Should You Use Whole Life IBC to Pay Off Debts | 593

A lot more people are discovering its benefits and unfortunately, many are being misled by the information they find online.

In today’s episode, I’m going to help you better understand how you can make the most out of an Infinite Banking policy! Watch now to learn what it really is, how you can maximize the money you’re putting in it, and if it’s a good idea to use it to pay off debts or not!

Key Talking Points of the Episode
[02:05] What is Infinite Banking?
[03:15] What I learned as a financial advisor
[05:26] Losing my policies during the recession
[08:31] Why should you borrow money from your policy?
[10:10] Does Velocity Banking work?
[12:50] Should you use it to buy a house or a car?
[13:28] What should you use the bank for? 
[14:27] What will I not use my insurance for?
[15:43] The truth about Infinite Banking policies
[17:20] What else can you use your Infinite Banking policy for?
[18:06] What benefits do you get from keeping your money in your policy?
[19:58] Who should be getting Infinite Banking policies?

Quotables

“One of the big concepts they teach, and they’re coming from this Dave Ramsey perspective, is paying off your debt.”

“It’s all cash, you’re debt free, but you’re using this money instead, and then you pay yourself back the payments.”

“It sounds miraculous, it sounds amazing, it sounds perfect, especially if you’re coming from that Dave Ramsey perspective, which I had done at that time.”

“Anything I can’t get bank money on, especially if it’s cheaper than 5-6% or less, if I can’t get that through the bank, then I use my insurance policy.”

“I recommend that you use this for something that will give you a return.”