I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
So you don’t understand that the only money you can borrow is money that you gave them ? Why pay to borrow your own money? They give you a 5% return at best ! I put my money into mutual funds and the same amount invested in mutual funds grows at over 10% every year and doubled in 7 years! And it’s tax free too ! Just like in the insurance policy when you take money out you pay taxes but my east taxes are at lower rates of 15%. Not the 30% income tax rate!
@@sfsfuzzy3597thanks for your comment. Personally I don’t have issues with credit card debt and invest in a number of ways…but if I have to pay for life insurance anyway, I’d like to know all the options. This is just one way to start learning about it.
I was going to have mine set by another company but the way you both break it down i will be contacting your company thanks for breaking it all the way down.
When u do borrow the cash from the policy, let’s say for the purpose of paying off credit cards. Is the borrowed money reported in your credit report as an installment loan?
because you are borrowing money from the insurance company (not your own money), against your own money (collateral). so, you will have to pay interest on the money you borrow from them.
@Elegan_te thats not true. You are not borrowing off of any money the insurance company is giving you, you are borrowing off of the money that you accumulate in the policy( cash value) and your money is not accumulating until after a year or two. Borrowing your own hard earned saved money has never brought wealth to anyone it brought them debt 💯
I wish i knew this when i bought my life insurances. Consult with a knowledgeable agent because any agent can just sell you life insurance but has no idea about designing a plan that meets your needs. Most of my policies barely have any cash value 😢. I'm 43 now, gained weight with some pre conditions and life insurances now are too expensive.
I’m not even halfway through the video and I just wanna say y’all have been doing a amazing job on explaining everything even down to dummy terms and I think y’all should consistently do it this way
Question is: T min 7:32 you say that if I pay my annual premium then I can borrow against it.. Well why would I borrow against anything if I had the money in the first place to pay that kind of premium?...Inquisitively.
She said you have to pay back the money you borrowed. Someone told me they have a whole life policy they don’t need to pay back. They said if they don’t pay the loan back, the policy won’t be as valuable when it’s distributed to their beneficiaries. Are there actual policies like this?
Love you guys and appreciate the info you’ve shared on this. My mom and I each have a whole life policy and after listening to you, we have been able to borrow from the policies. Thank you so much!
@@markeshabailey1922 yes you can never borrow more than you have the extra ! Not what paid for the insurance but all the money over the cost of insurance! That’s all you can borrow is your money ! Now how is that a good thing? I got term life insurance and invested the rest and after 20 years I have no need for life insurance! I have more than 1.6 million dollars just from the same money that you want to pay them to loan you of your own money! My money made 25% so far just this year ! In one year my money made more than you will get in twenty years giving your money to them
@@tankercrewchief me too. I was able to borrow after 30 days of having my policy. This depends on the agent. He/she must be knowledgeable enough to structure it well for the client.
This is what I have been looking for! A layman’s video that covers living benefits, loans, withdrawal etc! You gained new subscriber here. I’m a new life insurance agent too! I’m glad I found your channel! Looking forward for more! ❤
Hello, when you talk about paying your premium. Is that your monthly payment on the life insurance or that 10k per year? So from what I understand is that in order for me to borrow that 60% which is 6k, I have to put in 10k in premiums for that year? Could you please advise? Thank you.
So question I’ve seen on one of your videos that you don’t need to use the cash value that you pay monthly or annually for but you can borrow against the policy as in a 500,000 insurance policy you can use just say 100k then if something happens to you then your family gets 400k. So could you explain that a little
If I work for a company that offers life insurance and I've been paying on it for x amount of years, can I use the life insurance from the company that I've been working for?
I love you guys video It’s GREAT information I would see TikToks about this & wouldn’t believe it but now I see how it works. Great way to get financially stabled 👌 I have a couple of question I wonder if you could help. you have to be a citizen or is ok if your a resident?
I'm confused, can someone please explain - I thought when you withdrew the CV, it was tax-free? But this is saying you're subject to taxes on your withdrawals?
