Summary:
Today your hosts Kim Butler and No B.S. Money Guy Todd Strobel talk about the money myth of borrowing against life insurance without ever intending to pay it back. In this episode you’ll see the power of life insurance loans and get an idea on how you could use this financial vehicle in your life.
Tune in to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at welcome@ProsperityThinkers.com and we may answer it in an upcoming episode.
Links in this Episode:
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Show Notes:
00:00 Introduction
00:28 Today’s topic: The money myth of borrowing against a cash value life insurance policy without intending to pay it back.
01:59 How the strategy of not paying off cash value policies came about
04:27 What happened in 2008 that changed how we look at cash value policies
05:57 Why life insurance loans are so attractive
07:08 The shocking difference between taking a loan from a bank and borrowing against life insurance
09:18 Real Estate fix and flip case study example
10:49 How opportunity will seek you out if you have a position of cash
11:26 Should you overfund a life insurance policy if you have a lot of credit card debt?
14:04 Resources for more information about life insurance loans at www.partners4prosperity.com/ebook
Disclosure: Our content is meant for educational purposes only. While it’s our goal to help you learn about building a life of prosperity, we do not intend to provide financial advice. Please consult your financial, tax or legal advisor before making any investment or financial decisions.