In April of 1987, a newspaper ad ran in the Wall Street Journal with the following almost unbelievable bold headlines: “All Life Insurance Lets You Provide For Your Children—Ours Lets
You Buy Toys Of Your Own.”1 This ad was so ostentatious in its
message that it became Exhibit A in a Senate Hearing before the
Subcommittee on Taxation and Debt Management on March 25th, 1988.
In a country such as ours, with near 300 million inhabitants, it is
important to realize that not all people produce during their entire
lifetime. For example, infants certainly do not produce. The elderly
or otherwise incapacitated, do not produce. We can say that the
unemployed, while they remain unemployed, are not producers. And
then there is that large segment of society which depends entirely
on government support.
There are many types of Infinite Banking Concept (IBC) policies: paid in 10 years, paid to age 65, paid to age 95, paid to age 99, paid to age 120, etc. Does it really mean that you have to pay your policy premiums with out-of-pocket money for so many years? The answer is a rotund “no”. IBC policies and, in general, whole life policies offer significant flexibility in premium payments, helping you adapt your plan if your circumstances change or if you prefer different options.
The Infinite Banking Concept (IBC) is a significant paradigm shift for most people. You should start by reading Nelson Nash’s “Becoming Your Own Banker” several times with an open mind. Yes, indeed; since we started practicing and teaching the implementation of IBC in 2008, we have read that book 4 or 5 times each year, and each time we read it, we find new applications for this concept. We recommend that you also read Nelson Nash’s “The Case For IBC”.
In this article, we conclude our investigative reporting of Carol Quigley’s monumental volume, “Tragedy and Hope: A History Of The World In Our Time.” In addition to being an excellent historical account of Western Civilization with detailed analysis of the first two World Wars and ending in 1964, it also tells a most incredible story. If it were not for Quigley’s impeccable academic credentials and his use of verifiable facts, the mysterious account he weaves throughout his book could be interpreted as one of the most creative hoaxes ever publishe
The new whole life insurance products have lower guaranteed interest rates, which makes the spread between the guaranteed interest and the dividend rate much larger and since in most cases dividends are reinvested into the polices to buy more PUAs, the policies, long term have more cash value and give the client more money in retirement. The life insurance industry is in good financial strength, and we have now seen evidence that it continues to innovate and deliver excellent whole life products.
When people first hear about the advantages of the Infinite Banking Concept (IBC), a typical reaction is to say, “That’s too good to be true.”
A lot of our clients are concerned and ask many questions about the guaranteed cash values in IBC policies. We want to make absolutely sure that you understand all the assumptions behind the guaranteed values in these policies.
The number one concern of most of our clients with young children is how they can assist their children with their college education without affecting their retirement plans.
Some people are doing quite well financially, and they feel that what they are doing is working fine for them. They have the mistaken opinion that since they feel they are doing well, there is no room for improvement, or to try something they may not be familiar with. Therefore, they are not interested in learning anything about IBC.