Let assume you have contributed 50K to date and cash value accumulated is 70K. 90% Liquidity is 63k accessibility. If you withdraw 50k, there be no taxes. However, any amount withdraw over 50K is taxable. In other words, you can withdraw up to what you have contributed tax free and amount you withdraw after that is subject taxes
Sure! Let’s say I use a credit card at 20% interest. I borrow from the insurance company at 5% simple interest to pay off the credit card. I paid the debt with the money borrowed from the insurance company but maintain minimum payments for the credit card back to my system, the difference is 20% min credit card payment - 5% insurance company. The difference equals 15% back to my system because I was already prepared to pay back the credit card company with the monthly minimum payments
You must be an idiot ! I’ll give you a better deal! Give me a hundred grand and then pay me for life insurance and I’ll loan you a portion of your money back for a feee ! Heck yes ! The fact is whole life is not tax free it’s just that you have no growth and if do get growth you can’t have it they keep your money! If you ever take the money out you pay taxes and not lower capital gains but at the invite rate of at least 28%
What if you have a term policy that you wanted to convert to a whole life policy and you throw $$$ into turning it into a whole life policy would that be wise?
One question? If I start a whole life insurance policy. Let’s say 1,000,000 and I pay the premium upfront (10,000). How much can I borrow for real estate purchase. Let’s say 500,000. When can I pull the funds
OMG, if ever, it would be decades before your cash value would be at that level! Keep in mind, the policy is designed to "endow" at either age 100 or 120 depending on when it was issued. So probably a little over have way from the time of issue before you get to that level of CV.
I just came across your UT videos. Great info. I do have a question. I do have a New York whole life insurance policy. I had it a couple of years. My police is over 5K with a cash value of $586.00. I just started a Real Estate investment business. I buy tax delinquent residential vacant lots/land and I flip them. I need about $1000 to purchase a small peace of lot/land I have my eyes on. would I be able to borrow $1000 if my cash value is $586?
Hi @michcail1976 thank you for your viewership and your question. We are front loading the policy with 60% of the premium going to paid up additions in the first 4 - 6 years.
So this is marketed as an investment component of life insurance, but I can't access my funds unless through the cancellation of my policy, through a decrease in my death benefit amount, or I simply just use the account as collateral to take out a loan from the company that sold me the policy? I do not understand the benefits of having an "investment" component of life insurance. Why not buy term and invest the difference in my premium and invest in the U.S. Stock market averaging 10% in annual returns. I'm seriously so confused in what is the appeal of these life insurance products. BUY TERM
@Krthaspecialist Yes. They pay the face value of the policy minus any outstanding loan balance. That's a fancy way of saying the insurance company keeps the cash value.
Hello, I have a whole life insurance illustration and I want to have someone look at mine to verify I am getting the best benefit. I’m a shopper and don’t go with the first proposal. Can you help?
@maxumgenesisgroup Your best benefit would be to cancel the whole life policy that is ripping you off, and buying a term life policy. Whole life premiums are about 10 times the same term policy.
But it is not true that all policy loans work like that. I mean, if my policy has a participating loan option to choose then it works as you are saying otherwise it wont.
@deanj0805 I’m borrowing from the insurance company using my policy cash value as collateral. This is how I’m able to continue to earn interest and keep the loan outstanding as long as needed.
@@WealthNation ok I think I better understand. You’re treating the insurance company like a bank and your policy like a savings account. It works because your not getting chopped down by interest like with a bank. You’re playing an interest game.
great video! i am curious on your thoughts on this "Although the rates may be favorable, you still pay interest on life insurance loans. And because the interest is often subtracted from the cash value, it can sneak up on you. If your loan plus interest exceeds your policy's cash value, the policy could lapse." basically loan interest value overtaking the compounded value added? does this mean there is a sweet spot on how much you deposit and how much you should take out on a loan (considering the interest rates?)
The interest is not subtracted from the cash value. It compounds if you do not payback at end of the year. it is lot to explain in text. The insurance company will not take interest from your cash value. You're in control of when you pay back the loan. However, if you do not make the interest payment, it will be added to the loan balance at end of the year (compounding on your).
These policies typically have 8% interest rates. Much higher than mortgage rates or auto loan rates. You better have a high yield investment to use this method. Also, the break even periods on these is typically 10-15 years. You may have some cash value up till then, but wayyyyy less than you paid in. The agents are making lots of money from you for those first 10-15 years
It’s cheaper to use a 0% credit card for one year, than pay insurance company interest It’s cheaper to buy a car and get bank loan 2.5% than to pay 8% to insurance or even 5%
Ok so what if you decide to fund your policy upfront with 50k - 100k does that instantly gives you higher loan borrowing power and interest gains on your life policy. Idk if my question make since. Instead of waiting for the cash value to increase over years to borrow can you just preload the policy?
Are you really willing to hand that much cash over to an insurance bank?? The minute you do it is their money!! What are you trying to accomplish by putting that money into a policy?
