Walt Disney of Disney, Ray Kroc of McDonald’s and Jim Pattison of the Pattison Group
Getting good advice can make all the difference in your financial stability and future. Frankly, it is shocking that more people (everyone should know about this) have never even heard about whole life insurance. And this is how three industry leaders and giants used their Life Insurance policy to change their lives and impact their future.
Life Insurance is commonly known for just protecting your assets if the inevitability of death happens to you, whether it be prematurely. It’s there to help maintain the family's lifestyle being left behind. However, a well-structured Life Insurance plan can provide you and your family more than the apparent security it offers.
One such benefit is the ability to build up the life of your dreams, which could include starting your own business. In this article, we'll see some of the biggest names that used their insurance plans to start their own businesses.
"If it wasn't for cash values of my life insurance policies, the bank may have decided against granting me the necessary capital to begin my first business endeavour. I am certainly an advocate of life insurance as a vehicle to help a young person take advantage of business opportunities that may present themselves in the future.
It happened to me; it can happen to others," Jim Pattison, dubbed as Canada's Warren Buffett, says in a letter he provides to those who request to explain how he received capital to buy a GM car dealership. In 1961 he used his life insurance plan as collateral to secure funds to start his business.
When he approached the Royal Bank of Canada for additional capital, the cash values in his policy were a valuable asset that the bank manager used in determining whether the bank would grant his loan. Jim Pattison is now inducted into Canada's Walk of Fame. The Pattison Group's revenues are now over 10 billion annually with the help of more than 45,000 workers.In 1955 Walt Disney couldn't secure a bank loan through traditional forms of financing to build Disneyland. The now world-renowned theme park that started in California may have never opened without leveraging the living benefits of Walt's life insurance plan.
After scraping his financing and collaterally borrowing from the cash value in his plan, he was able to have his vision come to life. After it opened its doors in 1955, Disneyland now boasts 12 parks worldwide.
It became an immediate, resounding success that couldn't have been made possible without Walt's life insurance plan strategies.
Ray Kroc with McDonald's slightly differs from our first two. McDonald's struggled in its early years, which is surprising when you see the success they have today. To keep the company afloat, pay their employees and at the same time, create an advertising campaign to promote the brand, Ray Kroc borrowed money from two life insurance policies and some more money that his bank allowed him to. McDonald's is now the first thing that comes to mind when people think of fast food and has approximately 36,889 locations worldwide.“The money they have accumulated is compounding interest, giving them uninterrupted growth. Having access to capital allows them to negotiate more favorable loans by collateralizing against their accounts rather than depleting them.”— ANNETTE WISEIndividuals and businesses can leverage their life insurance policies to maximize their potential. The coverage offered, tax-exempt growth and flexibility of these policies can help purchasers achieve their original goal and whatever new objectives and needs arise over time.
Various insurance companies offer policies that can be structured differently depending on your needs and goals. Permanent life insurance constructed in a beneficial way for long-term investing can provide protection and build wealth every year.
People can utilize their plan to make the most of it while maintaining uninterrupted compounding growth within their plans. While most people think of life insurance as only a death benefit, we seek to educate people on leveraging the living benefit aspect of this unique strategy to help kickstart their dreams.
Life Insurance is commonly known for just protecting your assets if the inevitability of death happens to you, whether it be prematurely. It’s there to help maintain the family's lifestyle being left behind. However, a well-structured Life Insurance plan can provide you and your family more than the apparent security it offers.
One such benefit is the ability to build up the life of your dreams, which could include starting your own business. In this article, we'll see some of the biggest names that used their insurance plans to start their own businesses.
"If it wasn't for cash values of my life insurance policies, the bank may have decided against granting me the necessary capital to begin my first business endeavour. I am certainly an advocate of life insurance as a vehicle to help a young person take advantage of business opportunities that may present themselves in the future.
It happened to me; it can happen to others," Jim Pattison, dubbed as Canada's Warren Buffett, says in a letter he provides to those who request to explain how he received capital to buy a GM car dealership. In 1961 he used his life insurance plan as collateral to secure funds to start his business.
When he approached the Royal Bank of Canada for additional capital, the cash values in his policy were a valuable asset that the bank manager used in determining whether the bank would grant his loan. Jim Pattison is now inducted into Canada's Walk of Fame. The Pattison Group's revenues are now over 10 billion annually with the help of more than 45,000 workers.
In 1955 Walt Disney couldn't secure a bank loan through traditional forms of financing to build Disneyland. The now world-renowned theme park that started in California may have never opened without leveraging the living benefits of Walt's life insurance plan.
After scraping his financing and collaterally borrowing from the cash value in his plan, he was able to have his vision come to life. After it opened its doors in 1955, Disneyland now boasts 12 parks worldwide.
It became an immediate, resounding success that couldn't have been made possible without Walt's life insurance plan strategies.
Ray Kroc with McDonald's slightly differs from our first two. McDonald's struggled in its early years, which is surprising when you see the success they have today. To keep the company afloat, pay their employees and at the same time, create an advertising campaign to promote the brand, Ray Kroc borrowed money from two life insurance policies and some more money that his bank allowed him to. McDonald's is now the first thing that comes to mind when people think of fast food and has approximately 36,889 locations worldwide.
“The money they have accumulated is compounding interest, giving them uninterrupted growth. Having access to capital allows them to negotiate more favorable loans by collateralizing against their accounts rather than depleting them.”— ANNETTE WISE
Individuals and businesses can leverage their life insurance policies to maximize their potential. The coverage offered, tax-exempt growth and flexibility of these policies can help purchasers achieve their original goal and whatever new objectives and needs arise over time.
Various insurance companies offer policies that can be structured differently depending on your needs and goals. Permanent life insurance constructed in a beneficial way for long-term investing can provide protection and build wealth every year.
People can utilize their plan to make the most of it while maintaining uninterrupted compounding growth within their plans. While most people think of life insurance as only a death benefit, we seek to educate people on leveraging the living benefit aspect of this unique strategy to help kickstart their dreams.