A Simple Way To Build Generational Wealth For Your Family While Alive

[CASHAPP]

I'm glad that we have engaged in these dialectics.

You just made me realize that I employ both your strategy as well as mine at the same time. I have both a whole life and term insurance policies.

Correct. Term only provides a death benefit. It doesn't build any "equity" (like a home). That equity is called cash value in whole life.

Furthermore, in your example from your original post, the policy was on your wife or child. They must pass before the (death) benefit is dispersed to beneficiaries.

I aint married i was just using that as an example.

But you said earlier that you think i'm onto something breh lol. So then is there another way to do this with the term policy? If not is there another cheap way of building equity outside of life insurance? Something that would give a relative an annual allowance.

Good discussion though i learned alot more

 

[dark_magic]

I aint married i was just using that as an example.

But you said earlier that you think i'm onto something breh lol. So then is there another way to do this with the term policy? If not is there another cheap way of building equity outside of life insurance? Something that would give a relative an annual allowance.

Good discussion though i learned alot more

You are quite close. If you can grasp the concept of using a whole life policy as a private finance vehicle, your world will be transformed.
It sounds like to me you are looking for a place to store capital?

You could have a whole life insurance policy coupled with a term or term riders.

In any event, it would take time for the policy to gather steam ... say a few years.

In time, you could make withdrawals from the policy, but that kills the gains over a period of time. We want uninterrupted growth with no losses.

What I'm proposing is building a firm foundation upon which the rest of your personal economy can rest upon. As with pouring any foundation, it takes time for the "concrete" to cure.

 

[BaldingSoHard]

1. I would begin with research. I would start with the book, "Becoming Your Own Banker" by R. Nelson Nash.

2. You can also check out the Infinite Banking website at www.infinitebanking.org.

You have some education and de-programming to do before you can see it, but once you see it, you can't unsee it.

I was so inspired by this concept that not only did I obtain policies, but I became a life insurance producer as well of the strength of the concept alone.

Tomorrow breh.... how do I take advantage of this tomorrow. I already buy into the concept.

 

[newarkhiphop]

pass the wealth brehs

pinned

 

[dark_magic]

Tomorrow breh.... how do I take advantage of this tomorrow. I already buy into the concept.

Contact an insurance representative that is certified in either the Infinite Banking Concept or "Bank On Yourself". You can go to their respective websites for listings.

 

[Taadow]

Whole Life Insurance is HANDS DOWN better than Term Life Insurance, for reasons already mentioned in this thread: it has both a cash and death benefit, you can draw cash from it after a certain amount of time, and you have a set annual premium.

That's not even considering that you don't have to keep getting check-ups to see if you still qualify like with Term. If you do what the OP says and you turn 62 with too many health issues and want to renew your Term policy, an insurance company is gonna either (1) push you out of their office with a quickness, (2) double your premium, or (3) will insure you, but not for no million dollars because you're too big of a risk.

There's a reason why if your employer offers insurance to you, it's Individual or Group Term - because it's the cheapest, and the insurance companies make more money off the bulk premiums for that than Whole Life.


I say all this as someone who was at one time a Certified Insurance Producer.
Do with this info what you will.

 

[OJ Simpsom]

We already living in the last days brehs. Word to Trump.

 

[Mr Rager]

Ok, let's sanity check this plan, OP. What are some reasons why this WOULDN'T work. Be objective. Somebody already mentioned inflation, what else?

 

[dark_magic]

Ok, let's sanity check this plan, OP. What are some reasons why this WOULDN'T work. Be objective. Somebody already mentioned inflation, what else?

1. Beneficiaries may not deposit proceeds into investments.

2. Returns may (more than likely will) be less than 5-10%.

3. Income may suffer interruptions i.e. firing, laid-off, et al.

4. Term policy premium may fail to be paid.

 

[Hacksaw Jim Thuggin]

As someone who worked in the insurance industry

Yes you can do this
And white people do it all the time

But for whatever reason we think life insurance is only for funerals

 

[Suleiman Bey]

Make somebody else wealthy by dying, fucck outtahere.

 

[Jimmy from Linkedin]

gonna read through this thread again

 

[CASHAPP]

Whole Life Insurance is HANDS DOWN better than Term Life Insurance, for reasons already mentioned in this thread: it has both a cash and death benefit, you can draw cash from it after a certain amount of time, and you have a set annual premium.

That's not even considering that you don't have to keep getting check-ups to see if you still qualify like with Term. If you do what the OP says and you turn 62 with too many health issues and want to renew your Term policy, an insurance company is gonna either (1) push you out of their office with a quickness, (2) double your premium, or (3) will insure you, but not for no million dollars because you're too big of a risk.

There's a reason why if your employer offers insurance to you, it's Individual or Group Term - because it's the cheapest, and the insurance companies make more money off the bulk premiums for that than Whole Life.


I say all this as someone who was at one time a Certified Insurance Producer.
Do with this info what you will.

Ok you guys are making good points. Guess ill try to save up quick to get a minimum of $2000 plus

what i wanna ask you though and something i have always been curious about is with life insurance policies, what happens if one of these companies comes to an end. kind of random i know im just curious

 

[Silkk]

Nice thread, will look deeper into it tomorrow

 

[dark_magic]

Ok you guys are making good points. Guess ill try to save up quick to get a minimum of $2000 plus

what i wanna ask you though and something i have always been curious about is with life insurance policies, what happens if one of these companies comes to an end. kind of random i know im just curious

Just as banks have FDIC, insurance companies have a guaranty association.

If an insurance company became insolvent, the group would cover the obligations. This is unlikely to happen due to how well structured and run insurance companies are.

Insurance companies have a far lower rate of failure than banks.
Insurance companies have even weathered the Great Depression of the thirties.