Every Agent Ought To Know
‘Becoming Your Own Banker’
About The 'Infinite Banking'
In 1994, Nelson Nash self-published his book
'Becoming Your Own Banker', based on what he called
the 'Infinite Banking' Concept. Since then, there have been several other people who have
written books, are promoting and are training financial
advisors on how
to make sales with the Infinite Banking concept, using cash
value life insurance. Now, there's 'Money for Life'
by Jeffrey Reeves (my personal favorite); 'Bank On
Yourself' by Pamela Yellen;
'Discovering Hidden Treasures'
by Dan Thompson, just to name a few.
The premise is that
most people are spending huge amounts of money each year on
financed debt for large purchases, such as homes, autos and
major appliances. During their lifetime, the interest
paid to financial institutions for these items can add up to
hundreds of thousands of dollars for families. Unfortunately, this financed debt is what
is keeping most people from saving for their future.
The average family is not able to save
any money... because they’re spending approximately 34.5
cents of every dollar on interest, to finance their
lifestyle through banks and finance companies.
What if it were
possible for these people to recapture
the principle and interest that they are paying to banks and
finance companies, and they were able to put that money away
for their future?
By creating their own personal private
bank, using cash value life insurance, they are able to take
loans from their bank. Then, each year as they repay
the principle and interest, it's going back into their
policy, where it's growing tax-deferred and can be taken tax
free for their financial future.
create your own personal private bank, you'll want to sock
away as much money as you possibly can, as quickly as you
can, into a good participating (Dividend paying) whole life
policy. You funnel your money into the whole life
policy for five to seven years. You over-fund the
policy up to just below the MEC guidelines. Then,
whenever you need to make a big purchase, you can borrow the
money from your own personal bank, instead of borrowing from
a commercial bank. (or a credit card company, etc.)
Now, you pay the
loan back to yourself, plus the interest you would have paid
to the commercial bank. You are now making the big
profits on your money, that the bank would have made. Consider, whenever you make a purchase
you are financing it. You are either paying interest
to someone else - a bank, credit card company, etc.
Or, if you pay cash for your purchase, you are giving up the
interest you could have earned on that money.
The ‘Infinite Banking' Concept Isn’t New
Variations of this
concept have been used by many of the industry legends for
at least 40 years, by people like
Mehdi Fakharzadeh, Woody Woodson, John Savage and
Forty plus years ago, these
industry legends would explain to their clients how the
money they're putting into their participating whole life
policy could be used for emergencies, to take advantage of
business opportunities, to fund college, to buy a car, and
much more. However, if you take money out prior to age
65 (retirement) you’ll want to pay the loan back, plus the
interest, so you will have the retirement funds you planned
It Works Better Today...
As well as the concept worked 40 or more
years ago, it works much better today because of the paid-up
additions rider that was introduced in the late 1980’s.
Today, using a paid-up additions rider, you can dramatically
over-fund a participating whole life policy up to the MEC
guidelines and make it an exceptional wealth accumulation
Why Use A Participating Whole
The reason you use a participating whole
life policy is that it offers several unique benefits, the
other investment vehicles don’t offer...
It builds a
liquid cash reserve of safe
money. Generally, it can be accessed within 5 to
10 business days.
Cash Value Life Insurance guarantees your investment
principle, and offers you minimum growth guarantees for
the life of the contract.
You can put in
as much money as you want... limited only by the size of
the whole life policy, which you can make as large as
you need. (Not so, with qualified plans)
All of the
money you put into a cash value life insurance policy
builds tax-deferred. You avoid paying income taxes
every year, so your money builds faster.
You can borrow
the money from the policy tax free, without having to
qualify for the loan and without contractual withdrawal
There are no
early withdrawal penalties from the Federal Government.
(Not so, with qualified plans or annuities)
against the policy come from the general assets of the
insurance company, and not from the policy cash values.
In many cases, you can actually be earning more on your
money than the loan is costing you.
