Not Your Average Financial Podcast™

Episode 110: [Mythbusters] Wait! Did I Just Pay For This Twice?

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In this episode, we ask:

  • Would you like to leave us a review?
  • Do you experience panic moments?
  • Have you ever felt panic around a policy loan?
  • Have you heard Episode 34?
  • How exactly does a policy work?
  • Would you like to discuss this with us?
  • What happens when you take the first loan out?
  • What about buying a new car with a policy loan?
  • Do you ever ask, “Did I just make a terrible mistake?”
  • Didn’t I pay for the car twice?
  • Is taking a policy loan better than paying cash?
  • Is the loan payment on top of premium?
  • Doesn’t it feel like you’re buying the car all over again?
  • Are you the banker and the borrower at the same time?
  • Why do bankers add capital to a bank?
  • Who comes in the front door of a bank?
  • Why do bankers love it when borrowers pay back loans?
  • Are banks looking for capital?
  • Are you setting up an actual bank?
  • How might you recapture the banking function?
  • What is a reasonable period of time?
  • What is the big idea?
  • What might you use as collateral?
  • What have you been saving for?
  • How does a Home Equity Line of Credit (HELOC) work?
  • How do people use HELOCs to finance education (or other life purchase)?
  • What are the problems with using a HELOC?
  • What are the benefits with a Bank on Yourself type policy?
  • What are the problems with 401(k) loans?
  • What are the benefits with a Bank on Yourself type policy?
  • What does this look like in an example with real numbers?
  • When you take a policy loan, where does it come from?
  • How does the policy continue to grow, even with policy loans?
  • What is a non-direct recognition loan feature?
  • Have you heard Episode 83?
  • Which companies offer non-direct recognition?
  • Does the insurance company charge you interest on a whole life insurance loan?
  • Are you able to skip a payment on a life insurance loan repayment?
  • Is the loan interest simple or compound interest?
  • Could the policy lapse if you take a very large policy loan?
  • How can you manage the policy in a healthy way?
  • What happens when you take money from a savings account?
  • Is there an opportunity cost with a policy loan?
  • When do you have to pay the policy loan off?
  • Do you interrupt the growth of your money when you borrow it?
  • Am I saving enough to have the money to make the purchase I want?
  • How will I make the purchase? Will I pay cash? Will I go into debt? Will I take a policy loan?
  • Have you heard Episode 54 yet?
  • Have you heard Episode 71 yet?
  • Isn’t this twice as nice?

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