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Commonly used to reference the practice of storing money inside of a strategically designed whole life insurance policy with a major mutual company that pays tax-free interest in dividends to the cash value stored inside of the policy.
There is only one place in the entire IRS Tax Code that allows you to pay no taxes on an interest baring account. IRS Tax Code - Section 7702
1. Tax-free Growth
2. Compounding Interest
3. Liquid and Accessible
4. Tier 1 Asset (Collateral)
5. Protections From Litigation In Most States
6. Currency Standard Protection
7. Retirement Income
8. Generational Wealth
9. Early Dispersement of Death Benefits For Chronic Illness, Specified Medical, and Terminal Illness Policy.
Infinite Banking can be practiced as an individual or as a business.
As an individual your plan can be owned by you personally or you can set it up to be owned by your trust. Business owners can practice the strategy using a Key Person policy and the cash value can be used as collateral for business cash value line of credit which is a line of credit against the insurance policies cash value collateralized by the death benefit. The payment on the loan can also be a tax deduction.
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