When you need to prepare your taxes,
you go to your tax professional.
When you set up your living trust, you
go to an estate planning attorney.
When you want to buy or sell a
property, you go to a real estate professional.
Foot issues? See a podiatrist. Is your baby is sick? Go to a pediatrician. Kitchen remodel? Hire a contractor that specializes in
kitchens. And on and on we can go.
If this sounds like common sense, it’s
because it is. The point is we seek out
specialists in their field when we have specific goals we want to accomplish. It’s the best way to assure that we get what
want-- the best advice from experienced professionals.
When it comes to the Infinite Banking
strategy, there are specialists across the United States who have completed the
necessary training and been approved by the Nelson Nash Institute to teach and
implement the Infinite Banking strategy properly. You can find an authorized practitioner
here: https://infinitebanking.org/finder/
Here is why you should only speak to
an IBC Authorized Advisor:
Whole Life insurance is a financial product. Infinite Banking is a financial strategy.
There’s no end to the amount of incomplete
information about life insurance on the internet.
There are many life insurance options
and no one size fits all. Anybody who
tells you should only buy a certain type of life insurance product probably
isn’t qualified to be giving advice in the first place or have a professional
agenda to steer you to something only they can offer.
The best life insurance product is the
one that accomplishes an individual’s goals and everybody’s situation and
priorities are different. If obtaining
life insurance protection is your goal, you should work with a professional who
can educate on the pro’s and con’s of all the different life insurance products
available.
Pretty simple.
Taking it a step further, if you are
interested in learning more about Infinite Banking, it’s important to know
Infinite Banking can be accomplished with different financial products but none
as well as a participating Whole Life policy from a mutual life insurance
company.
Definition of product: an
article or substance that is manufactured or refined for sale.
Definition of strategy: a
plan of action or policy designed to achieve a major or overall aim.
If you
want to incorporate Infinite Banking into your personal financial picture, then
you want a strategy, not a product. To
that end, you want a specialist who knows the field better than the rest.
In working with an IBC authorized
practitioner, you’ll be working with someone who practices the strategy and can
speak about their personal experiences.
They should be able to tell you exactly how they’ve used the strategy to
build wealth. If they can’t do that,
they have not fully implemented IBC.
Furthermore, any advisor can speak
about a Whole Life policy but most advisors don’t even own a Whole Life policy
let alone practice Infinite Banking. Owning
and practicing Infinite Banking with a properly designed IBC Whole Life policy
is a world of difference!
In addition to the specific Infinite
Banking training they receive, all IBC authorized advisors must own their IBC
designed policies in order to be certified practitioners by the Nelson Nash
Institute.
It’s worth mentioning that not all
Whole Life policies are the same and certainly not up to the criteria needed to
be used for Infinite Banking.
Example, people who buy final expense
whole life policies technically have a whole life policy but this is far
different policy from the type of whole life policy an IBC authorized advisor
would use for Infinite Banking. Final
expenses have little to no cash value growth and no flexibility or collateral
capacity to use for banking purposes.
Another example are Gerber baby
policies. These are technically Whole
Life policies but they are non-participating policies which means they pay no
dividends. They also cannot be used for
banking purposes.
Switching gears, it pains me to say
that there are advisors who advocate and teach Infinite Banking but are not
Infinite Banking authorized advisors. They
have not been interviewed by the Nelson Nash Institute, passed the necessary
curriculum and gone thru the mentoring program to be approved as an IBC
authorized advisor. They contribute nothing to the community of
advisors who have committed to upholding the highest levels of integrity to the
public who are asking for the Infinite Banking strategy.
All IBC authorized advisors take very
seriously a code of ethics to structure and implement only the correct type of
Whole Life policies for the Infinite Banking strategy. It’s because advisors were using the Infinite
Banking name and peddling different recommendations that Nelson Nash created
what was first called the Infinite Banking Institute, later changed to the Nelson
Nash Institute by the board of directors to honor Nelson and his legacy.
My advice: work with an IBC authorized advisor who is trained
and vetted versus those who fail to meet the requirements and can potentially
put you at risk by recommending policies that are not right for the IBC strategy.
If an advisor is promoting IBC but is
not a verified advisor on the Nelson Nash Institute website, you should ask him/her
why that is.
Action Plan: 3 Steps
1. Connect with an IBC authorized advisor. Get a high level overview and learn the
basics of the strategy. If it makes
sense logically, request a customized plan.
2. Complete a financial analysis with your IBC
authorized advisor.
3. Schedule an online or in-person appointment to
review your IBC recommendations. If the
plan makes sense for you, start the underwriting process to implement.
JLM Wealth Strategies, Inc.
IBC® Authorized Practitioner
CA Life#0C42222
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