It will likely take several years before you would be able to borrow that much, that's part of the misrepresentation that occurs, is how long it takes your cash value to accumulate. Unless you over-fund the policy, you will be waiting for yrs before you have enough to do anything significant like buy a car! And keep in mind, every premium dollar you hand over to the insurance bank, becomes their asset, Unlike a deposit in a traditional bank, when you make the premium payment (deposit) you lose ownership of that money.
You haven't wasted money, this whole concept is very misleading and respectable professionals as well as the insurers themselves, acknowledge this concept should only be utilized by the top 2% of our society. They have already accumulated their wealth and they DID NOT do it in insurance! They primarily did it by building businesses! Once they have a lot of wealth and surplus cash, this concept is a little bit better place to store cash than a traditional bank. Unless you're in that tax bracket, you are likley needing to accumulate wealth and this is NO WAY to do it!!
Hi, it's me again. I would like to have a wholesale policy that i can borrow at least $2000 in just a few months of owning the policy to invest in my Real Estate investment business. is that possible?
✍🏾 Are you ready to Start a Policy? Complete our new client application.
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I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.
I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you
Definition of a power couple Salute
You two keep the explanation in a simple language to understand. Good job!
I’ve watched many videos trying to understand how this works. Y’all had the most clear explanation
No other video I've ever watched gave me word for word detail like they did.
So you don’t understand that the only money you can borrow is money that you gave them ?
Why pay to borrow your own money?
They give you a 5% return at best !
I put my money into mutual funds and the same amount invested in mutual funds grows at over 10% every year and doubled in 7 years!
And it’s tax free too ! Just like in the insurance policy when you take money out you pay taxes but my east taxes are at lower rates of 15%. Not the 30% income tax rate!
If they had paid off the debt instead of giving their money to a insurance scam they would not have had credit card debt
@@sfsfuzzy3597thanks for your comment. Personally I don’t have issues with credit card debt and invest in a number of ways…but if I have to pay for life insurance anyway, I’d like to know all the options. This is just one way to start learning about it.
I can agree with that I was thinking the same thing. This was a good video.
Check the rate against your credit union. Sometimes the credit union has a better personal loan rate.
Clear & Concise start to finish. I love direct information without the fluff
$120k credit card dept. Wow that's a lot!
I was going to have mine set by another company but the way you both break it down i will be contacting your company thanks for breaking it all the way down.
We’d love to support you 😎
When u do borrow the cash from the policy, let’s say for the purpose of paying off credit cards. Is the borrowed money reported in your credit report as an installment loan?
Why pay back “as a loan” with “interest” if it’s my money?
because you are borrowing money from the insurance company (not your own money), against your own money (collateral). so, you will have to pay interest on the money you borrow from them.
@@Elegan_te consumer laws iykyk
Also, if you don’t pay it back it is deducted from your death benefits
@Elegan_te thats not true. You are not borrowing off of any money the insurance company is giving you, you are borrowing off of the money that you accumulate in the policy( cash value) and your money is not accumulating until after a year or two. Borrowing your own hard earned saved money has never brought wealth to anyone it brought them debt 💯
They do not allow you to borrow off of the face value. This information is not Correct
I wish i knew this when i bought my life insurances. Consult with a knowledgeable agent because any agent can just sell you life insurance but has no idea about designing a plan that meets your needs. Most of my policies barely have any cash value 😢. I'm 43 now, gained weight with some pre conditions and life insurances now are too expensive.
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I’m not even halfway through the video and I just wanna say y’all have been doing a amazing job on explaining everything even down to dummy terms and I think y’all should consistently do it this way
Thanks for watching! My TEL is broken
down into 3 sections. +I(701), then 610,
finally 6144. I'm expecting your Whtspp chat
Let's gooo 🎉
Question is: T min 7:32 you say that if I pay my annual premium then I can borrow against it.. Well why would I borrow against anything if I had the money in the first place to pay that kind of premium?...Inquisitively.
So my question is something caught my ears , are you guys agents that will help design my policy ?
She said you have to pay back the money you borrowed. Someone told me they have a whole life policy they don’t need to pay back. They said if they don’t pay the loan back, the policy won’t be as valuable when it’s distributed to their beneficiaries. Are there actual policies like this?
Love you guys and appreciate the info you’ve shared on this. My mom and I each have a whole life policy and after listening to you, we have been able to borrow from the policies. Thank you so much!
hello what company are you with did you have to be with them more then a year to borrow?
