Whole Life Insurance is indeed life insurance, but it’s also a contract, and insurance is at the heart of obtaining financing. When anyone or any entity loans you money, they want some sort of collateral.
Sometimes, you’ll be given credit simply based on your credit history, but most loans revolve around COLLATERAL. Let me make it clear that whole life insurance is NOT an investment and shouldn’t be imagined as an investment; however, because whole life insurance is very expensive and you’re sending insurance companies large sums of money to insure you if the worst happens, this is why living benefits become part of the deal.
When you work with Romone, you’ll notice that the whole life insurance contracts he’ll present to you at the end of the contract can balloon to millions of dollars if you pay the desired life insurance premiums, in exchange for being part of the whole life insurance family the insurance company will offer you the ability use your whole life insurance contract as collateral for a loan(contact Romone for details).
The argument the mostly ignorant will claim is, “Why would you borrow your own money?” When you’re working together with Romone, he will explain to you that you’re not borrowing your own money; you’re being offered a loan from the insurance company because you’ve opted to sign a permanent insurance contract with them.
What makes these policy loans so special are the repayment schedules; when you borrow money from the banks, the banks decide the minimum payments; when you borrow money from this insurance company, using your whole life insurance contract as collateral, YOU DECIDE the repayment terms.
Your cash flow is the money you make vs. the money you’re spending. So let’s say you’re making $100 per month, but you’re spending $40 per month, your positive cash flow is $60.
Now, if you’re making $100, you’re spending $40 per month, and the bank loan is changing you to $40 per month, your cash flow instead of $60 per month will be $20 per month, and this could prevent you from expanding your business.
Furthermore, this bank loan or loan you get from some other financial entity will show up on your credit report, whereas whole-life policy loans do not show up on credit.
This is just one of the benefits of whole life insurance that most people have no comprehension of. This will often fly over people’s heads, and it’s something you should never overlook if you’re a business person who is shopping for life insurance.
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