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
Review of the Infinite Banking Program...
'Becoming Your Own Banker'
just a life insurance sales concept that helps you to present safe money concepts and solutions to your prospects,
once you are in front of the right prospect.
Besides being very expensive, with ongoing annual fees...
program DOES NOT
provide you with the marketing and
lead generation tools and methods you need to consistently attract your
'IDEAL' prospects to you.
program 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, so they
want to set better financial priorities and take immediate action on your recommendations.
DOES NOT show you how
to 'Find The Money' to fund the concepts
you have learned.
recommend you take a hard look at our
Found Money Management™
Advanced Life Insurance Sales
Toolkit. Our system includes a dynamic 'Living
Debt Free and Truly Wealthy' PowerPoint
sales presentation with 'Creating Your Own Bank' that
you can use with clients or in workshops. We also have
information booklets based on
'Creating Your Own Bank'
that you can offer to prospects, to get them to see you as
the expert, so they want to meet
with you. And, we have a simple sales presentation to help
you to consistently close more and much larger life insurance
Plus, you'll want to
look at our
How To Close '9 Out Of
By Asking The Right Questions
'Turnkey' Found Money
with our training, within
30 to 60 days
you’ll be attracting more of the very best
life insurance prospects to you, and be selling much larger cash value life
insurance policies. (Participating whole life or universal
And, you'll be
really helping your prospects to 'Live Debt Free and
Truly Wealthy!' You'll be putting them on the
road to true financial freedom!
We’ve been using and training agents on
variations of the 'Infinite Banking Concept' for over
30 years to help
prospects qualify for college financial aid, reduce debt and
accumulate great wealth.
And, you can too...
We Have Kept Our
Services Affordable For Everyone
Please consider, we
could charge you $3,000 or more upfront, with annual renewal fees for
our proven sales systems and training, just like everyone else does.
And, we could cater to those few agents, advisors and planners that can
afford our services. Or, we could recruit a few agents, advisors and
planners and require them to contract with us to receive our systems and
training, so we could make an over-ride on their business.
However, this isn’t about us making a fortune. This
is about us giving back to this great industry and trying to make
We created the Insurance Pro Shop
because there is a serious
lack of any real, creditable insurance marketing, prospecting and sales
training in this industry. So, we decided right from the beginning that
we wanted to give as many people as possible the best opportunity to
succeed and earn a significant six-figure income.
Accordingly, we are offering our
proven systems and training at a fraction of the cost of everyone else.
We even offer affordable payment plans.
look forward to helping you to earn the significant six-figure
income you have been dreaming about... and deserve!
Yours in success,
Jeremy & Lew Nason
The 9 Out Of 10 Guys...
Check out our life insurance systems and training below, because
during the past decade we've helped hundreds of
insurance agents, financial advisors and planners EACH
YEAR to double
and triple their incomes within 60-180 days ...even
in this recession!
The top advisors, we worked with last year,
earned over $1,000,000 and many others who were earning
$50,000-$70,000 per year, now earn $150,000-$350,000 per
year. And with our ongoing one-on-one help, you can do the
same. And we’ll be by your side every step of the way.
Not sure we can help, or if our
services are right for you...
Call us TODAY to schedule a No Obligation, Free 15
Minute Consultation with Lew or Jeremy.
We guarantee you'll
be glad you did! 877-297-4608 (M-F, 9AM-5PM, EST)