Beginner’s Guide to Debt Free Life

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With the Debt Free Life program, you’ll be able to pay off your debt and build up a retirement savings account – all by using the cash value of your life insurance policy. It’s a simple way to eliminate debt without spending any additional money each month.

What is Debt Free Life?

Debt Free Life is a life insurance policy that utilizes the policy’s cash value to pay off debts. Instead of borrowing from a traditional lender, you can use funds from within your life insurance policy to pay off debts one by one. Within an average of nine years or less, your debts will be paid off in full.

How does Debt Free Life work?

The Debt Free Life program is customized to your specific debts and your budget. Your certified Debt Free Life consultant will help you gather all the information you need to get started and present your customized debt payoff plan. Within this plan, you will get a timeline for when each of your debts will be paid off in full, and how much money you’ll have in retirement savings by the time your debt is paid off. Even more, you will be able to see how much money you’ll save over the years by not paying interest to lenders.

How much does it cost?
One of the best parts of the Debt Free Life program is that you won’t be spending any additional money each month. Debt Free Life is a type of permanent life insurance policy, so you will go through the process of qualifying for life insurance coverage and maintaining premium payments to keep your policy in force. Since you are using the cash value of your life insurance policy, you won’t be spending any additional money each month to pay off your debts.
How do I get started?
The first step to getting started with Debt Free Life is to schedule a consultation with a Debt Free Life certified consultant. They will then get to know you and help you list out all your debts that you want to pay off on a financial worksheet. You will also learn how to leverage your permanent life insurance policy and its cash value component to retire with tax-favored income. From there, you will get a report that illustrates when each debt will be paid off so you can see exactly how Debt Free Life will work for you. All the while, your loved ones will be protected with permanent life insurance coverage should anything happen to you.
How does the life insurance component work?

The Debt Free Life program utilizes the cash value of a permanent life insurance policy. Permanent life insurance offers a lifetime of protection rather than a set number of years. This policy would provide a death benefit to your chosen beneficiary when you pass away. In most cases, you will not need to undergo a medical exam to qualify for coverage. 

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Learn More About Permanent Life Insurance

Debt Free Life helps you eliminate debt, save for retirement, and secure valuable permanent life insurance coverage. Learn more about permanent life insurance policies and how they can benefit your family and finances.

How Debt Free Life is helping Quility clients

Many of our clients are well on their way to paying off their debts and boosting their retirement savings.

For the Mesnick family, they were looking at 29 years before their debts would be paid off in full. With Debt Free Life, they will be debt free in 2.8 years and will have paid off $70,640 in student loans.

The Hughes family would take 27.5 years to finish paying off their debt, but with Debt Free Life they will be debt free in just over 5.5 years. They are also on track to create $2,554,500 in retirement savings and pay off $44,500 in credit card debt and $48,840 in auto loans.

The Moore family went from being in debt for 28 years to being on track to eliminate all their debt with the Debt Free Life program in 5.7 years. They will have created $612,100 in retirement wealth and saved $76,100 that would have gone towards interest. 

How long does it take to become debt free?
Debt Free Life helps you achieve financial freedom in an average of nine years or less and helps you grow your retirement savings. You’ll also secure a permanent life insurance policy that can provide your loved ones with financial support should anything happen to you. It’s a modern solution to eliminating debt, decreasing the amount of interest you pay to lenders, all while gaining the peace of mind and financial protection that life insurance offers.
Get on track to financial freedom with Debt Free Life

Want to learn more about Debt Free Life? Schedule a consultation with a Debt Free Life consultant today – we’ll create a customized debt payoff plan and help you get on track to financial freedom.

Ready to Live a Debt Free Life?

Schedule a consultation to get a plan in place today.

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Calie Brummer
Head of Digital Communications
Calie Brummer is a staff writer and Head of Digital Communications at Quility Insurance with a focus on financial well-being and life insurance solutions.