Open Q&A

In this session, Taran, Stan, and the team answer live questions about tax slips, ACB, paying yourself extra interest, policy loans, and term insurance. 

Highlights:

• Does Equitable Life issue tax slips if you take a policy loan above your ACB? (start at 00:28 )

• Where do you see tax information on your annual policy statement? (start at 01:54)

• Does repaying a policy loan with interest increase your ACB?
  (start at 02:36 )

• How does the “extra interest” I pay myself (above Equitable’s rate) affect ACB? (start at 03:37)

• Can I use a policy loan to pay my premiums? Is it advisable? (start at 06:30)

• If I’ve maxed my EDO, will extra payments automatically go to the Premium Deposit Fund? ( start at 07:54)

• If I overpay my loan balance, what happens to the extra funds? (start at 09:34)

• Why is the Premium Deposit Fund taxable? (start at 10:18 )

• If I recapture credit card interest using a policy loan, where should I direct the extra interest I want to pay myself? (start at 11:34)

• Should extra recaptured interest go to the Premium Deposit Fund, or should I expand my system with a new policy? (start at 13:05)

• How do I know when it’s the right time to expand my system? (start at 13:35)

• Is the term insurance you’re talking about the term rider inside my whole life policy, or my separate term policy? (start at 26:19)

• Can I add more EDO to my existing policy? (start at 27:21)