Mistakes of the Novice Policy Holder | E10 of The Wealth Without Bay Street Podcast

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Mistakes the novice policy holder need to correct as they begin the process of becoming their own banker:
-You are buying life insurance first and foremost
-This is not free money
-The term of banking is used to represent the act of managing cash flow. It’s not a literal depository institution.
-This is the process of taking out loans on the existing cash value of your policies

You don’t knock out walls in your home when you apply for a home equity loan.
The mortgage, the loan is a lean against the market price of your house (that grows in value).
But you did not literally take something out of your house.

That process is much the same when you look at what you’re able to do with your life insurance policies.

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