What You Need to Know about Bank on Yourself

It is without a doubt that the Bank on Yourself concept has been popularized under different trademarked terms. For some it’s Infinite Banking whereas others refer to it as Lifetime Economic Acceleration Process. Either way, the difference in terms does not change anything since it is all but the same thing.

 

Actually, not many things have changed about this strategy in the last eight years or so. Either way, this is not to say you should rush into leveraging the ‘banking’ with a whole life policy. Keep in mind there are so many bank on yourself problems you ought to know about.

 

With that in mind, today we will share two truths about Bank on Yourself you probably did not know about. Keep on reading to find out more.

 

You Need to Buy a Whole Life Policy

Before you get to leverage the Bank on Yourself strategy, you will first have to buy a whole life insurance policy. Unfortunately, Whole life insurance policy tends to have a terrible reputation, and for good reason.  In fact, it is dramatically oversold. That’s why you should always be careful while in there since most agents might not sell you the right kind of whole life policy to do this properly.

 

You Get to Earn More on Your Cash in the Long Term

The good thing about Bank on Yourself is that you may end up a little more on your cash over the course of your life when compared to leveraging a bank account. However, you should never compare borrowing against your policy to borrowing from the bank. Instead, you ought to compare borrowing against your policy to withdrawing money from your savings account.

 

The Bottom Line

These are just but some of the things you should know about Bank on Yourself before you can finally make up your mind to follow this route. Be sure to spend some time doing your homework and figure out what goes into Infinite Banking. It is then that you will never have to worry about making costly mistakes with your decision.