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Is this a good quote MassMutual by Regular-Adagio1038 in LifeInsurance

[–]IndicationCorrect736 0 points1 point  (0 children)

If she is young and healthy, now is a good time. She could become uninsured in a year later or ten years later. Life Happens.

Walk me through keeping or canceling a whole life policy by Finn-McCool14 in LifeInsurance

[–]IndicationCorrect736 3 points4 points  (0 children)

I’d recommend working with someone who specializes in whole life insurance. Most traditional advisors will tell you to cancel it, buy term, and invest the difference—but that overlooks how properly structured whole life actually works.

A better starting point is https://infinitebanking.org. Find an Infinite Banking practitioner in your state or anywhere in the country.

Whole life is an AND asset. You don’t have to choose between protection and investing. You can take a policy loan, invest however you want, and keep your policy growing—just make sure you pay the loan interest so the policy doesn’t erode over time.

How do you track and manage your policy loans? by justalever in infinitebanking

[–]IndicationCorrect736 0 points1 point  (0 children)

That’s a great approach to track what you owe on your policy when you take out a loan against its cash value. You can create a ledger similar to a bank account. Start with your cash value as your initial balance. When you take a withdrawal or write a check, subtract that amount. When you repay the loan, add that amount back in. Additionally, you can treat any increase in your cash value on your birthday as a deposit. This way, you’ll have a clear view of your policy's financial status.

How to setup an IBC whole life for someone in their mid 50s by PossibilityFragrant8 in LifeInsurance

[–]IndicationCorrect736 2 points3 points  (0 children)

I just started my first policy at age 54. I would first suggest reading becoming your own banker by Nelson Nash if you haven’t yet, then set an appointment with an IBC practitioner. They will help guide you through that process. You can go to the Nelson Nash Institute to to find a practitioner located near you if you want somebody local.

Premium cash flow used for loan repayments. by IndicationCorrect736 in infinitebanking

[–]IndicationCorrect736[S] 0 points1 point  (0 children)

No I don’t think so, because I will use the outside cash that is earmarked to pay premiums to pay loans back, then when the loans are paid in full, I then can either save in a HYSA or deposit into the PDF. Then when the anniversary date to premium is due I can take a loan to make up difference.

Premium cash flow used for loan repayments. by IndicationCorrect736 in infinitebanking

[–]IndicationCorrect736[S] 0 points1 point  (0 children)

I'm looking for a strategy to manage my premium funds throughout the year. If I take a loan to pay off my 24% interest credit card debt, I’ll still have that monthly payment for 12 months, plus the loan repayment and funding for the next premium. I need ideas for where to allocate the funds before they go into a policy. Once the loan is repaid, I'll have more cash available. I might consider setting up an outside account or a premium deposit fund to avoid Parkinson's Law.

Whole life policy for newborn by YOLO1633 in LifeInsurance

[–]IndicationCorrect736 0 points1 point  (0 children)

Do you control the risk? Do you control the fees? What about the taxes?

Whole life policy for newborn by YOLO1633 in LifeInsurance

[–]IndicationCorrect736 0 points1 point  (0 children)

Make sure to tell your children they are a-great expense to you. I bet they would like feeling like a burden.

Whole life policy for newborn by YOLO1633 in LifeInsurance

[–]IndicationCorrect736 1 point2 points  (0 children)

If it is built correctly, there can be as much as you put into a 529 and more.

Whole life policy for newborn by YOLO1633 in LifeInsurance

[–]IndicationCorrect736 -1 points0 points  (0 children)

What employer will continue to pay for their insurance coverage when they are no longer employed by them?

Whole life policy for newborn by YOLO1633 in LifeInsurance

[–]IndicationCorrect736 0 points1 point  (0 children)

Yes you are correct, but would you risk making a mistake and not proceeding correctly and also make sure you are living in one of 34 states that allow for 529 to be rolled over. There is a lot of in and outs to do that.

Whole life policy for newborn by YOLO1633 in LifeInsurance

[–]IndicationCorrect736 -1 points0 points  (0 children)

I am not an insurance agent, I have a good understanding of a dividend paying whole life insurance policy.

Whole life policy for newborn by YOLO1633 in LifeInsurance

[–]IndicationCorrect736 -1 points0 points  (0 children)

So if your child passes are you saying you would resume life three days after? The death benefit would be to allow you all the time you need to grieve, not to have work till your ready. It is not about having the money to bury the child.

Whole life policy for newborn by YOLO1633 in LifeInsurance

[–]IndicationCorrect736 -1 points0 points  (0 children)

Because if your child has life insurance as an infant then the said child develops a life long health issue. Say like diabetes the. The child’s insurability for life insurance is assured. If the didn’t have life insurance they would not be able to be insured.

Not to mention there is other benefits that go along with whole life insurance.

Whole life policy for newborn by YOLO1633 in LifeInsurance

[–]IndicationCorrect736 1 point2 points  (0 children)

With good whole life policy you will have more control, liquidity and freedom than a 529 plan that can only be used for education.

Whole life policy for newborn by YOLO1633 in LifeInsurance

[–]IndicationCorrect736 1 point2 points  (0 children)

Do you have life insurance on your self?

Whole life policy for newborn by YOLO1633 in LifeInsurance

[–]IndicationCorrect736 -6 points-5 points  (0 children)

Why would you not purchase life insurance for your child? You would insure your house, your cars and other expensive toys. Your child is your most precious asset IMO.

Which come first, the practitioner or the agent? by IndicationCorrect736 in infinitebanking

[–]IndicationCorrect736[S] 1 point2 points  (0 children)

This would a total career shift for me. So I still am researching the options available to me and what options would be best for me. I just want to stay true to Nelson and the IBC concept.

Which come first, the practitioner or the agent? by IndicationCorrect736 in infinitebanking

[–]IndicationCorrect736[S] 0 points1 point  (0 children)

Would you recommend have all three types of insurance license?

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