Some individuals who would rather become their own banker. Well, this may sound too good to be true, but many have transformed their lives immensely using their whole life insurance plans to achieve that. Actually, good things are destined to come your way the very moment you decide to bank on yourself.
That’s why it is common to find promoters and life insurance agents referring to this benefit when talking about the essence of buying their policies. Of course, there are those telling the truth but others might be using this as the perfect opportunity to lure unsuspecting clients. With that said, below are some of the things you ought to know before you finally decide to bank on yourself.
What is Bank on Yourself?
Well, the infinite banking strategy entails putting your money precisely where the banks put their money and using it exactly like the banks use it. What this simply means is that you no longer give control and power to the banks and other financial institutions, but rather take full control of everything.
Should You Bank on Yourself?
Numerous benefits are destined to come your way if you choose to use your whole life insurance for a financial system. And this is easy to see why since you get to enjoy guaranteed growth, not forgetting principal protection each year. Keep in mind this is at a competitive growth that is way higher when compared to that of a traditional bank.
Better, you are entitled to tax exemptions and enjoy tax-sheltered growth. When the death benefit is paid out, it is also tax-free over and above your equity. That’s why becoming your own bankeris the best way to go if you want to avoid the stress of dealing with traditional banks when managing your finances.
Nevertheless, you need to do your homework and determine what makes this approach worth following. That way, you will never regret your decision the very moment you decide to bank on yourself. The good news is you can always leverage the internet to clear all the doubts in your mind.