You know the appeal of “being your own bank” and how you can use your IBC system to effectively give yourself a loan.
And since you know those loans would ultimately be taken out of your death benefit, you might be thinking “Why not borrow the money, and then never pay the loan back?”
It’s easy to think this way. But in today's episode I’ll explain why this is not a good idea.
You’ll see why it’s in your best interest to pay those loans back as you build your IBC system for the long haul.
Listen now!
Show highlights include:
- Best loans ever? Why life insurance policy loans sound too good to be true. You’ll never find these features at commercial banks. (1:33)
- The pleasant surprise that happens when you make a payment on a life insurance loan. (3:16)
- How to wrangle consumer debts so you can pay them off faster without making bigger payments, or sweating how it affects your credit score. (5:13)
- IBC’s “nuclear option” if you’re struggling to repay your life insurance loan. Not ideal, but it beats bankruptcy. (8:09)
- How to avoid the retirement shock that could catch you off guard and and unable to cover expenses. (10:21)
- The “180 effect” retirement has on your IBC strategy so you can live worry-free after your career. (11:01)
Reach out to me: valerie@alphaomegawealth.com
https://www.linkedin.com/in/valerie-laroque-lacp-b569509
Infinite Banking Mastery (infinitebankingnorthwest.com)
