There is a new concept that I have been hearing quite a lot about over the past couple of years, something that still both puzzles and intrigues me the more I hear about it. It is a concept that is called infinite banking, have you heard about it?
I will admit that I struggled to understand what it was all about at first but that is down to me being rather slow to grasp anything that is related to finance or banking, that is why every month my bank takes $100 from me.
It certainly sounds like a good idea; you take out a whole life term insurance policy and once you have paid in a nice amount of money you take out a policy loan for something big (car, home, vacation, etc). Even when you take out the loan the cash value of your life insurance does not drop (as long as you continue to pay the premiums) and by the time you pay of the loan your insurance policy will have increased in value.
If it sounds complicated to you then have no fear because there are some fantastic books about it and there is even a company that specialises in walking you through this kind of thing.
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