Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Have a Well-Designed Permanent Coverage 👌👍

29 Sept 2023 · 1 min

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0:49

Richard Canfield walks through a whole life insurance case that grew from $285,000 to $4.8 million in tax-free death benefit with $4.2 million in cash value. You can borrow against it tax-free and still leave an $800,000 benefit behind.

Questions this video answers

$285,000

25 years

$4.8 million

$4.2 million

Outstanding loan: $4 million; net death benefit remaining: $800,000 (tax-free)

Chapters

It's $4.8 million. So we started with 285,000 of whole life. We funded it for 25 years. We had some term along the way to protect our family, pay off the mortgage, support income for people who needed it. That's all taken care of now. The mortgage is gone, the kids are out of the house. The day that we leave planet Earth, there's $4.8 million tax free we get to leave behind. That's assuming we didn't borrow anything out of it. So if we just settle on how we're protecting the family and creating a nest egg, that's pretty impressive. There's $4.2 million in cash. So what if we borrowed out 4 million? We had an outstanding loan of 4 million. Well then the death benefit is 4.8. Minus the 4 million, there's still 800 grand tax free. That shows up for the family. So there's tremendous power in this. Most people that get out that live past age 85, the likelihood they have any insurance is virtually gone.