Does Using Life Insurance to Build Wealth Make Sense?

Life insurance has become an increasingly controversial topic in recent years due to the opinions of financial gurus on YouTube, insurance salesmen, and media giants especially when it comes to using it as a vehicle to build wealth. When considering life insurance as a wealth building vehicle, it really comes down to who is using it and how they are using it. Ultimately, when it comes to building wealth, permanent life insurance is a potential option, but only in very unique circumstances. More specifically, I discuss: The two main types of life insurance The main types of permanent life insurance The structure of permanent life insurance The different variations of universal life insurance Benefits and downsides to permanent life insurance How permanent life insurance can be used to build wealth How to structure permanent life insurance policies for wealth building purposes Who should consider using life insurance to build wealth, and who shouldn't Resources: Access Show Notes and Sign Up for the Retired·ish Newsletter HERE Free Retirement Jump-Start Analysis  Ask Cameron A Question!   Key moments: 00:00 Understanding when life insurance can build wealth. 05:58 Permanent insurance costs more than term insurance. 10:05 Universal life insurance allows tax-free loans. 13:35 Insurance policies allow redepositing, not like retirement. 14:58 Limited control over investments, potential for higher returns. 21:17 Evaluate costs and fit for wealth building. 23:11 Future episode will cover life insurance info.