How Whole Life Insurance Policy Loans ACTUALLY Work

Using the policy loan provision inside of your whole life insurance policy is one of the best ways to create wealth and have more control over your personal finances. In this video, I address the different ways to leverage policy loans, how they are misunderstood, and how you can use whole life insurance to create wealth. Enjoy!

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📖 Chapter Timestamps Here ⏰
0:00 Intro to whole life insurance policy loans
0:55 Whole Life Insurance Policy Loans
2:20 What Would You Use Policy Loans For?
3:05 Why The Insurance Company Keeps Your Cash Value When You Die
5:00 Should I Use My Whole Life Policy Or The Banks Money?
7:30 How Long Do You Need To Pay Whole Life Insurance Policy Premiums?
8:40 Money Always Has A Cost
11:10 Whole Life Insurance In An Increasing Interest Rate Environment
13:00 Dividend Rates Always Chase The Federal Funds Rate
16:00 Whole Life Insurance In 2023
18:00 Pros and Cons of Whole Life Insurance Policy Loans
20:45 Whole Life Insurance Offers More Financial Control
22:15 Why Whole Life Companies Like You Taking Policy Loans
25:00 Access To Capital Creates Opportunity

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VALUABLE CONTENT TO CONTINUE THE EDUCATIONAL JOURNEY:

How To Properly Structure A Whole Life Policy

Indexed Universal Life vs Whole Life - Which is Better

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🤔 ABOUT LIFE180 😃
Chris Kirkpatrick launched LIFE180 as a solution to a problem. As the director of business development for a Fortune 1000 life insurance / broker dealer, he became disenchanted with the financial industry because of the lack of education provided to clients and how "financial advisors" were really just glorified sales people.

So... LIFE180 was launched to help give relevant financial education for people to create wealth. Along the journey, LIFE180 has evolved. Chris quickly realized he was passionate about not just helping entrepreneurs on how to leverage their money, but how to build their businesses.

Over the past 5 years, Chris has spent thousands of hours mastering the art of online business development for himself and clients. In 2020, LIFE180 morphed into a full service online business launch and development agency. If you need any help creating more revenue or generating more leads online, LIFE180 can help.

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*All content in this video is for educational purposes only and is not to be interpreted as personal financial advice.

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[LIFE]

To learn more about the power of whole life insurance, check out this playlist:

[christopherbaione]

What a timely topic.
Really enjoyed our conversation Wednesday. 😉

[jids]

if policy laon rate is 5%, bank loan 1.9% and Div rate 6%, the cost of loan 5% is greater than the benefit of the own baniking. I think it is better to not take a loan...

[melat]

So I took out a loan out and I see my cash value went down which is acceptable .
My Question is does that affect the compound from the original amount. Eg. I have 100, 000 took out 20, 000 . What will be the compounding going to work on 100, 00 or 80, 000

[coryreedy]

Just FYI, took a loan against my policy 2 weeks ago and my loan rate was 5%.

[jozzio]

So I have a question, you mention the dividend rate is the gross rate before the deductions. What deduction comes from the dividend? I always thought the deductions came from the base premium and any additional cash put in above the base premium did not get hit with deductions. So the dividend is buying PUA is that where the deductions are coming from to give you the net dividend?

[TrevorGensler]

Are whole-life policy loans variable rates? Or do they fluctuate with current markets until you take the loan then lock it in? Or are they fixed for the life of the policy?
Does that make sense?