Brian Boyd

You're putting money into it every month.

You pass away and.

your spouse or your family or whomever is the designated beneficiary is going to get a million dollars tax-free.

Now, if we're looking at that at ordinary income rates and it were taxable, the IRS would get 37% of that.

So $370,000 just went out the window.

No, I mean, that money upon death is so important to our beneficiaries.

Now, here's how I've used mine.

We've talked about self-banking.

But when my son was three months old, I bought him a whole life policy.

And I've been putting money into it every month.

Now, a lot of people out there have heard of a 1031 exchange, but how many of them have heard of a 1035 exchange?

I haven't.

I don't even know what that is.

It allows you to swap insurance policies.

Wow.

When he was like eight, he's 14 now, I had enough money in the policy.

I called my broker and I'm like, I want a 1035 out of this into a better policy with more bells and whistles that grows faster.

So put all these riders on it.

And when he goes off to college,

I have a 529 plan, but I can also borrow from that policy, pay for his tuition, pay it back.