Infinite banking is all about utilizing high cash value whole life insurance to become your own banker and manage your own financial outcomes with a liquid, safe investment strategy.
Let’s look at some of these myths surrounding the Infinite Banking Concept and find some of the truth behind this concept and the realty of this investment strategy.
Myth #1 – Infinite Banking Is A Scam
Infinite Banking is not a scam, however, if it seems to good to be true, then you are probably being misled. Infinite Banking resembles a high growth savings account.
Myth #2 – Whole Life Insurance is an Awful Investment
Many radio entertainers claim that whole life insurance is a bad investment. However, they are also sponsored by term life insurance providers, which could be seen as a conflict of interest.
Myth #3 – Infinite Banking has High Fee
Infinite Banking policies pay the agent in the first few years after they are created. In year one, when compared to other investments, this can make it seem like Infinite Banking has higher fees.
Myth #4 – I Don’t Get My Cash Value When I Die
Another myth is that, when we die, the cash value is completely eliminated and all the beneficiary gets is the death benefit.
Myth #5 – Infinite Banking Takes Too Long
Once again, emotional arguments do nothing for the individual. If you are not planning on utilizing Infinite Banking for the long-term, then it will not work.