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What is Infinite Banking?
Infinite banking concept (IBC) is a financial strategy that uses life insurance as the foundation for creating a self-sustaining, self-reliant system of money management. In essence, it is a way of using whole life insurance to build up a reserve of cash that can be accessed for any purpose.This reserve can be used to pay off debt, finance investments, or even replace income in retirement.
Why not just put money in the bank or invest?
Whole life insurance policies are unique in that they have both a death benefit and an accumulating cash value component. As premiums are paid into the policy, part of the money goes towards the death benefit and part goes towards building up the cash value of the policy. This cash value grows over time and can be accessed through loans or withdrawals without triggering taxes or penalties.
No interest and Dividend Growth
By taking out loans against the cash value of their policy, individuals can access funds for any purpose without having to pay interest on those loans. They can also take advantage of any dividends paid by their insurer and reinvest them into their policy to further grow their cash value. Additionally, individuals who use IBC may be able to reduce their overall tax liability by utilizing certain tax strategies associated with whole life insurance policies such as premium financing and accelerated death benefits.
Financial Freedom
One key benefit of IBC is that it allows individuals to become more self-reliant when it comes to managing their finances. By having access to funds through the cash value of their policy, they no longer have to rely on traditional banks or investment accounts for liquidity needs. Additionally, they don’t have to worry about paying interest on loans since they are borrowing from themselves via their policy’s cash value account. By using IBC strategies such as premium financing and accelerated death benefits, individuals may also be able to reduce their overall tax liability and increase their net worth over time.
You're In Control
Overall, IBC is an attractive financial strategy for those who want more control over how they manage their money and who want access to funds without having to pay interest on loans or incur taxes on withdrawals from traditional investment accounts. While there are some risks associated with investing in whole life insurance policies such as surrender charges if you decide you no longer want your policy, with proper planning and research these risks can be minimized while still taking advantage of all the benefits offered by this unique form of financial planning.
