Key Takeaways:
Life Insurance Can Build SavingsCash value life insurance gives both a payout when you pass away and grows like a savings account you can use while you’re alive.
You Can Borrow From It Without Credit ChecksYou don’t need a credit check to borrow from the cash value in your life insurance policy, which can make getting money easier.
Invest Borrowed Money for GrowthBorrowed money from you...
Key Takeaways:
- Life Insurance Can Build Savings
Cash value life insurance gives both a payout when you pass away and grows like a savings account you can use while you’re alive.
- You Can Borrow From It Without Credit Checks
You don’t need a credit check to borrow from the cash value in your life insurance policy, which can make getting money easier.
- Invest Borrowed Money for Growth
Borrowed money from your policy can be invested in things that grow in value, helping your money potentially grow faster than inflation.
- Flexible Repayment Options
You get to decide when and how you repay these loans, which can make managing the loan easier compared to regular loans.
- Consider Fees, Taxes, and Death Benefit Changes
Before borrowing, it’s important to know about fees, how it could affect your taxes, and that it might lower the amount given to your family when you pass away.
Chapters:
Timestamp Summary
0:00 Using Life Insurance as a Personal Banking Strategy
1:48 Leveraging Life Insurance for Strategic Investment Opportunities
3:31 Leveraging Life Insurance for Wealth Growth and Protection
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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
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