How to OWN your own bank for FREE

I know that you all bank, and give your money to someone else to hold and exchange your paper into digital digits. Well, I’m here to tell you that stops today, I’m going to give you a blueprint of how to start your own bank!!!

Starting your own bank account with a whole life insurance policy is a strategy known as "infinite banking" or "Bank on Yourself." It involves using the cash value of a whole life insurance policy as a source of financing for various expenses and investments. Here are the steps to set up such an account:

1. Purchase a Whole Life Insurance Policy:

   • Begin by purchasing a whole life insurance policy from a reputable insurance company. Whole life insurance provides both a death benefit and a cash value component. Work with a licensed insurance agent to find the right policy for your needs.

2. Fund the Policy:

   • Pay the premiums on your whole life insurance policy to build up the cash value. Unlike term life insurance, which provides coverage for a specific term, whole life insurance is designed to last your entire life and has a cash value that grows over time.

3. Build Cash Value:

   • Over the years, your whole life policy will accumulate cash value, which grows tax-deferred. The cash value can be used for various financial purposes, including borrowing against it.

4. Borrow Against the Cash Value:

   • Once your policy has accumulated sufficient cash value, you can borrow against it. The insurance company will provide you with a loan using the cash value as collateral. The loan is typically issued at a low-interest rate.

5. Use the Loan for Your Banking Needs:

   • You can use the loan from your whole life policy for various financial needs, such as purchasing a car, funding education, starting a business, or even as a source of emergency funds. You have the flexibility to repay the loan on your terms.

6. Repay the Loan and Accumulate More Cash Value:

   • When you borrow against the cash value of your policy, you'll have the option to repay the loan. As you repay the loan, the cash value continues to grow, which means you can use it for future investments or financial needs.

7. Manage Your Policy Responsibly:

   • It's essential to manage your whole life insurance policy responsibly to ensure it remains in force and continues to build cash value. Pay your premiums on time, avoid excessive borrowing, and understand the terms and fees associated with policy loans.

8. Work with a Financial Advisor:

   • Consider working with a financial advisor who specializes in infinite banking or whole life insurance strategies. They can help you create a tailored plan that aligns with your financial goals.

9. Review Your Policy Regularly:

   • Periodically review your whole life insurance policy and overall financial strategy to make necessary adjustments as your circumstances change.

It's important to note that using whole life insurance as a banking strategy requires careful planning and discipline. While it can provide flexibility and tax advantages, it may not be suitable for everyone. Additionally, not all whole-life policies are the same, so it's crucial to thoroughly understand the terms, fees, and features of your specific policy. Consulting with a financial professional who specializes in this strategy is advisable to ensure you make informed decisions.

Many reputable insurance companies offer whole life insurance policies that can be used for this purpose. Here are a few well-known insurance companies that offer whole life insurance products:

1. MassMutual - Massachusetts Mutual Life Insurance Company

   • MassMutual is a reputable insurance company that offers whole life insurance products. They have been in business for over 160 years and have a strong financial rating.

2. New York Life Insurance Company

   • New York Life is one of the largest and oldest life insurance companies in the United States. They offer a variety of whole life insurance options.

3. Northwestern Mutual

   • Northwestern Mutual is a highly-rated insurance company with a long history of providing whole-life insurance policies. They are known for their financial strength and stability.

4. Guardian Life Insurance Company

   • Guardian Life offers whole life insurance policies that can be used as a financial tool for building cash value and accessing funds through policy loans.

5. Penn Mutual Life Insurance Company

   • Penn Mutual offers whole life insurance policies with cash value accumulation features that can be used for the Infinite Banking Concept.

6. OneAmerica

   • OneAmerica provides whole life insurance products that can be used for the IBC strategy. They have a range of policy options to choose from.

7. Massachusetts Mutual Life Insurance Company (MassMutual)

   • MassMutual offers whole life insurance products suitable for the Infinite Banking Concept. They have a strong financial reputation.

8. Pacific Life

   • Pacific Life offers whole life insurance policies with cash value accumulation features that can be used for building a financial banking strategy.

When considering an insurance company for this strategy, it's essential to evaluate the specific whole life insurance products they offer, including their cash value growth potential, policy loan terms, and fees. Additionally, work with a knowledgeable insurance agent or financial advisor who understands the IBC concept to help you select the right policy and design a strategy that aligns with your financial goals. Each individual's financial situation is unique, so a tailored approach is crucial for success with this strategy.