[WhoisKingsley]

I recently adopted a program in which a line of credit can be obtained from the persons cash life value of their whole life insurance. Yes, this isn't "new" but I have it accessible for you to offer. I already saved a merchant to pay off her advances. This is something I am TESTING for the same situation if the merchant has whole life insurance and wants to qualify

Our Cash Value Line of Credit is a simple way to access the value of your whole life insurance policy to help manage your cash liquidity needs.

No pre-payment penalty.

Funds are available to be used for personal or business needs.

Interest may be tax deductible (consult with your tax advisor).

Online access to account activity.

Multiple policies can be used as collateral for one line of credit.

Customers maintain the full dividend schedule of the policy and the benefits remain intact.

Simple application process with quick turnaround time.

Low Simple Interest Only Rates.

Lines available up to 95% of the cash value.

Minimal documentation is required.

Line of credit is openly available for as long as you would like.

24/7 Customer Service Center.

[bdshaw]

I recently adopted a program in which a line of credit can be obtained from the persons cash life value of their whole life insurance. Yes, this isn't "new" but I have it accessible for you to offer. I already saved a merchant to pay off her advances. This is something I am TESTING for the same situation if the merchant has whole life insurance and wants to qualify

Our Cash Value Line of Credit is a simple way to access the value of your whole life insurance policy to help manage your cash liquidity needs.

No pre-payment penalty.

Funds are available to be used for personal or business needs.

Interest may be tax deductible (consult with your tax advisor).

Online access to account activity.

Multiple policies can be used as collateral for one line of credit.

Customers maintain the full dividend schedule of the policy and the benefits remain intact.

Simple application process with quick turnaround time.

Low Simple Interest Only Rates.

Lines available up to 95% of the cash value.

Minimal documentation is required.

Line of credit is openly available for as long as you would like.

24/7 Customer Service Center.

Very creative

[Miller192]

Interesting.

Is there an advantage to doing this over just borrowing the cash value outright?

[WhoisKingsley]

The payments would be only interest monthly, and you can take however much you want just like a line of credit- payback when you can... And the average interest rate is 4.25%.

The commission schedule on this type of program fluctuates depending on the interest rate. I have one merchant that's going to the whole process now once it's done and over with I will post my results

[WhoisKingsley]

It is also not credit based- or anything that has to do with the business... They are using a whole life insurance as collateral... And pretty much it's guaranteed (unless you're immortal- haha bad joke).

[Miller192]

The payments would be only interest monthly, and you can take however much you want just like a line of credit- payback when you can... And the average interest rate is 4.25%.

The commission schedule on this type of program fluctuates depending on the interest rate. I have one merchant that's going to the whole process now once it's done and over with I will post my results

Sounds good.

To clarify, I meant most insurance companies allow a client to borrow against their cash value. They either can reduce the death benefit or pay it back on a payment schedule.

Is this essentially the same thing? What is the lender's collateral?

[BusinessLendingMadeSimple]

Good stuff Amanda.
Please keep us updated as to the results.

[WhoisKingsley]

Good stuff Amanda.
Please keep us updated as to the results.

Hi Keith! Okay update... this program is good for those who don't have the regular deposits or have a substantial reason to use this for their business. Do I recommend it for a start up restaurant who doesn't have a set plan- NO.

Most people have term life insurance which doesn't apply to this and most with whole- don't qualify for the amount they are requesting. You market for this is your well established business professional who has had whole life insurance for xx years.

[NCL]

Amanda,

Is this program still available as of today?

[WhoisKingsley]

Yes- the cash value of the whole life insurance is what is looked at.