For some people, the idea of becoming your own banker might sound too good to be true. However, many have already enjoyed success by counting on their whole life insurance policy to amass wealth. Either way, you should never allow agents and promoters to misguide you about what is destined to come your way once you decide to become your own banker.
In most cases, they over-sensationalize the practice in an attempt to win over your business. That’s why there are so many myths and misinformation about infinite banking concepts. With that in mind, here are some of the things you ought to know about the infinite banking concept.
What is the Infinite Banking Concept?
Before going any further, it is in your best interest that you know what the infinite banking concept is all about. To cut the long story short, ‘Becoming Your Own Banker’ is all about leveraging the infinite banking concept to increase cash value. However, this concept has been misused by certain insurance agents who don’t have your best interest at heart. Actually, they are only looking to benefit off of some customer’s lack of financial understanding.
Key Benefits of an Infinite Banking Concept
There are numerous benefits destined to come your way when you decide to become your own banker. To give you a tip of the iceberg, you enjoy guaranteed growth and principal protection each year. Of course, this is at a competitive growth rate that will start much higher than a traditional bank would offer.
If you think this is all that’s destined to come your way, then you might be in for a big surprise. When you decide to become your own banker, you have tax-exempt distributions and tax-sheltered growth. This is possible since many states offer creditor protection against these policy funds.
The Bottom Line
Now that you know what it takes to become your own banker, you can consider giving it a try. Be sure to do your homework and get answers to all your questions before you can finally get started.
