Drawbacks To Whole Life Insurance - Cash Value (Canada)

Are there any drawbacks to whole life insurance? Yes... depending on how you look at things. Rarely are things 'black and white' in life. NOTHING is more important than cash value!!!

Richard Canfield and Vern McCarty reveal what some perceive drawbacks are on whole life insurance and cash value. Grow your wealth and protect it by using the Infinite Banking Concept, also known as Becoming Your Own Banker.

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[BankersVault]

What do you believe is the biggest benefit you'll get from becoming your own banker? Comment below!
Ready to get started?

[MoraimatheTraveler]

This was an amazing class, thank you. Got even more clear about the typical drawbacks people and even myself had in the past. So proud to be in this IBC journey.

[MoraimatheTraveler]

it is easier for me to undersatnf the analogy of "borrowing" from my future dead person, sounds creepy, but it is a greta example. Thanks

[tylerwourms]

Bro is that a ghostbusters house in the back ground

[tankercrewchief]

Not a fan of the music…. Makes it feel like a long intro 🤷🏾‍♂️

[patrickdavenport]

Assuming there are a lot of buses in Canada 🤣🤣🤷🏻‍♂️

[dailstancill]

The "forced" action is Primarily from the ongoing premium payment. The uninterrupted cap growth is 3% so better than savings, more like CD or bond. It happens whether your use policy loans or not.

[xscwwyl]

Could someone clarify if the 90% loan is for total cash value or guaranteed cash value? Got cross someone in this channel mentioned they are very different number as the guaranteed cv is way lower than the total cv, so way less policy loan available?

[dailstancill]

Be nice to hear thoughts on "...premiums = income" and short pay WL as an asset. Nelson said do your profession & focus on the financing of it...both are essential to sustaining life policies, otherwise lapse rate will go up.

[marcin]

What’s the Ontario tax implications when pulling a policy loan out of your participating whole life policy when larger amounts like $50, 000 get withdrawal?

[annabelle_xoxx]

Even better, create an irrevocable trust and make the teller the trusty who is tasked with buying more policies and managing the trust, and make the trust the beneficiary. By doing it this way the trust will continue to be managed properly for further generations.

[vids]

"I became a millionaire through "investing" in my cash value policy!" - said no one ever. You guys are just blabbering with flowery words. Can't believe people fall for this. 🤣