A common myth is that whole life insurance is superior to Indexed Universal Life (IUL), until agents truly understand how IUL works. For example, in 2017, a client of mine had a million-dollar need and called me up to borrow from his IUL policy. He didn’t withdraw the money because that’s not the smart move. Instead, he borrowed a million dollars from the insurance company, which they gladly lent him, using his IUL as collateral.
They charged him 5% interest ($50,000), but he didn’t pay that out of pocket. That same year, he was credited 25% on his million dollars, earning $250,000. After the $50,000 loan cost, he netted a 20% return. And here’s the kicker: he was using that million in his business to generate three million. This is the “banking concept” on steroids, demonstrating why IUL can be far superior to whole life.
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