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

Test The Policy Loan Early

24 Apr 2025 · 1 min

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0:42

A short YouTube clip in which Richard Canfield recommends that clients intentionally take a life-insurance policy loan within the first 45 days (even if they don't need the money) to learn the mechanics—requesting funds, signing documents, receiving the deposit, and repaying—so they are prepared if a later emergency arises. He warns against waiting 12–24 months before the first use and suggests involving financial controllers early to gain hands-on experience.

Chapters

I personally suggest and recommend to my clients that I want them to take a policy loan within the first 45 days even if they don't need the money. And it's not because I want them to have an outstanding loan to the insurance company. In my experience, the people that practice taking policy loans and get accustomed to the push button mechanics, the email, the signing a document or what have you receiving it in their bank account, making a loan repayment even if they're just sending it all back right away. Now the life insurance company probably doesn't want you doing that, but if you have to go through that whole rotation, there's a great deal of learning steps that take place. Maybe you're working with a financial controller. Give them the opportunity to experience that right away. Don't wait 12 months, 18 months or 24 months to all of a sudden need a great gob of money and not have any idea what you're doing.