How The Loan Ranger Can Save Policies In Peril
October 16, 2019 by Anthony Giannone
There are many sales ideas that revolve around the idea that the cash value of a whole life policy is akin to the policyholder having their own private bank from which loans can be taken. And there is absolutely no reason a policy owner would not do exactly that. Makes sense.
What does not make sense is that many agents who sell these plans forget to monitor those loans to make sure clients do, in fact, either repay them or plan for the potentially negative tax implications, if they don’t.
Our non-scientific data, obtained from decades of trying to untangle the knots clients tie themselves into after years of borrowing and non-repayment, indicate that the mutual carriers’ whole life products are the most borrowed against and also the most difficult to remediate.
Click HERE to read the full story via INN Magazine.
