Posted on : 20-02-2012 | By : | In : The Elevation Group
If you’re confused about the infinite banking concept then you came to the right place. The infinite banking concept can really help a lot of struggling families out there to both consolidate their debt and start accumulating savings for both their retirement and also for their families after they pass. Mike Dillard and the rest of the masterminds behind his Elevation Group’s membership area understand the infinite banking concept and they’d like to share it with you. Lets first take a look at the infinite banking concept and how it will benefit both you and your family.
Infinite Banking Concept | The Strategy
You really shouldn’t have to sacrifice the money for your retirement to pay down current debt. With infinite banking, you’ll want to open up a whole life insurance policy pretty early on in your years and make sure that its one that allows its policy holders to take out loans from their individual policies. This comes at a much lower interest rate than banks and its much simpler to manage. This is your bank and this is infinite banking.
Infinite Banking and other individualized banking systems rely on participating whole life insurance policies, which build up equity and pay dividends. Policy holders pay premiums—which vary based on the amount of the death benefit chosen, along with other factors, such as the age and health of the policy holder—into a whole life insurance policy for a period of five to seven years and let the policy increase in value. This is known as the capitalization phase.
“Generally, we try to fund most of the money into it in the first five years,” Tom McDermott, president of Asset Protectors & Advisors Group, said. “The longer you can allow it to accumulate, obviously, the more you can pull out for retirement savings, the more you can pull out for larger items.”
Infinite Banking Concept | The Benefits of the Program
The benefits to knowing the infinite banking concept and implementing it are astounding, here’s what infinitebanking.org had to share:
- Creating your own banking system using dividend-paying, permanent life insurance.
- Using available savings and cash flow to build your own “bank.”
- Capitalizing and establishing your plan.
- Using the method to finance your automobile purchases and even to finance your home.
- Expanding your system to accommodate all income through a system of banks to increase your personal wealth.
- How a business can use the concept for equipment financing.
So learning the infinite banking concept will help to free you from the shackles of debt and accruing interest and help you to build a solid foundation of wealth for both you and your family.
Infinite Banking Concept | Why You Need the Elevation Group?
Now you’re probably saying to yourself, great, I understand the infinite banking concept, so why do I need the Elevation Group? Well you may understand the basic concept of infinite banking, but pulling out the right life insurance policy, knowing how much to put in and just how much to take out can be tricky.
Inside of the Elevation Group, you’ll have access to top financial advisors that are a part of Mike Dillard’s cabinet and they will walk you through the steps of the infinite banking concept from start to finish so that you can be confident in your knowledge of the subject and begin making money.
If you have any questions about the infinite banking concept, feel free to leave them in our comments section.
Image attribution: http://www.amazon.com/Becoming-Your-Own-Banker-Infinite/dp/0972631607