Video: Using Life Insurance to be your own bank
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The inspiration behind this:
I got really upset the other day. A friend of mine was talking to a so called financial planner and was getting sold Whole Life Insurance. To set the stage, the subject client did not have investments or much cashflow. Why the heck was Whole Life Insurance was being prescribed?!? Oh because Whole Life has some fat commissions and the ding-dong financial planner does not know enough to get themself out the rat-race.
I have been doing a lot of thinking lately… about what I really want to do with myself. One realization I have discovered is when something gets you so upset or passionate (like a financial planner screwing regular people… people who don’t have the cashflow or liquidity and being sold on the BS line of “conservative investing”) you have found a higher calling.
My rant is now over… As we covered very briefly on this past podcast. We are not talking about buying these types of policies for “insurance” or death payout, we are doing it for liquidity (to invest) and shield assets from creditors or lawsuits. I spoke to a couple other life insurance guys (smart guys) but they don’t get this either. They just tried to sell EIULs which do have higher yields but don’t have the liquidity component we are looking for so we can take out a loan from ourselves to invest and make a spread on the difference.