Most debt plans leave you with a zero balance and nothing else. Payoff & Protect uses the money you already spend on debt to pay it down and build a life insurance policy at the same time, so your family is covered the whole way.
Instead of sending every extra dollar to a lender, part of it goes into a permanent life insurance policy you own. Here's the cycle.
We find money already leaving your budget, like extra payments or spending leaks, and redirect it into a cash-value life insurance policy. Your family has a death benefit from day one.
Once the policy has built enough cash value, you can borrow against it to pay off a high-interest balance in one move.
The payment that debt used to take goes back toward repaying the policy loan. Then you move on to the next debt, and the cycle repeats.
Enter your debts and see your payoff date on minimum payments compared with paying a little extra. Nothing is saved or sent until you ask for your side-by-side.
I'll run your numbers against a real carrier illustration, side by side with this plan. It's free.
This calculator shows standard debt-payoff math only. It doesn't include any life insurance values. Policy cash values, loans and timing come only from a carrier illustration prepared for you.
This strategy works well for some households and not at all for others. Here's how to tell.
If you're behind on payments, a nonprofit credit counselor is the right first step. You can find one through the National Foundation for Credit Counseling.
Tell me how to reach you. I'll build a side-by-side using your debts and a real carrier illustration, then walk you through it in one short call.
Usually not. The strategy is built around money you already spend, like payments above your minimums or spending we can trim together. If your budget only covers minimums, this isn't the right fit yet.
That's a solid plan, and the calculator above shows what it does for you. The difference with Payoff & Protect is that your family has life insurance coverage the whole time, and once the debts are gone you're left with a policy that has cash value. The side-by-side shows both paths so you can decide.
Cash value builds slowly in a policy's first few years, so the first payoff often takes longer than people expect. Your illustration will show realistic timing for your situation, and none of it is guaranteed.
Policy loans charge interest. If loans aren't repaid, they reduce the death benefit and can cause the policy to lapse, which may have tax consequences. The policy also has to be funded within IRS limits so it keeps its tax advantages. I'll walk you through all of this before you decide anything.
No. This is permanent life insurance. Its main purpose is the death benefit. Cash value and any dividends or interest credits depend on the policy and carrier, and non-guaranteed values can change.
No. The side-by-side and the call are free, and there's no obligation.