(CLU®), Chartered Financial Consultant (ChFC®), Certified Financial Planner (CFP®), or CPA. And the reason these TV gurus don't have these professional credentials is that one has to study for years to earn them. They just have the gift of gab, public and that they're just too hard and take too much discipline, time, and money for most people. A person truly must have a desire to understand the truth before they can discover it. And the truth is that you are borrowing money from the insurance company and not your own policy. Now, it's not the same as taking out a personal loan, which is normally unsecured and requires an application and credit check. If you have cash value, all you have to do is contact the insurance company, tell them how much you need, and they will loan you from their company's account up to about 94% of what you have in your cash value account. Instead of borrowing your own money, you actually use your cash value as collateral for the loan. You do not have to fill out a credit application, and your payments are unstructured. In other words, you determine when you want to pay the loan off. Your credit score is never an issue. Conclusion: All in all, it sounds like I am a cheerleader for cash-value life insurance. I'll admit, I do like contracts that are designed and built well. They're becoming fewer in number, but they're still out there. However, it's not all glitz and glamor, and I'll be the first to admit that they do the job. The company you purchase your life insurance from should not necessarily be cheap on their pricing, but they should also not be wasting money, either. They need to be structurally sound with consistent managerial principles and a good industrial philosophy, and an honest history of pristine insurance company gets bought out, the new owners may not share the same vision that the original management had. For a cash value policy, this can be detrimental to policy performance. The new management may want to raise the internal cost of insurance or move those movable parts found in policies. It can be a shock to buy
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