's term.
The average person doesn't understand Leavage. Its not the most common thing to do.
What is Leavage?
What would you recommend an acceptable amount to gain that interest and what type of whole policy would do so?
only buy Term, never ever any other
Do an indexed account that compounds but depends on age and how you maximally fund it.
I would love to see a debate between whole life and term life insurance both have pros and cons as well
That’s why you get both
What happens to the savings in the policy?
if you past the company keeps it. whole life sucks
When you borrow from WL policy you still have to pay with interest?
Yes
What they are not telling you are the high commissions, fees and penalties.
The insurance company pays that, not the policyholder
@@JarrettHolmes Jarrett, you are wrong and should get educated on how trash value works.
Well done; even better without the pitch. This is excellent tutorial and it works. I've done it.
Please do your research! Life insurance is NOT an investment , TERM LIFE should be used to protect your family in the event of your unexpected and untimely death. YOU CAN DO WAY BETTER INVESTING ON YOUR OWN
FACTSSS
To be fair….they broke down all the reasons why it IS an investment. You can’t refute a 20 minute video on the benefits by saying “do your research you can do way better investing on your own.” How about you bring an actual talking point that dispels the facts they are giving.
Whole life is the vehicle, that helps the investment
@@Alexcia215 it’s technically not an investment. Index Universal Life is better anyway. 3-4% ain’t enough.
@@Alexcia215 I just spelled them out in a new comment
So if u have a 1 million policy an u borrow 500k against your policy if you die. Insurance company takes 500k back. Then your family only gets half the policy is that how it work. ?
Yes, if you don't pay it back the beneficiary gets what's left after insurance takes out what you owed.
Where is the link Chris mentions in this video to learn more about what he's discussing here about Whole Life insurance?
I have to say these guys are great salesmen.
😂
The musical theatre energy makes me automatically question if it's just a sales pitch and not informational
This is like the foundation of finances.
Kris, I have watched several of your youtube videos on real estate investing. But this video on whole life seems like you partnered with this agent simply to promote whole life insurance and get a kick back from his sales.
He would have to be licensed in life insurance for that.
@@KyDaFlyGuy , this guy is teaching one of the secrets most definitely don't understand life insurance.
This is legit
There’s a reason Whole life policies are called traditional, because they have been outpaced & outsmarted by UL policies decades ago. Still better to have WL policy than no policy . However UL is far superior than WL
@@harpreetdawar9262 what’s a UL?
When they want to confuse you to buy whole life, they rap the sentences they make and deliberately omit key points that would help you think and make a sound decision.
-How much premium
-At what point in contribution can i take a "loan" to buy a house?
-Why must i pay interest
-Why must i pay back if i took from my own money
-What happens to my Cover/death benefit if i took the loan and died without being able to pay back
Often Term life insurance take their time to explain to your understanding and it allows you think well to make a sound decision. They educate you.
I’m still confused lol. I want to understand and be financially smart.
This is the Infinite Banking Concept right ? Or is this a different concept? I guess it's odd to not name the concept that allows this savings strategy to happen... unless there is a reason to not name the concept or Nelson Nash.
Life insurance concept 😒
Yes this is the Infinite banking concept. Not sure why they didn't just say so but whatever.
Yes it is and it works
Mad props to Kris & Rob! 🔥
Love
Im so confused if it doesnt cost anythiny why does everywhere i look says i have to do a month premium payment. I dont get it
Really digging how they both have a suit jacket on with casual undershirt, oh and the same haircut
aint no t shirt dog its a hoody
I have whole life insurance and I see there are a of fees! Like admit, process or other fees!!
Huh?
Dave Ramsey would STRONGLY disagree and it is FAR more wealthier than you ever thought of being.
I normally don't leave many comments but this is one of the best videos I've seen I a while! Thanks Chris!! Ima jump on this asap
Did you get an account opened up like described? Curious to hear how it's working...
I have to pay myself back with interest? That’s not really earning in two places at once.
This is the best video you have done about whole life insurance. Great job Kris and Rob!
You're being brainwashed, this is all FALSE INFORMATION!!
Ive heard of people having all of this in a trust as an extra layer of protection? is that true? if so, can you explain that?
What's Rob's cut if I do a policy with him?
Kris. When you pull from your ACV do you use it for a 20% down payment or do you use it to cover the entire principal?
Yws
What?
Robert. Am I able to acquire policies from a company like North western mutual if I request them to be set up for banking? (Approaching MEC)
GuruMack yes Great company. You need to speak to agent
Awesome thanks Robert. Is there a way to change an existing policy?
If someone just start a policy how can they even buy a car or home this just not adding up
Trust these guys or Dave Ramsey, I'd trust Dave all day long!
im 20 what is the best whole life policy and how do i start it?
Buy term and invest the difference
Do you mean a term policy
Kris, what perm whole life insurance companies offer all those components?
I thought I could sell my home, and dumped 100k (appreciation in equity).. but founs out that would trigger an "MEC"... the government wont let you fund a whole life insurance policy to fast. Probably gotta create an LLC and S-Corp. But im a retired Veteran..
