Interest on life insurance loans accrues at daily, or at annual simple interest. Let’s break this down… We’ll start with annual simple interest. If one takes a life insurance loan out, the insurance company will charge simple interest for an annual term. Then we have the daily accrual. This can cause concern for any consumer when we hear the term “daily …
This question comes up frequently. If we are taking a life insurance policy out for cash value, it is common to ask, “How much money do I have access to?” You’ll typically have access to 90-100% of your cash value. Different companies have different limits, which is why we have a range of 90-100%. Some insurance …
How Much Money Can I Borrow From A Life Insurance Policy? Read More »
Loans typically can be taken from a life insurance policy at anytime. With that said, it is always important to check the insurance company you are considering, as some companies do not allow loans to be taken in the first policy year. The insurance product we select is also important. For example, survivorship policies are sometimes …
When Can I Take a Loan From a Life Insurance Policy? Read More »
This article is meant to highlight the basics of both the Infinite Banking Concept & Cash Value Life Insurance. The Infinite Banking Concept was created by Nelson R. Nash. His book, “Becoming Your Own Banker,” teaches one how to use a dividend-paying life insurance policy as a financing tool. We’ll often relate this to real estate, as many …
All About The Infinite Banking Concept & Cash Value Life Insurance Read More »
Debt-consolidation is always a popular topic. Cash Value Life Insurance, often paired with Velocity Banking, is a great means to clear high-interest debt. With that said, it is always beneficial to view the pros/cons to this strategy…
Whole Life Insurance is a product that has been used by banks, corporations, and the wealthy for centuries. Many have heard great things about it, but when presented with a Whole Life policy, the numbers look awful! Most Whole Life Insurance policies have $0 cash value in the first two years of a policy. Many Whole Life Policies described …
Key Elements to Maximizing a Whole Life Insurance Policy Read More »