What do Banks Think of Your Life Insurance Loan?

You know you can borrow against the cash value of your Whole Life insurance policy. But you’re thinking about a conventional loan like a mortgage or a HELOC. Will your life insurance loan be a red flag to the bank? How much will it matter? 

In this episode I’ll explain how the banks really view life insurance loans, and why you shouldn’t let one scare you into thinking you couldn’t get a conventional loan.

I’ll also share a little more on last week’s topic to help you appreciate the importance of having your own life insurance policy that’s yours no matter where you are or what you’re doing.

Listen now!

Show highlights include:

• Why you’re skating on thin ice if you only have insurance coverage from your employer. And what to do before you find yourself underwater. (2:07) 
• What to look for in life insurance explained in one minute. (3:25)
• Fine print to look for so you can know if that Term Life plan is flexible enough to convert into permanent coverage you’ll actually want. (3:57)
• Why banks don’t care how much you’ve borrowed from your life insurance. (7:29)
• Unique insurance company practice that confuses loan officers at conventional banks. How to keep it from derailing your loan application. (9:01)
• How to leverage the benefits of Whole Life insurance and build your credit at the same time. (10:05)

Reach out to me:

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https://www.linkedin.com/in/valerie-laroque-lacp-b569509Infinite Banking Mastery (infinitebankingnorthwest.com)