There are ways around that whether they are cost effective I dont know, such as a term like rider on the whole life policy
Better off investing in index funds
This video can be rightly named "let me confuse you to make the mistake of buying whole life"
Hi Kris this is amazing information...wanted to find out if this works anywhere in the whole especially me being in a country with crazy inflation
You're being brainwashed, this is all FALSE INFORMATION!!
When you say "borrow" do you mean a "loan" and using your policy as collateral or a "withdraw" FROM the policy?
Instructions unclear. I now own shares of GameStop.
The houses your buying. Are you renting them to get the 25-30% gains or just buying and flipping to get that 25-30%.
Buy term and invest the difference ;)
Well I didn't get really anything in the video lol, but it made me aware of it so thanks
Seriously the most informative/non-informative video I’ve ever watched.
@@specialolympicschamp9136 Right😂
I was wondering why I was already halfway through and still don't know when the relevant info starts. Now I now there's nothing here! 😅
@@andrewsonuy7671 felt like a sales video rather than an informative video
So what are the best companies to do this...
Term life is superior end of story.
biggest question what is the amount of the premiums? how much are you paying into these polices?
Lol that's what they don't want you to talk about. Whole life insurance SUCKS
@@ryanh4148 You are RIGHT!
Im from South Africa i dont know where to start or what product i should get.
Does your Life insurance policy have value and maybe sold
Any tips on these types of policies in Australia ?
When can you withdrawal from your policy ?
What’s the best type Whole life insure or Universal life insurance ?
what whole life insurance company should I go with?
Mr. Kris you are my superb teacher & mentor 😘 Love you🇵🇰
Man I watched this and it seriously made me think...if this is the way then count me in, I hit up the link and I hope this is the real deal because you guys really changed my aspect on how this all works.
It works but make sure they structure the policy correctly, that's the most important thing. Also non direct recognition is the way to go
@@-Frost-- Got mine through Penn Mutual. Had CV available from the first month.
you will never do it
I wonder what they call this Life Insurance Bank Account in South Africa?
Was thinking the same thing
How much whole life insurance do need to do this
Depends on how much your investment goals to leverage is.
What happens if you don’t pay yourself (the whole life bank) back after you borrow from it?
Hidden gem! 💎
Yassss! I want to build generational wealth‼️💰💰
Great content 👍 could you help setting up international whole life insurance?
Solid information 💯
what's the best life insurance
I haven’t learned anything. There are no details and the instructions are vague.
Can you recommend a life insurance company everyone say this but no recommendations at all
Which one should i look into?
Penn Mutual is great
Make sure it’s a mutual life insurance company like Mass Mutual, Guardian, Northwestern, etc. they offer the highest interest rates which creates a higher compound interests.
@@EshhhaBenjamite Hi do you have experience with one of the companies you listed or bank with a life insurance bank? I'm still learning how this thing goes to benefit off it
@@faithfilled1865 Yessss Faith! Love that name by the way. I am with Northwestern Mutual and I like what they offer and my agent is amazing. Please please, go to this RUclips channel as well called “Wealth Nation”. Go there first then look at “Denzel Rodriguez” as he explains this inside and out. Be ready to learn bcuz it’s so insightful. Bless you on your journey☺️
What about Roth IRA ?
IRAs are a MUCH better product.
I used life insurance to bail my friend out on murder charges
lol noted.
That’s a friend right there😂
Lmao
I should have done this when I turned 21 years old
Powerful opening!!
I see financial planning fees are bad for other types of accounts, but no mention of cost of insurance on whole life policies.
Call me
@@robertgill3302 IUL is the way to go
Awesome video. Thanks you.
You guys are amazing! I will be in touch soon ❤
So informative. Thank you
Top notch production, top notch info ℹ️
How much do you need to start this?
Hii am interested and intrigued would this work in the uk England as I’m from there asap
I liked the presentation and I am not a critic but if I could offer one suggestion it would be be - decaf.
Hey Kris. I am 24 with no kids, what's the ideal whole Life Insurance Policy?
who should i buy this from?
We can no longer use whole life insurance in Australia
Awesome awesome nice video very informative 😁
Is it to late at 45 to actually build much
No. It's definitely not too late for you!!! You're super young and you're far from retirement. You can start making some different choices today and have a great retirement. With a lot of people your age, I bet you can retire early.
I see this all the time where people think that they are too late. I'm telling you; you are never too late. Just wake up and do something different!
Thank you for this Valuable information!
Connections Kris! That's for the info!
KRIS YOU HAVE INSPIRED ME TO START UP MY VERY OWN RUclips CHANNEL
What kind of channel are you going to open?
This was truly great information! Thank you guys.
You're being brainwashed, this is all FALSE INFORMATION!!
Just the information i need❤
Is it true that if the person die and has whole life insurance the beneficiary will only get the Death Benefit and will not get the investment part?
Yes. That goes back to the company.
Some policies yes. There are some that allow you to keep it all. I know NWMutual does any how