Do you already have your first IBC policy and want to take it to the next level? Maybe you’re a few years in and you’ve seen and experienced the power of storing cash in a policy. You’re earning interest and dividends, have exceptional compounding power, and guaranteed access to use your money, and you’re watching the death benefit increase. https://www.youtube.com/watch?v=WfEVjNWZZ6g At this stage, many people begin looking for ways to get more out of their IBC insurance policy, especially when they realise how much control and liquidity the system can offer over time. Now you want to store more cash. Is it time to start another policy? Should you insure yourself, your spouse, your kids, and your grandkids? Why? How does it work when you start building a system of policies? These questions naturally come up once your IBC policy is already doing its job and you’re ready to build out a broader personal banking system. We’re starting a series for those who are already IBC owners and want to take their policy to the next level. Today, we’re digging into how to amplify your Infinite Banking Policy. Next, we’ll talk about insuring other family members, like spouses, kids, and grandkids. Then, we’ll talk about managing multiple policies. So if you want to hear about what to do after your whole life insurance policy is already working to continue to grow and accelerate its potency… tune in now! Table of contentsWays to Maximize Your IBC PolicyCatch Up On Any Missed PUAsTake and Repay Policy LoansWhen Should You Add Another Life Insurance Policy?What is Human Life Value?Term, Whole Life, and HLVThe Power of Dividends in IBCIBC Best Practices for Family BankingBook A Strategy CallFAQsHow to maximize an IBC policy?Does having more than one IBC policy make a difference?What role does an IBC insurance policy play in long-term planning?Is it risky to rely on policy loans for opportunities? Ways to Maximize Your IBC Policy A common misconception of Infinite Banking is that when you pay back a policy loan, you’re paying yourself interest. This isn’t exactly true, however. When you pay back a policy loan, any interest you pay is to the insurance company. What Nelson Nash talks about in his book is making payments beyond the interest, which can help make your policy more efficient. This shift in perspective is part of understanding how to get the most from your IBC insurance policy, especially once you’ve moved beyond the basic mechanics and into long-term strategy. The most efficient way to maximize your policy has a lot to do with your Paid-Up Additions. The PUA rider allows you to make extra premium payments in the early years of your policy so that your policy grows faster. If you’re maximizing your PUAs, you’re supercharging the savings component of your policy. In the early stages of your policy, it’s crucial to maximize your PUAs for as many years as you’re able. That’s because, in the early years, you have more certainty. So you’re creating more room for the future when you may not be able to maximize those PUAs. Catch Up On Any Missed PUAs If you’re in a position where you were unable to maximize your PUAs one year, you have some time to catch up on those payments. Different companies offer different time limits for how far back you can “catch up.” So if you didn’t fund your policy as much as you could have, you have more room to pay those PUAs. Catching up will allow you to maximize your policy after lean years. It’s also important to note that the catch-up provision has some limitations. For example, the amount of premium you’re allowed to catch up each year is based on the average of what you’ve contributed in the previous 7 years. This ensures that the insurance company stays viable, which is good for you and all policyholders. Take and Repay Policy Loans Another way to maximize your IBC policy is to be a good steward of your policy loans. If you’re a few years into your life insurance policy, there’s a good chance you’ve utiliz
Published on 4 years, 4 months ago
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