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.
- 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.
To explore these available options in more depth, begin by watching this video: www.TheMoneyMultiplier.com/member-area. Then, give my team and I a call at 386-456-9335 or email us at [email protected] when you’re ready to begin.