Carlos and Bob reiterate the advantages of "becoming your own banker" through the use of policy loans, but they also point out the importance of paying back the loans (in most circumstances). In particular, they warn about the potential tax implications that occur if you surrender a policy. Mentioned in this episode: IRS definition of a "life insurance contract." https://www.law.cornell.edu/uscode/text/26/7702 IRS treatment of life insurance death benefits. https://www.law.cornell.edu/uscode/text/26/101