Who else can I insure besides myself?
Most people think the only person they can insure is themselves. But I’m here to tell you there is another option you may have missed.
Who can you insure other than yourself?
You can insure anyone you have a vested interest in. This could be your spouse, your children, grandchildren, business partners, key employees, etc.
What does it mean to have a vested interest in someone?
In simplest terms, the insurance company wants to know that if something were to happen to this individual, would it impact you financially? For example, if your spouse were to pass away, you could prove that their loss of income would impact your finances and you’d be financially responsible to pay for their final expenses.
Remember, the insurance company isn’t doing this for your banking policy. They are looking at this from a death benefit perspective. Would it cause you financial stress if your neighbor, who is not much more than an acquaintance, were to pass? Probably not. So in this case, they wouldn’t allow you to have a policy on this individual.
The best part about owning a policy on someone you have a vested interest in is…
You, being the owner, are still in control. The policyowner is the person who pays the premiums, borrows the cash value, and manages the policy. This means you still can use the Infinite Banking Concept even if you may not qualify to have a policy on your own body.
Now, this does mean that the death benefit is not going to be on your body. It will be on the insured’s body. However, if you’ve reached your maximum amount of death benefit coverage the insurance industry will allow on your body or if you cannot get insured for one reason or another (a denial by insurance companies) then insuring someone you have a vested interest in is a great secondary option.
When you’re ready to get started on creating your financial legacy or if you have more questions, most questions can be answered by watching this video. Start there and then schedule a consult with my team when you’re ready to begin.