How To Use Life Insurance To Build Wealth!

Here's what you want to do:

✅ Set up a Cash Value Life Insurance Policy.

When you are ready to spend a large sum of money, take out a “Non-direct Recognition Life Insurance Policy Loan” from your life insurance policy.

This allows you to still earn interest and dividends on the amount of money taken out in the loan as if you never took it out in the first place.

✅ Then start paying yourself back, all while your money is working for you.

🔥Now if you’re ready to take it to the next level 🔥

✅ You want to have a trust that owns the life insurance policy.

✅ Set yourself up as a trustee, also make sure your trust has beneficiaries, that can take care of that should something happen to you.

Have questions? Drop them below!!
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Kenney Conwell is a world-renowned financial expert, registered financial consultant & Investment advisor. Kenney is the creator of one of the fastest growing online financial education platforms “#MyMoneyEDU​”, the Co-owner of CapitalWize LLC. an independent investment management firm. In his career, Kenney has helped over 32,000 people start the journey of improving their credit. Collectively they've improved their scores by over 3.9 million points, removed over 385,000 negative items from their credit reports paid off over 4 million dollars of debt, and invest over $15,000,000.​

[adamcoby]

Your video is the first video I pressed on and I don’t need to do anymore research. This 6:10 video told me all I need to know. Now I have to call my insurance and see what’s up. Thank you.

[aaj...]

nice quick explanation i needed. so many IG and tiktok accounts not being specific enough. You need more views!

[janicerosier]

Thank you very much....Mr. Kenney. I purchased a whole Life policy with Mass Mutual with an emphasis on cash accumulation. I bought it because if anything should happen to me medically, I would have the option to take a loan on my policy. But there are Soo many opportunities that I learned about in doing this: down payment for real estate, vehicle, school loan and a medical issue. I am so glad I did. Thank you for your video.

[devontethomas]

All I have to say is to keep it up! I've been looking to diversify into some other things for a while and a cash value life insurance policy is one of the best choices I've made since watching your video man.

[bblife]

I have a lawsuit settlement and I’ve been trying to find out how to best invest and avoid high taxes. Thank you for sharing

[seconsultantsservices]

This was great information! Thank You Brother.🙏🏽🙏🏽🙏🏽

[Mr.International]

They need to teach this in schools if they haven’t already! Financial literacy is the key and learning to build wealth.

[therealcoachross]

Talk that talk money!! It’s a called a single premium Life policy (SPL). I believe. Also, I think you still have to qualify for the coverage. #Salute

[veloceon]

Life insurance policies are not designed to be used as your own bank. There are a few major things you are leaving out. First, you can't just take money in and out of your life insurance policy like you do at a bank. Your insurance company can make you wait up to six months before allowing you to take out a loan, even though its your own money. Second, if you over fund the cash value of your policy you enter into a Modified Endowment Contact. That means that you will lose all of the tax benefits for the additional money in your life insurance policy. Third, with most policies your beneficiary will not receive the cash value from your policy. They will only receive the face value. The insurance company keeps your cash value for themselves and if you die while you are still paying back a loan the insurance company will subtract the loan amount and interest from the face value.

You can definitely use life insurance to your advantage, but to create a sound financial plan you really need a good financial advisor, cpa and insurance agent. Otherwise you could find yourself in trouble with the IRS.

[dj_parlae]

Love the content! Can you put me in tune with insurance advisor?

[adrianpang]

Let’s review. You bought a 100k whole life plan. Should you past on, your beneficiary receives 100k + CV.
After 10 years of premium paying, you may have the 10k in CV. You take that out to buy the bag. That is call a policy loan from the CV. That can charge up to 5.25%pa. Which means you are borrowing from yourself and paying interest on your borrowings.
I don’t think the insurance policy allows you to cash in the $10k at any time. The CV is a portion of your monthly premiums paid and it takes time to grow.
The only advise I can say is that don’t buy the bag if you don’t have the money. And stay away from the credit card or any kind of credit line.

[ethopia]

@Mr Money Savvy, why should I get a Trust going first before i buy the Policy?

[ramiro]

Post up the information of your insurance advisor, I spoke to some and they explained that you can't directly pour into your cash value because then it'll look like an investment and not a life insurance and the IRS will want to step in and collect tax

[czsjiby]

You know that money doesn’t belong to the client. It takes 2 to 3 years to accumulate any cash value. And when they die their family only gets the amount of the insurance. If they want to use any of the money, they have to borrow it and pay interest to the company. And if they cancel the policy there’s usually a surrender charge for up to the first 15 years. The fees are extremely high and the return is even worse (and again, it doesn’t belong to the client anyway even if it did accumulate at a good interest rate, which it doesn’t)

[kwilson]

I have been struggling financially for so long. I pray for life health and strength more than anything but i finally invested in some whole life insurance for my future. My own family wouldn’t even tell me about this🤦🏾‍♂️. I’m thanful i still have 20 years to invest/ work .

[stephendove]

Sounds good, financial advice from a guy driving around in a Chevy, what could go wrong?

[screamatyou]

didn't expect that to happen at 1:05 haha. Lets take a moment and thank the creator for making content we can all enjoy.

[ProductDesigning]

This is powerful information. Thank you. How can I get the contact info for the person at Mass Mutual who's knowledgeable about these kinds of policies?

[goodrayoflight]

How soon can you start taking money out to pay or buy things..?

[symo]

does that mean that if I had insurance when I was working for a company that I can take that money out and use it to generate money for me