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Infinite Banking
Posted on 6/29/15 at 10:11 am
Posted on 6/29/15 at 10:11 am
Got a friend who's trying to lure me into this. The tagline seems to be "Be your own bank." Not really buying it because it seems like a scheme to sell life insurance policies.
Anyone flirted with this idea before?
Anyone flirted with this idea before?
3
Posted on 6/29/15 at 10:14 am to FairhopeTider
Link? Info? Website? Offer?
Give us something! Also, what's in it for your friend? Why "lure" you? Pyramid?
Give us something! Also, what's in it for your friend? Why "lure" you? Pyramid?
Posted on 6/29/15 at 10:37 am to GeeOH
LINK
Becoming Your Own Banker
Like I said, it seems to be a way for these guys to sell Life Insurance policies than you can then borrow against. The Financial Advisors that I talked to said its not very legit but my friend (former co-worker) is a good guy and left a pretty decent job for this. Not going to buy into this though. Just curious if anyone else had any experience.
Becoming Your Own Banker
Like I said, it seems to be a way for these guys to sell Life Insurance policies than you can then borrow against. The Financial Advisors that I talked to said its not very legit but my friend (former co-worker) is a good guy and left a pretty decent job for this. Not going to buy into this though. Just curious if anyone else had any experience.
Posted on 6/29/15 at 11:22 am to FairhopeTider
I know about it. I know many agents who sell the concept. Gimmicky. Sells PLI for the unitelligent agent. The life insurance part is much more valuable than this system offers. It sells the "bank" idea but never can explain the costs. The only reason I have found to over fund PLI is purely for a wealth transfer move.
Aside: If banking deposit/withdrawal rules continue to change...but you still must run deposits from Infinite Bank through a clearinghouse system, so ?
Aside: If banking deposit/withdrawal rules continue to change...but you still must run deposits from Infinite Bank through a clearinghouse system, so ?
Posted on 6/29/15 at 11:48 am to GeeOH
I have a friend who is an actuary for NW Mutual and he fully endorses it. I'm still doing my own research.
[link=(infinite banking)]LINK[/link]
[link=(infinite banking)]LINK[/link]
Posted on 6/29/15 at 1:10 pm to HouTigah03
I find it interesting that no one can really explain it. It must be kind of like the Matrix.
Posted on 6/29/15 at 1:29 pm to HouTigah03
quote:
I have a friend who is an actuary for NW Mutual and he fully endorses it.
Actuarialy it makes the insurer money and actuarialy the carrier will not be obligating itself to pay a death benefit. Odds work in their favor where those that borrow will not pay back their loans, thusly lowering or cancelling the benefit payable at death.
Posted on 6/29/15 at 2:16 pm to HouTigah03
quote:
I have a friend who is an actuary for NW Mutual and he fully endorses it. I'm still doing my own research.
Is he a credentialed actuary? There is no way that an actuary worth his salt would endorse infinite banking without some qualifiers attached
Posted on 6/29/15 at 2:20 pm to FairhopeTider
quote:
It seems like a scheme to sell life insurance policies.
Cuz it is.
Posted on 6/29/15 at 2:26 pm to TheHiddenFlask
People need to just start realizing that you won't beat the insurance companies. They are regulated so tightly and they need to make profit/meet expenses. They can't offer you a product that you can "beat the house" at, regulators won't even allow it.
In the right context, doing investment products through insurance companies or using insurance products as investments can be right for your portfolio. If you are trying to maximize returns, you probably should look elsewhere though.
In the right context, doing investment products through insurance companies or using insurance products as investments can be right for your portfolio. If you are trying to maximize returns, you probably should look elsewhere though.
Posted on 6/29/15 at 2:31 pm to GenesChin
It happened once and 30 years later the insurance companies still make hay off of it. Great investment in their part, even if it was an accident.
Just like the casinos love it when people think they can count cards, insurance companies love it when people think they can beat the numbers generated by the thousands of actuaries they employ.
Just like the casinos love it when people think they can count cards, insurance companies love it when people think they can beat the numbers generated by the thousands of actuaries they employ.
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