Policy Loan Life Assurance
Many people often say “I want to enjoy the benefits of my Life Assurance Policy when I am alive” while others simply say “I want to use my life assurance policy to build capital and be Wealthy”. If this be your desire, this is the policy for you. This policy forces you to cultivate a savings culture early in your working life as soon as you start earning regular income. As regard age to start, it is better before age 50 years. It should be noted, however, that it is not the direct payment by the policy that will make you rich but what you do with the Cash Value of the policy which grows in the course of its tenor and the insured can access the money within 48 hours of application in order to take advantage of investment opportunities that often come knocking.
Please permit me to share my personal experience about this policy. In 2003, after three years of monthly savings under a similar structured insurance policy (I selected the right structure), I bought four plots of land along Ibeju-Lekki axis of Lagos at an average cost of N80,000 per plot from my policy loan insurance based on the cash value in the month that I applied for the loan. I picked up the cheque from my insurer within twenty hours of application. I never repaid the loan because it was cashing out my money. Though, I unwisely sold two plot to two of my friends who did not have land three year later at four times the cost price while the 3rd plot I sold to my pastor friend in 2012 nearly for free (less than the price I sold to my friends in 2006 even though the price had shut up). My pastor friend sold my gifted plot for N17m March 2024. When I reflect back to 20 years ago, I realize that I could not have bought the land without the seed money from my Policy Loan Insurance which came handy to do the transaction. I remember, also that it was consummated within 72 hours from when my friend Bayo informed me about the opportunity. Furthermore, if I did not choose the correct policy and structure, I could not have enjoyed the benefit that I desired.
My recommendation, therefore, is that every young income earner must have a Policy Loan Assurance in order to take advantage of opportunities that will come his/her way in the course of working life. I guarantee that within Ten to Twenty years, subscribers to this policy will achieve more than many of their superiors at the work place talk less mates if they take advantage of opportunities that will definitely come their way. If you subscribe to the policy in your 30s, you will certainly be glad that you did by the time you are in your 50s. If you buy from anywhere and through anyone, chances are 90% that you may not get the right result.
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