What if I already have a life insurance policy
Life insurance has been a part of people’s financial portfolios for hundreds of years. That means there are a number of people who might have purchased life insurance before learning of IBC.
So what happens if you already have a life insurance policy, but have now discovered IBC?
My guess is, you bought that insurance policy for a specific purpose. Most likely, that was to provide protection for your family in case something were to happen to you. What my team of money mentors and I will do is first ask you for an “in-force” illustration. You do this by simply calling your life insurance company and requesting this document from them. The reason we need to see this illustration is so that we can get a good picture of what’s going on behind the scenes of that existing policy.
This existing policy may be a term policy, universal life policy, or maybe even another whole life policy. No matter what it is, just because it wasn’t designed for Infinite Banking doesn’t make it a “bad” policy. It just means that policy was designed and created for a different purpose other than banking.
What we will do is design a custom policy built for banking. This policy will naturally be different from your other life insurance plan or plans. But you do have other options with your existing plans.
We can:
Keep them in place to supplement your Death Benefit coverage.
Roll them into your debt map so we can utilize any existing cash value for banking purposes.
Or roll them into a new banking policy using a 1035 exchange, if this makes sense.
So if you have an existing life insurance policy, there’s no cause for concern. My team and I can show you how, if and why that can fit into your new overall plan.
