Question

Ten years after the policy was issued, Chad wants to buy a house. He doesn’t have enough money to pay for the down payment but he doesn’t want to surrender his policy. Assumes his policy does not pay dividends. What advice can you give to Chad about how to get the money?

Answer 1

Chad can consider saving money, getting a loan, or exploring other investment options to get the money for the down payment on his house.

Step-by-step explanation:

Chad can consider a few options to get the money for the down payment on his house:

1. He can try to save the money by cutting back on expenses and increasing savings over time.
2. He can explore the possibility of getting a loan or borrowing money from a family member or friend.
3. He can also consider other investment options, such as selling some of his assets or participating in a side business to generate additional income.

It's important for Chad to carefully consider the pros and cons of each option and consult with a financial advisor to make the best decision for his specific situation.