Round Table | How To Use Your Policy for Gifting


Manage episode 281122065 series 2499406
By By Russ Morgan CFP® & Joey Muré, By Russ Morgan CFP®, and Joey Muré. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

It’s the season of giving, and we love giving gifts. If you can pass down anything to your children, what would it be? Have you ever considered using life insurance as a gifting mechanism? In today’s round table, we’ll talk about how to use your insurance policy for gifting. A couple of ideas would be funding a life insurance policy for a child or grandchild or electing a portion of your death benefit to go to a charity. Using the Infinite Banking Concept or IBC, we buy cash value, and we purchase infinite uses of that cash value.

In Nelson Nash’s second book, Building Your Warehouse of Wealth, there’s a chapter that talks about “anticipating a windfall.” Essentially what we can do within the framework of IBC would be:

PAY premium->CREATE cash value->BORROW against that cash value->GIVE in anticipation of a windfall.

IBC is a great way of practicing the abundance mindset and a powerful tool if you want to impact people more. When you look at it in its entirety, using your policy for gifting in the context of IBC is a fantastic gift. You will always get more than what you put in, and it will last a lifetime.


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218 episodes