I’m about start Whole Life Insurance after watching this
@@markeshabailey1922 yes you can never borrow more than you have the extra !
Not what paid for the insurance but all the money over the cost of insurance! That’s all you can borrow is your money !
Now how is that a good thing?
I got term life insurance and invested the rest and after 20 years I have no need for life insurance! I have more than 1.6 million dollars just from the same money that you want to pay them to loan you of your own money!
My money made 25% so far just this year !
In one year my money made more than you will get in twenty years giving your money to them
@@AnthonyParrisAntLyve you must be really ignorant at math
Is this applicable only in the USA???????????????????????????????
the part that confuses me is can you only borrow form what you put in?
EXACTLY!!!!!!!
How long do you have to have the policy before you can start borrowing
Years
@@begin5277I borrowed mine after 30 days of getting the policy. It depends on how it's structured and how much you put in.
For me using Guardian Life, it was almost immediately
@@tankercrewchief me too. I was able to borrow after 30 days of having my policy. This depends on the agent. He/she must be knowledgeable enough to structure it well for the client.
How fast can you get the money if you have cash value on your policy?
I’m bout to look for ah million dollar life insurance policy. Ima see how much it costs with y’all at wealth nation
Do you have to pay it back
How about other types of life insurance policies??? There is a lot of misinformation about getting loans from LIP.
Four percent interest? At what rate would my cash value grow throughout that year?
How do you guys use the life insurance to DCA into stocks? Do you constantly borrow month over month to put into stocks?
This is what I have been looking for! A layman’s video that covers living benefits, loans, withdrawal etc! You gained new subscriber here. I’m a new life insurance agent too! I’m glad I found your channel! Looking forward for more! ❤
You are a fraud ! No one can be that damn stupid
Yeah but don’t forget money spent on premium life insurance are taxable.( not deductible) If you don’t pay you self as a corp employee.
How do I know if this option is available to me?
Does the loan payments count as part of the annual premium paid or PUAs?
Hello, when you talk about paying your premium. Is that your monthly payment on the life insurance or that 10k per year? So from what I understand is that in order for me to borrow that 60% which is 6k, I have to put in 10k in premiums for that year? Could you please advise? Thank you.
@wealthnation are there any insurance companies that you guys suggest ?
So question I’ve seen on one of your videos that you don’t need to use the cash value that you pay monthly or annually for but you can borrow against the policy as in a 500,000 insurance policy you can use just say 100k then if something happens to you then your family gets 400k. So could you explain that a little
If I work for a company that offers life insurance and I've been paying on it for x amount of years, can I use the life insurance from the company that I've been working for?
How an indexed universal insurance (IUL) compares to term and or whole life insurance Pros and Cons
Thanks for watching! My TEL is broken
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how many times can you borrow on whole life insurance policy?
so if you pay the premium is it still $6,000 or is it more ? Can you elaborate more.
I would like more information. Do you offer a class?
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You can only borrow up to the amount you've already paid in premiums,,,so if you paid 2 months of premiums of $50 then you can only take out $200
I love you guys video It’s GREAT information I would see TikToks about this & wouldn’t believe it but now I see how it works. Great way to get financially stabled 👌 I have a couple of question I wonder if you could help. you have to be a citizen or is ok if your a resident?
Thank you for sharing this video. Great information.
Si, you can do this with your 401k too??
How long do you have to wait before you are able to cash out of your account ?
I'm confused, can someone please explain - I thought when you withdrew the CV, it was tax-free? But this is saying you're subject to taxes on your withdrawals?
Let assume you have contributed 50K to date and cash value accumulated is 70K. 90% Liquidity is 63k accessibility. If you withdraw 50k, there be no taxes. However, any amount withdraw over 50K is taxable.
In other words, you can withdraw up to what you have contributed tax free and amount you withdraw after that is subject taxes
When you said "the difference that we earned in interest we were able to keep"...13:40 I didn't understand. Can someone re-explain? Thanks.
Sure! Let’s say I use a credit card at 20% interest. I borrow from the insurance company at 5% simple interest to pay off the credit card. I paid the debt with the money borrowed from the insurance company but maintain minimum payments for the credit card back to my system, the difference is 20% min credit card payment - 5% insurance company. The difference equals 15% back to my system because I was already prepared to pay back the credit card company with the monthly minimum payments
how much can you take out of whole life cash
This video will answer a lot of questions about infinite banking. Thank you.
