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

Whole Life Insurance Myth: 🚫💰 #shorts

20 Jul 2023 · 1 min

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A short spoken piece by Richard Canfield correcting a common misconception about whole life insurance: premiums do not go "straight to cash." He explains that premiums purchase a death benefit and that accruing cash value is a secondary consequence that cannot exist without first establishing a death benefit.

Chapters

And there's a lot of people who are pontificating out there in the social media, slash the Tic Tacs and the tweeters and the tubers and all the stuff that's out there and they're saying things like, oh yeah, you pay this and it goes straight to the cash. I'm like, no, that's a bunch of bs. Nothing goes straight to the cash. The only thing that a premium does is it buys a death benefit. And a death benefit, once established of whole life forces a secondary chain of events which is the accumulation of cash value. You cannot create cash value without first creating death benefit. The sequence of operation is critically important and the world out in the sphere of the quote unquote education space seems to have misinterpreted that and it causes unnecessary confusion for the consumer, which shouldn't be the case. Cash value is a direct representation of a death benefit that was created.