Instead of going into a bank or money lender, a person can become his own bank. This is the concept behind Bank on Yourself and the utilization of dividend-paying whole life insurance policies is the motive behind infinite banking. With Bank on Yourself, an individual can leverage such policies that allow people to control their cash flow by borrowing against/from themselves rather than relying on banks or lenders for loans. Apart from this, there are multiple benefits of Bank on Yourself.
Advantages of Bank on Yourself
● Predictable growth
As there is no volatility like in the stock market or mutuals funds, You can do the math to find out your earnings. Even before purchasing the policy, you could find out the expected returns after 10 years.
● Tax Advantages
Money invested in a Bank On Yourself insurance grows tax-free. Also, with the help of an expert, you can withdraw the amount before retirement too without paying any tax over it.
● Quick access to the money
With Bank on Yourself strategy, you could have instant access to the money. You may borrow up to 90% of the cash value of your insurance without having to fill out an application or pay any processing costs. And in just a few days, you’ll have a check in your hands – or money sent into your bank account.
● Pure Safety
Here we are talking about some of the biggest and financially strongest companies in the world: Insurance companies. Around the world, they need to reserve massive amounts of cash with banks for safety purposes. With this strong background, you are assured that your money is safe with them.
● You are in control of your money
When you plan to invest in retirement funds, you will discover that you will have complications withdrawing them by the time of your retirement. But on the other side of the coin, with Bank on Yourself, you have control over your money, you can borrow at any time without any complications.
Conclusion
There are a plethora of benefits of infinite banking. However, without the help of an expert, you might not be able to achieve them. Therefore, visit life-benefits.com and consult a legal expert to get started with Bank on Yourself.
