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Wealth Without Bay Street 186: Whole Life Policy Design: What You Need To Know
In Becoming Your Own Banker, page 38, Nelson Nash describes the attributes of a whole life policy that would be ideal for The Infinite Banking Concept. Unfortunately, most of us have been taught to see insurance as something we should contribute as little as possible to, while expecting maximum benefits from it. However, it's time to think of a different approach and redefine what PREMIUM should mean for you! The premium when designed correctly is the solution to many of our financial problems.
WATCH: Whole Life Policy Design: What You Need To Know with Jayson Lowe & Richard Canfield
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IN THIS EPISODE, YOU WILL LEARN:
[00:00] Introduction: What did Nelson Nash mean when he talked about deemphasizing the death benefit to create a policy?
[05:01] The process of paying & not wanting to pay premium
[08:39] Nelson’s 2nd Golden Rule: Don't be afraid to capitalize
[10:52] Walkthrough of a sample case study: paying the maximum premium
[15:14] Setting up tax-free windfall
[21:56] Walkthrough of a sample case study: paying minimum premium
[27:02] The disadvantage of not having a well-designed permanent coverage
[29:29] Proactively connect with your advisor
[31:55] Relying on just one policy is not the way to go
[34:57] Sample client processes and approaches
[42:21] How long can I pay the premium for?
QUOTES:
- Sensationalized messages have no place in the truth of becoming your own banker.
- People want the mansion, but they're working with the trailer budget.
- Becoming your own banker is not meant to be achieved through the device of one policy.
- Commit enough to prioritize your premium and build an asset value greater than every dollar you've funded since Day One.
#WWBS #RichardCanfield #JaysonLowe #MoneyManagement #BeYourOwnBanker #InfiniteBanking #LegacyWealth
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