Are you trying to figure out a whole life insurance is a good fit for you? By the end of this video you're going to have five benefits of whole life insurance that will help you make your decision. My name is Garius and I'm Carmen. And we help high achievers and entrepreneurs own their own lifestyle. So make sure you subscribe to our YouTube channel and hit the notification bell so you can be notified of new videos every Tuesday, Wednesday and Thursday. And also check us out on Patreon where we share the details of how to use your whole life insurance policies so that you can become your own source of financing. So be sure to head on over to Patreon after this video so that you can learn how to use your whole life insurance policies. If you're struggling to figure out if whole life insurance is a good product for you to buy and or keep, then here are five benefits to help you make that decision. Benefit number one is control. When you have a whole life insurance product you are signing a contract between yourself and the insurance company. Which means that this is a private contract between you and the insurance company. Which is a huge benefit for you because that means you are in complete control. Unlike a lot of financial products that are out there, if you do sign a contract between yourself and another financial institution, you don't necessarily have control as far as what happens with your account and how you can best manage it. So with a whole life insurance product you have complete control over the policy and you can access it to your desire without penalties or issues as far as however you want to use it. We have a mentor that tells us all the time is that you don't lose money until you lose control of it. So the nice thing about this whole life insurance contract is that you maintain control throughout your entire life. Yeah, so you don't lose control of your money. There you go. Benefit number two, cash value. Every single time that you make your premium payment, cash value accumulates inside your policy. Now, the nice thing about having this cash value accumulate inside your policy is the fact that you earn a guaranteed 4% interest on this money. Now there's two ways for you to access this cash value that's earning this 4% interest. That's through a withdrawal or through a loan. Now here's the cherry on top. If you access this cash value through a loan, you do not disturb the compounding inside this policy, which is amazing because this allows you to kind of be in two places at once, depending on how you use these funds. Now we talk about cash value and throughout a variety of different videos that we post here on YouTube. And you know we love using the infinite banking concept in order to pay our debt in order to invest in, make investments, or to provide a legacy to our family or pay off through the loans, things of that nature. Now you know the power of being able to be in two places at once because you're able to do all these things and not disturb the compounding when you take a loan. Again you do have access to it through a withdrawal, but through a withdrawal you reduce the cash value inside your policy because you have it in hand. Those loans you're collateralizing the cash value, you're getting a loan from the insurance company which leaves your money undisturbed earning a guaranteed compound interest rate. And a really good thing to note is that not only is your policy growing at the guaranteed 4% compounded interest rate, where else can you get that? Because right now on your savings accounts or even money market accounts, you don't have that high of an interest rate being paid out to you. And again we're just comparing it to you're the banking functions. We're not talking about any of the investments that you're making, we're just simply comparing it to a bank. So comment below if you currently have a whole life insurance policy and maybe not know some of these benefits that we're talking about. So benefit number three is dividends. This is the non-guaranteed portion of your contract premium, which is the dividends that are paid to you. Now as long as you work with a mutual insurance company, you could possibly be paid a dividend each year. Now what a dividend is is at the end of the year when the insurance company is profitable and they've paid all of their expenses, whatever is left is returned back to the policy owners in the form of a dividend. So we call that a return of premium. And due to the IRS, how this is classified, you are not taxed on these dividends. So that's another bonus point or feature of a whole life insurance policy is the fact that you are paid a dividend. Yes, and that dividend is amazing because you don't have to do anything. Just have a policy and you are able to share in the profits of that company through the forms of a dividend. Benefit number four are riders. Riders are additional features and benefits that can be added to your policy for your specific needs. Let me give you a few examples of additional riders. Terminal illness rider. If you have this attached to your whole life insurance policy and you're diagnosed with a terminal illness, a portion of your death benefit can be utilized to take care of your medical expenses. This is similar to a chronic illness rider. If this rider is attached to your policy and you are diagnosed with a chronic illness, then a portion of your death benefit can be utilized to take care of your medical expenses while you're still living. There's so many different riders out there that you can explore. Those were just a few that Darius mentioned, but there's others that will help you determine how your death benefit is paid out to beneficiaries. Also, there's policies one that we are very familiar with and use a lot which is called a paid-up additions rider, which allows you to add additional cash value inside your whole life insurance policy so that you have cash value available in the very first year. Because typically, with a traditional whole life insurance policy, it takes a few years for that cash value to build up. You don't necessarily see really any cash value until maybe the third or fourth year of that policy. And lastly, benefit number five are the tax benefits that come along with this policy. So because you put in after-tax dollars into a whole life insurance policy, the cash value grows at a tax-free rate. Now what do this mean for you? All the years that you have your whole life insurance policy, you are not going to be taxed on any of that growth nor the cash value that you utilize as long as you request alone. And the nice thing about adding after-tax dollars into your whole life insurance policy is the fact that you know where taxes are right now. You have no idea what taxes are going to be in the future. So now that you know the five benefits of whole life insurance, do you know how to use your policy? Because you can actually use it right now today while you're living by accessing the cash value inside your policy. Because the thing that you need to know is that you can use your policy right now today and you don't have to wait years in order to access your cash value. So we have written a six-page guide for you so that you can learn how to own your own lifestyle and use your whole life insurance policy to become your own source of financing. And the big part about this is because now you're using your policy, you no longer have to rely on financial institutions to finance your lifestyle. So click on the link below to get your free guide to own your own lifestyle. Also if you want to join a community of high achievers and entrepreneurs just like yourself, then head over to our Patreon page where we share up-to-date information and advice on how to navigate the sometime tricky space. If you like this video, let us know by liking the video and also sharing it and subscribing to our YouTube channel. Also be sure in the comment section to write helpful if you think this information that we shared with you today was helpful. Remember to own your own lifestyle or someone else will.