Show me how to do this! Going through divorce and I am giving up everything. I have to bounce back.
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This is exactly what I was looking for. Thank you for this video!
You must be an idiot !
I’ll give you a better deal!
Give me a hundred grand and then pay me for life insurance and I’ll loan you a portion of your money back for a feee !
Heck yes !
The fact is whole life is not tax free it’s just that you have no growth and if do get growth you can’t have it they keep your money!
If you ever take the money out you pay taxes and not lower capital gains but at the invite rate of at least 28%
Great video!! Could you point me in the direction of an agent that can help me get started with this insurance?
How can I set up a meeting with you guys to see if you guys can help with me getting a whole life insurance with Wealth Nation?
What r the name of the insurance to go with to do this
What if you have a term policy that you wanted to convert to a whole life policy and you throw $$$ into turning it into a whole life policy would that be wise?
In the long run term life insurance is better.
Does taking out a lone on ur life insurance help ur credit?
So this doesn't work for a 10 year policy?
One question? If I start a whole life insurance policy. Let’s say 1,000,000 and I pay the premium upfront (10,000). How much can I borrow for real estate purchase. Let’s say 500,000. When can I pull the funds
I have this same question
OMG, if ever, it would be decades before your cash value would be at that level! Keep in mind, the policy is designed to "endow" at either age 100 or 120 depending on when it was issued. So probably a little over have way from the time of issue before you get to that level of CV.
Is it true you don't have b to pay it back. Take it from your benefits they will match ur intrest.
But it takes like 4 years to Accumulate funds man ❤ lets goo
When taking out a loan against your life insurance policy, are the interest rates usually higher or lower than banks?
Thanks for watching! My TEL is broken
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finally 6144. I'm expecting your Whtspp chat
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I just came across your UT videos. Great info. I do have a question. I do have a New York whole life insurance policy. I had it a couple of years. My police is over 5K with a cash value of $586.00. I just started a Real Estate investment business. I buy tax delinquent residential vacant lots/land and I flip them. I need about $1000 to purchase a small peace of lot/land I have my eyes on. would I be able to borrow $1000 if my cash value is $586?
Looking into this and love it.
Is this the same in the U.K ?
im new to this in is video really make me understand 😊 ty
I need more information. Do you offer a class?
Yes, we offer a live class. bit.ly/wn-exclusive-invite
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Great video! Thanks for the info.
Can you withdraw your cash value at any time?
Which company to go to?
Do have to make payments to pay it back?
What about "Front Load"? rather than using 40|60?
Hi @michcail1976 thank you for your viewership and your question. We are front loading the policy with 60% of the premium going to paid up additions in the first 4 - 6 years.
I was talking about getting about 90% in the first year.
So this is marketed as an investment component of life insurance, but I can't access my funds unless through the cancellation of my policy, through a decrease in my death benefit amount, or I simply just use the account as collateral to take out a loan from the company that sold me the policy? I do not understand the benefits of having an "investment" component of life insurance. Why not buy term and invest the difference in my premium and invest in the U.S. Stock market averaging 10% in annual returns. I'm seriously so confused in what is the appeal of these life insurance products. BUY TERM
Thanks for watching! My TEL is broken
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finally 6144. I'm expecting your Whtspp chat
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Worst case scenario, if you die before paying back the interest of the loan,will the balance of the loan be deducted from the policy?
@Krthaspecialist Yes. They pay the face value of the policy minus any outstanding loan balance. That's a fancy way of saying the insurance company keeps the cash value.
Hello, I have a whole life insurance illustration and I want to have someone look at mine to verify I am getting the best benefit. I’m a shopper and don’t go with the first proposal. Can you help?
@maxumgenesisgroup Your best benefit would be to cancel the whole life policy that is ripping you off, and buying a term life policy. Whole life premiums are about 10 times the same term policy.
Very informative!! Subscribed 🎉
If I opened a policy how long before I can borrow against it ?
Good question
I have the same question! 😂
Whats your link for a policy
Can you all get up to 85% annually in cash value?
Okay so what i am trying to understand is how i put all my information in on your website and then get told i dont qualify?
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But it is not true that all policy loans work like that. I mean, if my policy has a participating loan option to choose then it works as you are saying otherwise it wont.
So, in other words it is a high interest rate rainy day savings fund
Does your monthly payments go up?
No, the monthly payments don’t go up
How do I get in touch with you guys to get my policy started?
