How to Build wealth with Insurance Policy cash value life insurance

Welcome to the district for the Innovation and information and news I'm your host love we are talking financial literacy and it is one of my favorite subjects to talk about on this channel because I get a lot of really good questions and comments which remind me make sure you comment we do get our content in particularly lately uh just from you asking questions and making comments.

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How to Build Wealth With Insurance Policy cash value life insurance

We're going to come together okay so having said that it leads us to this question somebody asked can I use insurance policies to build wealth the stretch of that question is that someone did ask they were saying that they had been watching something and this person they got the end of it and this person was talking about how they

Were Building Wealth using insurance policies and they went on to say they wanted to know you know maybe some to pick and you know kind of how this works so I will answer that question so the first thing you want to you know the benefits of the sort of building what in an insurance policy is mostly taxed tax write-offs and it's the benefit of interest rate some of these policies at actually allow for

Um inflation right higher interest rates you're benefiting a little bit more with the higher interest rate than you are when interest rates are lower right so it also allows you to buy policies for your children some of them will allow for you to not pay taxes once it matures or not pay taxes when the beneficiary gets you to know the value

Um also cash value becomes a very large benefit right for you as a fallacy holder and I think this is the scope of kind of what makes this a good way for some of it you to build your wealth long term okay I'll give you some as an example because I want you to do a little bit due diligence about that but also have some names something to look at because disclaimer I'm not an insurance broker so to get details on how this worked you

Have to talk to somebody that's well burst insurance now I have some of these insurance policies but I have a broker that does that for me so I personally do have not an insurance person so you would need to talk to an insurance person who gives you the full scope I am a financial person so I'm coming from a financial standpoint uh solely right but not the other benefits that come along with it Insurance wise the first one I thought was really good

How to Build Wealth With Insurance Policy cash value life insurance

Is a dynasty Trust and a dynasty trust is good because you can do it for multiple Generations great be sort of encap encapsulates what this particularly was asking and it does give them a little bit more of what they were looking for right um but you want to make sure before I continue all of these are permanent policies

So that is the first part it must be a permanent policy okay so all the ones that I'm going to give you are permanent policies now there may be others that are beneficial that an insurance person would know but these are the ones that I know of and they are permanent policies so that just remembers that okay so Dynasty policy and then so your growth rate can be higher in this particular one and then also

In a Dynasty uh policy it does provide like I said for multiple Generations but it also provides for like your most immediate generation so it's not that you have to have it down the line but it can provide for that long it's basically though um universal life the best part about this is it has affordable premiums it has a low short-term interest rate that I was talking about earlier and That it does benefit during inflation this is one that we have found has the greatest benefits when you're dealing with inflation it is flexible in death benefits and you can easily access your cash value after a certain time and especially after the policy goes you know x amount of years you do have to maintain the policy so you have to make sure that the cash value is at a certain amount and you have to make sure

That the payments are current okay and then a variable this one offers the ability to invest now of course interest rates have to apply with that more beneficial I guess uh because it's a variable so you get a chance to maybe benefit from higher type interest rates although not solely but it is based on somewhat of the market right

But it is good nonetheless and then finally foreign Okay so this is also one that I guess I'll say it this way you really when I just say monitor it I mean literally you need to be checking it consistently to make sure that you're maintaining its value

This one more than any of them although they all need that you to know if you get this one you want to make sure that you're monitoring closely yourself not someone else is monitoring for you because some of these the insurer will monitor for you but you need to monitor itself as an I always give if I'm giving advisory for people to monitor their own things even if you have a broker even if you have a financial advisor it doesn't

The matter you want to make sure that you are and when you're Building Wealth through these insurance policies even more applicable you want to apply it even more I've found that if you do lose it will lose its value okay before it has a chance to mature I think that's pretty much it the basics is that it's tax benefits interest rated inflation um ready and the cash values are very Beneficial and um you can save a little bit on you know for Generations as opposed to it just stopping with you all right 

Share and watch and then a couple of times if this is of interest to you I will do maybe a part two because uh it's my it's just the broad scope of it without a lot of detail so maybe I'll have an insurance person come on and talk about that part of you all right thank you so much.