How Do People ACTUALLY Use Whole Life Insurance as Their Own Bank?
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- Опубліковано 1 лип 2024
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All advice and/or opinions expressed in our videos are the result of our experience in the insurance and financial industries. Any action taken based on the information expressed in our videos is the sole responsibility of the viewer. All content produced by Steve Parisi and IBC Global is made for informational purposes only.
#Finance #WholeLife #Insurance
Easy to understand. No sketchy sales gimmicks. Very educational. Thank you.
Thank you! 🙂🙏
Great video, Show up front interest in the first 7-10 years of the mortgage. Most people don’t see that. I have been teaching my daughter this since I started her IBC Insurance. Also I think that you mentioned that the max you can save in the policy but didn’t show it. You showed the money you wanted to use in the illustration. Most of the data should be explain how much you can put into your policy each year and stay under the MEC for 7 years. Everything else was on point.
Thanks again for the demonstration Steve!
Around the 12:30 mark you said “as long as the money is paid back before year 20” am I missing something? I’ve never heard of that before. My understanding is any loan could be outstanding as long as it doesn’t exceed cash surrender value and even then- no time limit
True. Steve was showing an example of compounding growth. If you replenish the funds used for a loan by a certain time period, it will look as if you never touched the funds for a loan in the first place.
So at any point can I take the cash value out after it’s compounded to $755,000?
Good question. You can access the cash value anytime. Before or after it has compounded to $755,000
I never know that you can borrow from you life insurance, I do have a $400k term life insurance through my work..how can I borrow from that.. please help me!
Hello, No way you can borrow anything from a term policy, Only Whole life through a Mutual Insurance company
Slow down. You don't need to borrow money. If you have to borrow then you can't afford it.
I don’t think you can borrow from term. You can only borrow from Whole Life with a cash value. You can also sell your life insurance policy. It’s called a viatical settlement. @ EdDemnity
at what age do these policies no longer make any sense because of life expectancy? 70?..75?..80?
Nah all of this is too complicated. There are easier ways to get wealth. At 32 years old i already feel wealthy enough to not benefit from whole life products.
Nice work building wealth by age 32! Thanks for watching and for providing feedback 🙏