Are Life Insurance Policies a Bank?

When people practice the Infinite Banking Concept (IBC) or Becoming Your Own Banker (BYOB), sometimes they refer to their whole life insurance policy as a bank. This can be misleading.

There are some similar concepts shared between IBC, BYOB and how banks operate but whole life insurance is not a bank. And neither are insurance companies.

Do you need whole life insurance to Become Your Own Banker? NO
Can you Become Your Own Banker without using whole life insurance? YES
Is it better to use whole life insurance? YES
Is it easier to use whole life insurance? YES

How Whole Life Insurance Works: https://www.youtube.com/watch?v=CX6Of9Gy20o

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