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Anybody Heard of Infinite Banking?

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  • Anybody Heard of Infinite Banking?

    Please don't flame me or kick me out of the forums for asking this. But what is the "Infinite Banking Concept". An insurance salesman trying to get me to buy some sort of whole life insurance tried to sell me on the idea. What I got from it is that you are buying whole life insurance and that the investment portion is available to you as a way to "be your own banker" that you take loans from when buying a car, paying college tuition, or whatever. I really didn't understand it very well. I am guessing this is part of the sales tactic, make it sound logical but almost too good to be true. I think they went this route knowing that I followed WCI and other conservative financial ideals which advocate buying cheap term insurance and then maxing out as much investing as you can afford. I just hadn't heard of it. Is it just some sales tactic for whole life? Or what?

  • #2
    Infinity is simply a concept, it doesnt exist in reality. Anyone trying to sell you something serious with infinite and banking together is certainly an avoid at all costs situation.

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    • #3
      Yes, I've spent a fair amount of time on the concept. It isn't the worst reason I've ever heard of to buy whole life, but it is primarily a reason given by whole life insurance salesman for you to buy it. More details here:

      https://www.whitecoatinvestor.com/a-twist-on-whole-life-insurance/

      FYI- Bank On Yourself is pretty much the same concept.
      Helping those who wear the white coat get a fair shake on Wall Street since 2011

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      • #4
        I must have missed that article. I went through quite a few of the comments as well. I appreciate the response.

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