Are you already a few years into your first IBC policy, and you’ve experienced the power of storing cash in a policy? Maybe now, you want to store more cash. Is it time to start another policy? Should you insure yourself, your spouse, kids, or grandkids? Why? How does it work when you build a system of policies? Should you even have life insurance for children? https://www.youtube.com/watch?v=sKq1QNKZnUc Today, we’re continuing the conversation in our series about how to take your Infinite Banking to the next level. Last time, we dug into how to maximize your current Infinite Banking Policy. We’ll talk about private family banking and insuring other family members, like spouses, kids, and grandkids. In our third and final part, we’ll talk about managing multiple policies. So if you want to hear about what to do after your first whole life insurance policy is performing well… tune in now! Table of contentsLife Insurance Isn’t Just About DeathHow to Reframe Your Insurance MindsetBuilding a Portfolio of PoliciesWhat is the Benefit of Insuring Yourself First?Order of InsuranceAre You Insurable?Should You Have Life Insurance for Children?How to Insure Your GrandchildrenStarting a Life Insurance Policy for GrandchildrenHow Do You Know What's Right for You?Find Your Human Life ValuePlanning for Generational ImpactBook A Strategy CallFAQsWhat is the benefit of buying life insurance for grandchildren?Who should own the life insurance policy for grandchildren?Can a life insurance policy for grandchildren be used for education expenses?Is it difficult to qualify for life insurance for grandchildren? Life Insurance Isn’t Just About Death We hear it all the time—“I don’t want to think about death.” This can be especially true when life insurance for children enters the discussion. However, life insurance isn’t just about death. When used correctly, it can provide liquidity and certainty... and peace of mind. It might also surprise you to learn that cash value life insurance is useful in teaching children good money habits. This is a key in family banking strategies and building generational wealth. If you’re skeptical, we understand—and that’s exactly why we’re going to be digging into the topic today. How to Reframe Your Insurance Mindset Today, most financial planning involves saving for a future goal—retirement, college, etc. In turn, this often means locking money up in qualified plans like a 401k or 529 plan, where it’s inaccessible for long periods of time. While saving is better than the alternative, the problem is that these accounts offer little flexibility. And what is life if not an exercise in flexibility? After all, things happen all the time that we cannot predict—unexpected medical expenses, job loss, and economic crises, as well as investment opportunities, extra vacation time, and more. But what happens when you don’t have the capital? Unfortunately, you have to make sacrifices or pass up on rare opportunities. Cash-value life insurance—and in particular, infinite banking strategies—offers a solution. It gives individuals and families a way to save money without locking those dollars away. The cash value component is liquid and out-earns typical savings accounts. And, you can use the money at any time, for any reason. This means that you can cover unexpected emergencies and opportunities. Yes, there’s a death benefit, but there are living benefits too. And while thinking about death can cause a lot of emotions to bubble to the surface, it’s an event none of us can avoid. Thinking about it as a logical protection mechanism, rather than an omen, can help you combat any misgivings. And in the long run, you’ll have financially prepared your loved ones for what will be a difficult time. Building a Portfolio of Policies Over the course of your life, you’ll likely be entitled to more insurance. In the first part of our IBC 201 discussion, we talked about the importance of insuring up to your Human Life Value. This will chan
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