Infinite Banking Concept
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Your Family Bank Concept

Your Family Bank Concept

Your Future's Benefits

Your Future's Benefits

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Your Financial Planning
Life Insurance for the Living


Your Family Bank

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Life Insurance Policy for the Living

Infinite Banking ConceptSuppose there was a financial instrument with a track record stretching back 1,400 years; that was so solid it could survive the Great Depression intact; that earned untaxed interest at a competitive rate; that could be collateralized at will regardless of credit conditions; and that could be used by individuals as well as major corporations and banks as a safe harbor during times of economic turmoil?

You'd call it a financial bunker for scary times, and you'd be talking about mutual whole life insurance.

This is not your father's traditional life insurance that only pays when the insured dies. Mutual whole life is the kind of insurance our parents and grandparents owned in the good old days before the stock market began to boom in the 1980s and 1990s. Mutual whole life saw our elders through thick and thin, and after several decades of being muscled aside by the allure of the stock market, it's making a big comeback.

Mutual whole life policies have been an essential part of our financial planning practice for many years; but I'm astonished at how few of the many investment advisers we meet understand how mutual whole life policies work, or don't offer them to clients because they aren't "sexy" or new enough.

Mutual whole life fell so far out of favor in the 1990s that insurer Swiss Re issued a report in 1999 headlined, "Are mutual insurers an endangered species?" Not anymore. Mutual life insurance is making a comeback now that our speculative economy has blown up and financial disaster is driving people away from risk and back to basics.

Forbes magazine reported in December ("Mutual Respect") that two of the larger mutual insurance companies, Guardian Life and New York Life, reported double-digit growth in sales of individual life policies. Mutual or "participating" whole life insurance is the closest thing to owning your own bank.

As New York Life has said in its ads, "We're Main Street; Not Wall Street."

The concept of mutual insurance is rather simple, especially when compared with the complex annuity products that were so popular until recently. And the benefits include all those listed in the opening paragraph.

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