Infinite Banking Concept - A Peaceful Financial Existence

Infinite Banking is a concept that involves using a specially-designed whole life insurance policy as a financial tool to create a personal banking system. The idea behind Infinite Banking is that by becoming your own bank, you can control your own finances and achieve financial independence.Show more

Here's how it works:

1. Purchase a whole life insurance policy: To get started with Infinite Banking, you'll need to purchase a specially-designed whole life insurance policy from a mutual insurance company. This policy will be used as your personal banking system.

2. Build up cash value: As you make premium payments on your whole life insurance policy, it will accumulate cash value. This cash value can be borrowed against, just like a bank loan.

3. Borrow against the policy: When you need to make a purchase or an investment, you can borrow against the cash value of your whole life insurance policy. The loan will be collateralized by the cash value of the policy, and you'll pay interest on the loan.

4. Repay the loan: You'll need to repay the loan, just like any other bank loan. When you repay the loan, the cash value of your policy will be restored, and you can borrow against it again in the future.

The idea behind Infinite Banking is that by becoming your own banker, you can control your own finances and avoid the fees and restrictions that come with traditional banking. It also allows you to earn interest on your own money, rather than paying interest to a bank. In addition, because the whole life insurance policy is a tax-advantaged investment vehicle, it can provide tax benefits as well.

Eric Arruda
Arruda & Associates Inc
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