#29- Using life Insurance to build wealth - Being your own banker and build generational wealth

On this episode of A Brother's Creed Podcast we speak with Terry Cook who has been in the life insurance industry for 30+ years. Terry is also the author of several books and a successful part time real estate investor. We start the episode by discussing the various types of life insurance and what generally how each works. Following this conversation, we dive into this concept of being your own banker. Terry talks about how he has used his high cash value Whole life insurance policy to not only fund his real estate investments but to also take advantage of several other benefits that owning a policy offers (called riders). Having long term care insurance, additional medical insurance, and other add-ons to a policy can prove worthwhile. The decision to purchase life insurance requires a long-term mentality and may involve some uncomfortable thoughts of what may happen if you or your spouse died, Terry advises it is best to think of those things now. Terry also walks us through some of the joys and pains he has gone through with his unique style of investing in real estate. In the end Terry shares some words of wisdom from a lifelong career in the finance industry on how we can set ourselves up for success.

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