Or if you have an IRA, you can have multiple IRAs, but you're stuck with that annual cap on what the government says you can contribute to all of your IRAs. Well, you can only contribute to one 401(k) at a time. And also, I think the reason why they ask this question is because they're trying to compare it to what they already know.Īnd maybe they're contributing to a 401(k).
So I think that becomes one of the things at the forefront of their mind where they just think of that they go into the future and they're like, "Man, how big could this get for me?" And I'll even say groundbreaking in terms of how people think. They're like, "Okay, I've got my insurance policy." And the idea of being able to have multiple policies is I think pretty new. So I think it just becomes one of the things that unlocks the future potential of IBC where they're like, "Man, I never thought of it that way." Because when they start thinking of life insurance as a financial asset and they realize, "Oh, you can have more than one of these." Because if you look at normal life insurance acquisition, someone will have maybe one policy, maybe, and it'll be like a term policy or something.
So a lot of times they read the book and they see and read about how Nelson Nash had multiple policies, and they read about starting your next policy. Well, I think, like a lot of things, if people have come through this process correctly, they've read the book Becoming Your Own Banker, which, of course, as always is the source material for all of this regardless of what you see on YouTube, that's really where everything comes from. What do you think about that question? Why do people ask how and why multiple policies? We are Infinite Banking authorized practitioners and hosts of the Fifth Edition. It's become a frequently asked question, why do people talk about having multiple policies? Why not just one really large policy? So we're going to discuss that today. We wanted to discuss this topic, how and why multiple policies, because it tends to come up, especially early on, for people who are just learning about IBC.
#Infinite banking policies professional
John is an Authorized Infinite Banking® professional and works nationwide.Įpisode 58: How and Why Multiple Policies? All right, well, thank you for everyone for joining us for this next episode of the Fifth Edition podcast. John Perrings started StackedLife Financial Strategies after a 20-year career in the startup world of Silicon Valley where he specialized in data center real estate, finance, and construction. John Montoya is the founder of JLM Wealth Strategies, began his career in financial services in 1998 and is both an Authorized IBC® and Bank on Yourself® professional licensed nationwide. Hosts John Perrings and John Montoya are dedicated to spreading the word about Infinite Banking so you can discover for yourself how you and your loved ones can benefit with a virtual streamlined process that will take you from IBC novice to sharing the strategy with friends and family. (23:06) - Episode wrap-up About Your Hosts: (21:41) - To sum it all up: Capital needs a home (18:41) - Having a better handle on your expenses, income and where it’s all going (11:19) - Buying a convertible term policy (7:13) - The business owner mindset for IBC, “expanding your system” (4:20) - One consequence to putting too much premium into a whole life policy (1:57) - The idea of having multiple policies Tune in to this important episode where we discuss the ins and outs of owning multiple whole life insurance policies for Infinite Banking. So, what's this all about? How do we go about buying multiple whole life insurance policies and how is this even possible? In chapter 12 he states "We need a system of many policies to do the job. In chapter 6 of Becoming Your Own Banker, Nelson Nash states ".I am not describing one life insurance policy. A very common question we get is how multiple whole life insurance policies come into play for Infinite Banking.
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