Ever wish you had some extra cash for special occasions or emergencies? Ever think about securing a loan? Perhaps you need a new car, or a vacation. Perhaps your home needs improvements, or your business needs some new equipment. Or perhaps you need some extra cash to pay for your child’s college education.
You could go to a bank, fill out forms, get interviewed and subject yourself to a very lengthy process with no guarantees. Or, you could be your own banker. Imagine that, no financial institutions to deal with, no credit card companies, no banks. You are your own banker. How does that work you ask, simple, use a specially designed dividend paying whole life insurance policy. You then borrow against the cash value of the policy and use the death benefit as collateral against the loan.
Think of the benefits:
1. Get off the Wall St. train wreck and stop putting your hard earned cash at risk. During the 2008 recession the stock market lost nearly $2 trillion in savings from retirement accounts. With a whole life insurance policy you are guaranteed a yearly rate of return payable as dividends.
2. Access to your money anytime for anything, with little or no taxes and no government penalties. No mandatory withdrawals.
3. Borrow money from yourself. Pay interest to yourself, rather than some bank.
4. No defaults. Can’t pay yourself back, no problem, the policy value is lowered, but no bill collectors, no bad credit report.
5. No minimum or maximum amounts to get started or pay-in. Your income and assets will determine that, not a government regulation.
Two giants of business and industry used this method to help finance their dreams: Walt Disney borrowed from his life insurance policy for Disneyland and Ray Kroc borrowed from his to help start McDonald’s. Perhaps you do not think you’re in their league; think again, funding a dividend paying whole life insurance policy could be a lot easier than you think. Consider the following:
– Home Equity
– Traditional Savings Account
– Your own IRA or 401(k)
– Adjust your tax refund
– Convert an already existing policy
An experienced, trusted professional financial advisor would best be able to gauge your personal situation. A family friend with minimal knowledge could do you more harm than good despite his good intentions. Palma Financial Services has over 15 years experience with these specially created life insurance policies. Call us for a no-pressure, free consultation. Your financial security is our #1 priority.