02/20/2024
Goggle "banking life insurance" and you'll be able to see pros and cons in mere seconds.
My personal belief in the world of banking insurance is it makes a ton of sense, but only for the right situation.
From years of working within the insurance industry, life insurance can be a powerful financial tool for the right person.
Who is that person and why?
It works for all sexes the same (though it does give women a little higher outcome). But the concept does work best for younger people. Early 20's is optimal, any age can work within the concept though!
Life insurance gives you the ability to build an emergency fund that's liquid (this means you can use your money). By the time a Roth IRA gives you the ability to borrow, you may be finished funding a life insurance contract!!!!
Funding a life policy for 5-7 years, followed by having a death benefit for the remainder of your life rather than 10 or 20 years gives you a relaxed feel in retirement.
Speaking about relaxing in retirement, a life policy bought in your 20's provides the discipline to fund an actual retirement plan for 30+ years without EVER needing to borrow from your investments!
Life insurance dividends begin working after the policy's first year, then continue compounding forever. Investments will begin compounding right away followed by compounding until your future financial advisor begins playing the tax game with your money!
So parents listen up! If you want your kids to struggle less than you did, let's talk! There's NO reason people in their 30's should ever worry about money! Heck, there's no reason people in their 30's shouldn't be able to buy a car using NEGATIVE interest rates!!!
If you already know life insurance cannot work this way, thanks for reading and passing on securing your financial future in so many areas.
If you have read this far and you're interested because you've never heard, or understood the borrow from yourself strategy, send a message! Watch how quickly this wonderful product will change your life forever!
