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Before you cancel your whole life insurance policy, read this first. No matter your reasons, you need to know what canceling means and why it's not usually your ideal move.
At some point, you saw the value in owning whole life. You could have sought out the protection for your family, the cash storage, the tax-advantaged growth, or the Privatized Banking element.
But now, you might be standing at a crossroads with a different perspective. If it's begun to feel like a burden and you're second-guessing your commitment to whole life insurance, you might be wondering how to break free.
Or you might be reading this before you purchase to guarantee that you'll never wind up with those regrets.
The good news is this: you never need to feel like you're stuck! Whole life insurance inherently has the flexibility to stick with you while accommodating your life changes. Rather than canceling your whole lie insurance policy if the going gets tough, you have several options to reduce payments or stop paying altogether, and still keep everything you love.
We'll walk you through the many other options outside of canceling your whole life insurance policy.
We'll answer:
What if my whole life policy isn't ideal for Privatized Banking?What if it's too much for me to keep paying?Do I have options besides canceling my whole life insurance policy?How can I stop paying so much, but still keep the policy in force?What are the pros, cons, and impacts of each option?Under what circumstances might I want to consider these changes in funding my policy?
This conversation will show you your options. Then you can stop feeling stuck and decide what's best for you to do. With the clarity, you'll be able to accomplish your immediate and long-term financial goals without sacrificing either.
Table of contentsWhere Whole Life Insurance Fits into the Cash Flow SystemWhy You Might Be Considering Canceling Your Whole Life Insurance PolicyWhat's So Great About Whole Life Insurance Anyway?ProtectionCash StoragePrivatized BankingDisability BenefitsPeace of MindCanceling a Whole Life Insurance PolicyYour Policy Is a ContractWhat Does It Mean to Cancel a Whole Life Insurance Policy?What Are the Downsides of Canceling Your Whole Life Insurance Policy?What Do You Get When You Cancel a Whole Life Insurance Policy?How Do You Cancel Your Whole Life Insurance Policy?Options Besides Canceling Your Whole Life PolicyPay from Policy ValuesUse a Policy LoanReduce to the Minimum PaymentReduced Paid-UpAvoid Losing Your Tax Advantages1035 ExchangeLife SettlementDiscover Your Life Insurance Policy Options
Where Whole Life Insurance Fits into the Cash Flow System
Whole life insurance is just one part of a bigger journey to building time and money freedom.
That's why we have created the 3-step Business Owner's Cash Flow System. It's your roadmap to take you from just surviving, to a life of significance, purpose, and financial freedom.
The first step is keeping more of the money you make by fixing money leaks. Then, you'll protect your wealth with insurance, legal protection, and Privatized Banking. Finally, you'll put your money to work, increasing your income with cash-flowing assets.
Whole life insurance is part of Stage 2: Protection.
Why You Might Be Considering Canceling Your Whole Life Insurance Policy
If you're considering canceling your whole life insurance policy, we know you've given it some thought. You didn't buy it on a whim, and chances are, you're not attempting to cancel it on a whim either.
We talk with lots of people about their financial goals. Here are some of the reasons we've heard for canceling a whole life insurance policy.
Perhaps your policy has slow cash value accumulation and isn't ideal for Privatized Banking.
Maybe you bought it before you knew about the power of Specially Designed Whole Life Insurance.