Income Snowball FAQs
Can I open a policy if I only just started my snowball?
Absolutely! In fact, it can be done WHILE continuing your flips, depending on how it’s funded.
Will it slow down my snowball and how much?
Not necessarily, in fact it can be done such that it can enhance your flips in due time.
How soon can I get my money (via policy loans)?
Policy loans can be requested 2 weeks after the premium is paid and the policy is issued.
How long does the process take to open a policy?
Typically underwriting takes around 2-3 weeks.
What’s the process like to open a policy?
Once a policy size is determined, we go through the application process, which is done online via secure access. Upon submission it goes to underwriting before it’s approved.
What’s the policy loan rate?
Typically, the policy loan interest rate ranges between 4% and 6%. Rates are subject to change at the start of each new policy year.
How much Cash Value (PUA) can I put in each year?
This depends on the MEC but generally we aim for 60% of your annual premium for the first 4 years of capitalization.
How do you determine the preferred insurance carrier?
We select companies who provide policies which are engineered specifically for IBC, offering optimal cash values early on, and who provide outstanding customer service for our IBC clients.
What if I am not insurable?
One can still be the owner of a policy for the life of another person, who could be a spouse, child, or even business partner in certain cases. The owner is the person who controls the policy, pays the premiums and can take policy loans.
Can I transfer (convert) my old policy?
Yes, through a 1035 Exchange, you can transfer all available cash (surrender) values from, and close down an old one, to start a brand new IBC policy, sometimes even without any of your own “new” money.
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