Q. How much do you charge to help me?
A. I don’t charge for you to come visit with me. This process is about you learning to manage your money in a efficient manner. Money never exchanges hands, if you should decide to write a policy I get paid commission from the insurance company. It is my job to teach and help you through this process. If you decide it’s not for you then you walked away smarter then you arrived, my job is complete.
Q. What if the insurance company goes under?
A. If the insurance company should file bankruptcy your state will have some securities in order. In our home state of ND, the insurance department guarantees up to a $300,000 death benefit and $100,00 cash value. If you are unsure of your state, contact your insurance department or find them online.
Also, in most cases a larger company will buy out the bankrupt company out and policies will remain in force.
Q. What insurance companies do you use?
A. FiscalBridge uses Lafayette and American United Life which is part of One America.
Q. How soon can I borrow against my cash value and start financing my purchases?
A. The companies we represent allow you to borrow against your cash value as soon as your premium check clears the bank.
Q. Does the insurance company ask me what I am using the cash value for?
Q. How soon do I have to pay back my loan?
A. You can pay it back anytime you like, the insurance company does not set a time frame for you. They always have your death benefit as collateral if you should never pay this loan back. (Keep in mind, we will be asking when you plan to pay it back!)
Q. Can I pay the loan back monthly, quarterly or in a lump sum?
A. Yes, you can pay it back anyway you like. It is your loan, you make those decisions.
Q. Can I see my cash value balance online?
Q. When I die, do my heirs get the cash value and the death benefit
A. No, only the death benefit. It is similar to your house. When you sell your home do you get the equity and the sale price of the home? No.