The policy is
self-completing, because you have a disability waiver of
premium rider that will continue to put the money in for
you, if you ever become disabled. (Only life
insurance offers this unique benefit)
provides a death benefit that gives your family the
money you intended to save; in the event you can’t be
In most states, life insurance is not
attachable by creditors.
cash values don’t count as an asset when applying for
college financial aid.
The Problems With
Using The 'Infinite Banking' Concept With Your Prospects...
There are several problems that most
agents struggle with, using the 'Infinite Banking' Concept…
The first problem is finding and
attracting the people who have the 'discretionary
dollars' to fund their own private bank. The
prospects must be willing and able to put away large
sums of money. Unfortunately, this severely limits
the amount of prospects available to you. And, it
puts you in direct competition with all the companies
and advisors working the more affluent markets.
you the 'Infinite Banking' Concept
only works with a good participating whole life policy!
(Possibly, because they
want to recruit you to sell their products.) The
truth is, this concept works equally well with a good
Universal Life Policy. (Except for some of the
guarantees) And, in some cases, because of the
flexibility, a Universal Life Policy will work much
better than a Whole Life Policy. For more
information about using universal life you should read
'Last Chance Retirement'
By Brett Anderson
The 'Infinite Banking' Concept' is
a great strategy, but it's just a sales strategy, to be used once you are in front
of the 'right' prospects. (Infinite
Banking is NOT a marketing or
lead generation program to attract the right prospects to you.
And, it DOES NOT teach you how to set the appointment, or
do a good fact-find to help you to help the prospect to
identify and understand their problems.)
Most of the organizations that are
promoting and training agents on the
Infinite Banking Concept
charging $400 or more per month and/or they want you to
contract with their companies. (with reduced
The Secrets To Making The Concept Work
The beauty of the
‘Infinite Banking Concept’
is that with some small
modifications, and the right training, almost everyone can use this concept... to
truly help their prospects.
As stated earlier,
to make this concept really work means putting all the money
your prospects possibly can, into a good cash value life
insurance policy. (Participating Whole Life or Universal
Life) Now, if you want to help the greatest number of
prospects, not just the more affluent, you must help your
prospects to ‘FIND THE MONEY’!
You can help them do that by:
Helping them to first eliminate their
debt. Can you show them the logic behind
refinancing their home for as long as they can, or
taking out an home equity loan to pay off any debts, to
free up those payments, to funnel into a life insurance
Showing them how and why to increase
all their deductibles and delete any unnecessary riders
on their existing insurance policies. Do they have
any unneeded policies? Can they use their
dividends to pay up their existing policies and/or
funnel those dividends into the new policy?
Temporarily stopping the contributions to
all their qualified plans, except for any amounts that
are being matched by their employers.
you help them look for other ways to cut their expenses?
Can they get a better long distance carrier for their
phone service, etc.?
Learn the Infinite
Banking Concept. Use it yourself. Then, help
your prospects to ‘Find The
Money’ to implement the
be your clients for life... And, you’ll get tons of
Final Review of the Infinite Banking Program...
'Becoming Your Own Banker'
We at the Insurance Pro Shop believe the
Infinite Banking Program,
is a great sales concept and we have been using it for over 30 years
personally and with our clients. However, to make the
Infinite Banking Program
must also have a system in place that consistently attracts your ideal prospects
to you! Plus, you must learn how to help people to 'find the money'
to fund the concepts and learn how to get prospects to take immediate action
on your recommendations.
Infinite Banking is
idea you present to your prospects,
once you are in front of the right prospect.
Infinite Banking Program
program DOES NOT...
Provide you with the marketing,
lead generation tools and methods you need to consistently attract your
'IDEAL' prospects to you!
Teach you how to set the appointment, or
do a good fact-find to
help you to help the prospect to identify and understand their problems, so they
want to set better financial priorities and take immediate action on your recommendations!
Show you how
to 'Find The Money' to fund the concepts
you have learned!
That is why many of the people who are
active in the
Infinite Banking Program
have also invested in our
Found Money Management™
Life Insurance Marketing & Sales Tool Kit!
We are the first truly dedicated
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We Are NOT Recruiters!
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