Debt Free Life
Consultation and Plan: A certified consultant analyzes your current debts, interest rates, and budget to create a personalized debt elimination report and timeline.
Build Cash Value: A portion of your premium payments goes into a cash value account within the policy, where it accrues guaranteed interest and potentially dividends on a tax-advantaged basis.
Pay Off Debts: Once enough cash value has accumulated, you borrow money from the policy's cash value (becoming your own "bank") or make a withdrawal to pay off the principal balances of your other high-interest debts. The idea is that the interest rate on the policy loan is likely lower than what you were paying to other lenders.
Achieve Financial Freedom: After the debts are paid off, the accumulated funds can be used for retirement income or other major purchases, all while maintaining the life insurance coverage and its death benefit for your beneficiaries.
Key Benefits
Faster Debt Elimination: The program claims to help clients become debt-free in an average of nine years or less, much faster than traditional payment plans.
No Additional Outlay: It is designed to work by reallocating money you are already spending, so it typically does not require significant additional monthly expenses beyond your current budget.
Wealth Building: The cash value component provides a living benefit that grows over time, offering a source of tax-favored income in retirement and a death benefit for your family.
