Infinite Banking CONCEPT
The Infinite Banking Concept (IBC) is a financial strategy that involves using a specially designed whole life insurance policy as a tool for personal banking and wealth creation.
This concept was popularized by Nelson Nash in his book "Becoming Your Own Banker."
Key elements of the Infinite Banking Concept
Whole Life
Insurance Policy
Individuals leverage a whole life insurance policy with a high cash value component.
Unlike term life insurance, whole life insurance provides coverage for the entire life of the insured and accumulates a cash value over time.
Individuals leverage a whole life insurance policy with a high cash value component.
Unlike term life insurance, whole life insurance provides coverage for the entire life of the insured and accumulates a cash value over time.
Cash Value
Component
A portion of the premium payments goes into a cash value account within the policy.
This cash value can be accessed and used as collateral for loans while still earning interest
A portion of the premium payments goes into a cash value account within the policy.
This cash value can be accessed and used as collateral for loans while still earning interest.
Private Banking
System
The policyholder becomes their own banker by borrowing from the cash value of the insurance policy instead of traditional lenders. This creates a cycle where individuals pay interest back to themselves, fostering a self-sustaining financial system.
Financial Control
Individuals gain control over their finances by bypassing
traditional banking systems and becoming their own source of financing.
Individuals gain control over their finances by bypassing
traditional banking systems and becoming their own source of financing.
Tax
Advantages
The cash value in the insurance policy grows tax-deferred, and loans against the policy are typically tax-free. This can provide tax advantages compared to other investment strategies.
Asset Protection
The cash value in a life insurance policy is generally
protected from creditors, providing a level of asset protection
The cash value in a life insurance policy is generally
protected from creditors, providing a level of asset protection.
Legacy Planning:
The death benefit from the life insurance policy can be passed on to beneficiaries, creating a financial legacy.
INFINITE BANKING CONCEPT
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