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Here is another way to look at life insurance: if term insurance is on your expense report it's a liability – you're not making any money back from it. Permanent insurance is the opposite of a liability - it's an asset that offers liquidity, savings, market security, and earns interest. Though Permanent Insurance is on your expense report too, your interest earning policy allows for you, as an owner, to take the cash value and reinvest in other performing assets, making permanent insurance an “and” asset.
For individuals looking to build and keep lasting wealth, Permanent Life Insurance is a foundational asset that, if properly structured, creates an “and” asset. Your money, protected inside of a policy, gives the policy owner a cash value. The cash value is what allows you to leverage your finances into other performing assets to generate more passive income. This simultaneous protection and utilization allows for multiplicity of your money. Life insurance is meant to help supplement a person's working estate, not take away from it.