[Anne Uhitea]

Does anyone in the Financial services category have REAL experience with the "Infinite Banking" concept?

[BankerJim]

Absolutely! I have had incredible results with Infinite Banking. It must be set up properly by someone who understands banking first and dividend paying WHOLE Life. When properly structured, it can not be beat as a virtually riskless way of creating, growing, protecting and transferring wealth in the most financially and tax free basis possible. Most people want to compare it to an investment... which it is not. Learn first to understand how bankers make money then duplicate it with your own Personal Banking System.

[morgaine300]

Just a little bit of stuff I found googling. The forum does include someone who is actually doing it.

The Infinite Banking Concept: Be Your Own Bank
InvestorCentric: Is The Infinite Banking Concept A Scam?
Kiplinger.com Community - Bank on Yourself/Infinite Banking...

But in reading on it, it does sound like something that has to be for the right person, and who is committed to it long-term or it'll backfire on you. The forum discussion also talks of it as being not a bad thing to do, but not necessarily the thing to do.

[ibcbyob]

Morgaine300 is right, this process is not for the one looking to win the lotto or making money while you sleep. I learned of this process when I was looking for the best way to manage and protect a few dollars that I earned on a real estate deal. I was looking for something like a trust or a self directed IRA and one day I found somebody talking about creating your personal banking system. I went for it and now I have three policies.
I kept learning and I got to a point when I decided I had to promote this process. This is a secure, efficient, predictable, simple path to financial security.

[bardobeing]

I was 1st introduced to the concept probably 8 to 10 years ago via a commercial on the sports talk radio station I listened to at the time. I got and read Nelson's book (I've since lost the book and wish I could find it). My wife and I ended up meeting with an agent to discuss things, but she had an uneasy feeling after the meeting. I never started anything back then and the idea essentially laid dormant until probably a year or so ago. With all the press regarding the big banks and the predatory credit card lending, etc. my disdain for banks in general brought the idea back to the front of my mind.

I then went back out and did some more research. I ended up buying and reading Pamela's book and through her site contacted another agent. He did a internet meeting and assessment for me and my wife. She remained skeptical. One thing that strikes me is I cannot find ANYONE that has implemented the plan AND is critical of the plan. All the critics seem to have pre-conceived notions about insurance in general, or about WL insurance.

Based on all of my research, I'm ready to go and my wife ultimately indicates it'll be my decision. I'd like her to be on board however. Has anyone had a spouse who was very skeptical and how did you go about getting them on board without requiring them to spend as much time researching.

JD

[bdunklau]

My wife was very skeptical about this plan. Her mantra was "Life insurance was never meant to be used this way". (What do you say to that?)

I almost cancelled my policy less than 2 years in. Now almost 6 years in, I'm glad I didn't. A couple years ago, my wife told me we were going to need a bigger house - and she was right. But this was '09, post collapse. No-money-down mortgages? Fugeddaboutit. We weren't getting the house without 10% down.

Where oh where would we find 10%?.

Wait for it...

Wait for it...

Duh! - from our life insurance policy. (Honey, aren't you glad I didn't listen to you this time? ;) ) That's all it took for her to be a believer. She got the house she wanted when she wanted it. Otherwise, we would have had to wait another 3 years to save up the down payment, meaning we would still be 15 months away.

What's that you say? We could have been saving up cash the whole time instead of paying premiums? Yeah, right. I bought my policy while I was still single (why would a single guy need a bigger house?) Or put another way, how much have you saved up for that thing you don't even know you're going to buy 5 years from now?

At this point I don't have to convince her of the merits of the strategy. But if I did, it would be pretty easy. Just think about the alternative...

We could cancel the policy but then we'd have to go get some term coverage (which I'll probably outlive) And I'm not the 34 yr-old spring chicken I was when I got rated for perm. I'm a geezerly 40 now and I aint' getting any younger. Is my cholesterol just a bit too high now? What about weight and blood pressure? Regardless of my rating, whatever money I spend on term ain't coming back - it's gone as gone could be.

Then there's the matter of that surrender check. Where's that money going to go? I'll tell you where - someplace taxable. And what's it going to earn? You know as well I do - nothing - unless you want to put it at risk. (Anyone out there think there won't be another market "correction"?)

But the real problem with cashing out the policy is that my money is no longer doing double-duty. It's not supporting a death benefit anymore - it's just a lump of cash.