1) You enter into a contract for a permanent life insurance policy which creates significant Cash Surrender Value (CSV) in the policy’s early years.
2) The policy is assigned to a bank as collateral to secure a line of credit.
3) You pay the annual recurring insurance premium.
4) You borrow back up to 100% of the CSV. (Or borrow back the entire premium by providing additional collateral security.)
5) You use the line of credit for investment purposes – for example, to fund an operating business, purchase real estate or invest in a non-registered investment portfolio.
6) Steps 3-5 are repeated annually.
7) When you pass away, the outstanding loan is repaid out of the death benefit and the remaining proceeds are paid to your beneficiaries.