Debt Free Life is a type of permanent life insurance that utilizes the policy’s cash value to pay off debts. Instead of borrowing from a bank and paying interest, you can use funds from within your policy.
The program is customized for your specific budget and debts. Common debts that our clients pay off with Debt Free Life include credit card debt, mortgages, student loans and auto loans. During your consultation, your licensed Debt Free Life consultant will present your customized debt payoff plan so you can see when your debts will be paid off and how much money you can have in retirement savings at the end of the program. You’ll also be able to see just how much money you saved in interest by joining the Debt Free Life program instead of borrowing from a traditional lender.
Since you are using funds within a life insurance policy, you won’t be spending any additional money out of pocket each month. You will need to go through the process of applying for and qualifying for life insurance coverage and maintaining premium payments to keep your policy active. Since you are using a type of cash value insurance, your policy contains the funds necessary to help you get started and continue through the program at no additional cost.
Permanent life insurance offers a lifetime of protection, as opposed to a term life insurance policy that only provides life insurance coverage for a set number of years. As long as you maintained premium payments, your permanent life insurance would provide a death benefit payout to your chosen beneficiary when you pass away. Most people will not need to undergo a medical exam to qualify for coverage.
You will pay off debt at your own pace, but for the average client, this process takes around nine years or less. Debt Free Life is a timely and modern solution to eliminating debt and decreasing the amount of interest you pay to lenders, all while gaining the peace of mind and financial protection that life insurance offers.
Our clients are on track to paying off all of their debts on a schedule that works for them, and you can be too with Debt Free Life! To get started, all you need to do is visit our Debt Free Life page and fill out the short form . A consultant in your area will then reach out to tell you more about a customized plan for your budget and goals. Let’s get started!