Hello! Take this quiz and book a call at the end :)
bit.ly/Lifestyle_Banking
Whole life is the payday lender of the middle class.
But you’re the lender, you’re borrowing from yourself…
@deanj0805 I’m borrowing from the insurance company using my policy cash value as collateral. This is how I’m able to continue to earn interest and keep the loan outstanding as long as needed.
@@WealthNation ok I think I better understand. You’re treating the insurance company like a bank and your policy like a savings account. It works because your not getting chopped down by interest like with a bank. You’re playing an interest game.
I only have $12000 debt and how can I get this?
How do I get started
Can you barrow 500.000 & buy
2 houses how can you make money like this
Ok quick question. How soon in the first year can I access the money? Like next day ? Lol
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thank u for this. listening on repeat to fully understand, i need to get on this
great video! i am curious on your thoughts on this "Although the rates may be favorable, you still pay interest on life insurance loans. And because the interest is often subtracted from the cash value, it can sneak up on you. If your loan plus interest exceeds your policy's cash value, the policy could lapse."
basically loan interest value overtaking the compounded value added? does this mean there is a sweet spot on how much you deposit and how much you should take out on a loan (considering the interest rates?)
These Cash Value Whole Life Policies continue to compound interest taxfree regardless of any loans, which is written against the policy as collateral.
@@Leon_Aldrich❤
The interest is not subtracted from the cash value. It compounds if you do not payback at end of the year. it is lot to explain in text. The insurance company will not take interest from your cash value. You're in control of when you pay back the loan. However, if you do not make the interest payment, it will be added to the loan balance at end of the year (compounding on your).
These policies typically have 8% interest rates. Much higher than mortgage rates or auto loan rates. You better have a high yield investment to use this method. Also, the break even periods on these is typically 10-15 years. You may have some cash value up till then, but wayyyyy less than you paid in. The agents are making lots of money from you for those first 10-15 years
My current interest rate is 4.89% simple interest annually.
It’s cheaper to use a 0% credit card for one year, than pay insurance company interest
It’s cheaper to buy a car and get bank loan 2.5% than to pay 8% to insurance or even 5%
Not everyone has the credit score to get approved for a credit card or buy a car.
It cost 149.00 to get insurance through you?
What a thorough explanation
Ok so what if you decide to fund your policy upfront with 50k - 100k does that instantly gives you higher loan borrowing power and interest gains on your life policy. Idk if my question make since. Instead of waiting for the cash value to increase over years to borrow can you just preload the policy?
That’s what I want to know we paid one off in full already
Are you really willing to hand that much cash over to an insurance bank?? The minute you do it is their money!! What are you trying to accomplish by putting that money into a policy?
You risk having the policy deemed to be a MEC, and thus getting taxed on it. The companies generally will not let you get close to the MEC limit.
Great information thank you for explaining this
I have a question. So if i want to put in $6500 at the beginning of my whole life insurance is this all I can borrow or can it be more?
It will likely take several years before you would be able to borrow that much, that's part of the misrepresentation that occurs, is how long it takes your cash value to accumulate. Unless you over-fund the policy, you will be waiting for yrs before you have enough to do anything significant like buy a car!
And keep in mind, every premium dollar you hand over to the insurance bank, becomes their asset, Unlike a deposit in a traditional bank, when you make the premium payment (deposit) you lose ownership of that money.
Is it possible to request a term policy to be turned into a whole life policy? Because now I just feel like I've wasted money 🤦🏾♂️
You haven't wasted money, this whole concept is very misleading and respectable professionals as well as the insurers themselves, acknowledge this concept should only be utilized by the top 2% of our society. They have already accumulated their wealth and they DID NOT do it in insurance! They primarily did it by building businesses! Once they have a lot of wealth and surplus cash, this concept is a little bit better place to store cash than a traditional bank.
Unless you're in that tax bracket, you are likley needing to accumulate wealth and this is NO WAY to do it!!
Hi, it's me again. I would like to have a wholesale policy that i can borrow at least $2000 in just a few months of owning the policy to invest in my Real Estate investment business. is that possible?
Can you borrow more then what you put in?
Hi i have a question what if you get fired can u still collect your cash or no?
It’s a personal life insurance policy. If you switch jobs or get fired it doesn’t change your policy or benefits
@@WealthNation YEAH OKAY , BUT IF I NO LONGER WORK THERE CAN I GET THAT MONEY ?
Yes
@@WealthNation THANK YOU SO MUCH
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