What are the myths of insurance lending in Canada? Jayson Lowe and Richard Canfield discuss an article from a Bank that tries to dispel 7 myths of insurance lending in Canada.
Many Canadians do not know that cash value policies are often lent on by 3rd party banks. It's actually the most popular way Canadians have been getting access to their collateral is from commercial banks.
Banks want you to borrow from them. It is that simple. They will do everything in their power to market their loan products to you so they can collect as much interest volume in the form of cash flow payments coming back to their institution. They even have special departments that focus their energy on unique cash surrender value lending products.
In this episode, Richard Canfield and Jayson Lowe ask you to think about the reasons why banks want to lend against these powerful contracts.
IN THIS EPISODE, YOU WILL LEARN:
0:00 Introduction
2:54 Myth #1: Wealthy People Don’t Need To Borrow Money
6:56 Myth #2: Insurance Lending Is Expensive
11:19: Myth #3: Clients Have To Take On More Debt
19:35: Myth #4: Insurance Lending Is Risky
24:20: Myth #5: Clients Must Go To The Insurance Company For A Policy Loan
26:46 Myth #6: Insurance Lending Suits Only Affluent Clients And Business Owners
29:42 Myth #7: Clients Don't Have To Qualify For A Loan
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