Permanent Life Insurance is a good investment provided you fund it properly. It has been my experience that most brokers/agents do not set these up correctly which in the future, when the client is expecting to use the cash value, it is not there.
First rule: You need to give some time for the Life Insurance to grow and really become that asset you desire.
Second rule: Look at taking loans versus withdrawals from the policy and what the loan rate is.
Third rule: Consider using this as an asset however pay yourself back when you are not in need of it. You certainly do not have to pay back the loans, providing the policy does not lapse.
Fourth rule: Do not let the policy lapse. Hense, the reason for proper funding.
Fifth rule: Loans are tax-free. Withdrawals are tax free up to basis (the money you have paid in).
This gives you the basics of how to make a Permanent Life Insurance a good investment. To answer the "when", I would say NOW if you are able to fund it properly. Talk to your agent about getting an illustration with a couple different companies, traditional vs. indexed permanent policies.
Feel free to reach out to me if you would like more information as well..
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First rule: You need to give some time for the Life Insurance to grow and really become that asset you desire.
Second rule: Look at taking loans versus withdrawals from the policy and what the loan rate is.
Third rule: Consider using this as an asset however pay yourself back when you are not in need of it. You certainly do not have to pay back the loans, providing the policy does not lapse.
Fourth rule: Do not let the policy lapse. Hense, the reason for proper funding.
Fifth rule: Loans are tax-free. Withdrawals are tax free up to basis (the money you have paid in).
This gives you the basics of how to make a Permanent Life Insurance a good investment. To answer the "when", I would say NOW if you are able to fund it properly. Talk to your agent about getting an illustration with a couple different companies, traditional vs. indexed permanent policies.
Feel free to reach out to me if you would like more information as well..