Many of us have questions on becoming the Banker with Whole Life Insurance Banking. What does that even mean? A Whole Life Insurance policy will have a cash value you can borrow against. Another advantage of this type of policy is the payment of dividends by many insurers. Dividends are generally taxed as gains; in the case of life insurance, however, the IRS treats dividends as a return of premium and they are not taxable. Meaning this money is Tax FREE.
Other benefits of being your own banker with a Whole Life insurance Policy include the fact the rate you pay will never increase. This is for your whole life and you are safely locked into a price your agreed on when you set up a policy.
Guaranteed growth of your money every year, is another reason to look into whole Life Insurance. This will be interest-rate-driven based on the economy, but your account will move forward every year regardless of what the market does. This is compound tax-free growth and not the average rate of return you get with mutual funds. this means every year your rate will go higher and the amount you can borrow from will increase. You can also have a high starting cash value amount, based on what you contribute to the policy. Whole life policies that aren’t properly designed will have very little cash value in the early years. But a properly structured life insurance policy will have high cash value percentages, even in its first year, and they increase every year. This becomes an important fact when you realize that access to your cash will help you grow wealth systematically regardless of market conditions
Becoming your own banker will also allow access to your cash value at any age, at any time, for any reason. This is a huge benefit of whole life policies compared to 401(k)s and IRAs, which impose multiple obstacles if you want to access your cash before retirement, and penalize you if the funds you borrow from them are not paid back by a certain time and at a certain interest rate. No such obstacles exist with a whole-life policy. So leave your cash in the policy if you wish, or borrow it back out and use it, the choice is yours.
Further more you are protecting your loved ones with a Whole Life Insurance policy, while investing in yourself and securing your future income and possible retirement. Whole life insurance banking can help you become your own banker and take control of your finances. For more information visit https://www.becomethebanker.org
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