Your Personal Bank | WL banking like never before
If you have ever look into the “infinite banking concept” or any other of the creative uses of Whole Life insurance before look again. This is a whole new ball of wax.
When I first got into life insurance I was introduced to the whole life banking concept. If you are not familiar with this, it is a way to use a life insurance policy to basically become your own bank giving yourself 0 interest loans. It all starts with a whole life policy that is designed to minimize death benefit and maximize cash growth. If the policy is set up with the right company the goal was that you could eventually get a loan from your cash bucket (in the insurance policy) at say 5% and the account was generating 5% of interest. The net was that you got a loan for 0% interest.
Whereas this was an interesting concept for me, something wasn’t that exciting about it.
Recently I have begun working with a friend of mine Ferenc Toth of yourpersonalbank.com. He has revolutionized the original concept that now makes it extremely exciting for investors and average people alike. He found that by adding an additional, simple step he turned what was a 0 interest loan into a growth loan gaining a net of 2% annually on money that you have spent. That sounds suspiciously like voodoo right?
It’s not magic or smoke and mirrors. It’s simply the difference between two different financial tools. First the Whole Life policy, again set up to maximize cash growth with a great company giving 6% growth annually. Then adding in a bank line of credit that will use the cash value in the life policy to give you a line of credit that you can access like a checking account for whatever you need.
The life policy credits you 6% (currently) and the line of credit is charging 4% (currently) that means you can access the same amount you have in the cash value at a 4% charge and the cash actually in the cash value grows at 6% leaving a 2% growth difference between them.
Did you catch that? Instead of the original concept which let you use your own money (with benefits and we’ll get to those in a bit) now you get to use your money, investing it or using it and it still grows at 2%.
This concept works for active investors, people saving money for an emergency fund, running your bills through it or even a car buying fund.
You can spend money while at the same time have it grow into an asset that comes with benefits.
Some of the icing on the cake can include a tax free growing asset usable for retirement, life insurance for your beneficiaries (its still life insurance) and long term care coverage should you need it.
No other asset can let you spend the money and at the same time have it grow as its own asset.
This is a game changer for any active investor. If you are currently investing in anything and you are not using this concept you owe it to yourself to find out how you can add 2% growth on top of your other returns and not to mention the other additions listed above.
Now, you can’t just run out to your buddy that sells life insurance and set this up. First of all most life insurance agents don’t know that it is possible to adjust the policies in the right way to make this work. Not only that, not every insurance company has the right contract or policy that allows this to work. In addition your local bank won’t even know what your talking about if you ask about a line of credit based on life insurance. There are only a few companies that really have policies that can work well with this process and I can show you a list of the top companies and their returns for the last 20 years. You can pick which one you like the best (it will probably be the ones we use the most because it just makes sense).
There are only a few banks that have a history of offering lines of credit on life insurance and are accepted by the best insurance companies. I have a list of those banks and can introduce you to them (I get nothing for this, its just part of the service).
It is easy to set up and there are so many applications for this concept EVERYONE should look into it.
Contact me today to set up a financial review and see how this concept can benefit you.