Dan from Ascendant Financial walks through how to use dividend-paying whole life insurance to become your own bank. You apply for a policy, get underwritten by the life company, and fund it with premiums until cash value builds up. That accumulated cash value is what lets you act as your own lender.
Educate yourself on the process. It'd be like starting any business. You want to make sure you do your homework, understand what you have to do, how you have to do it. And the best way would be to get a good coach to help you with that process.
How to become your own bank. If you really want to gain financial momentum with whatever you're doing financially, you need to listen to this.
I'm going to talk about how you can become your own bank.
Whether you know it or not. Whatever you're doing financially could be improved if you're able to control the banking function as it relates to your needs. Hi, I'm Dan and I'm with Ascendant Financial.
So how would you go about becoming your own bank? Well, first off, let me tell you, there's a lot of different ways that you can bank. You can bank with any asset that really allows you to have liquidity so that you can exchange it for goods or services. What I'm going to speak today about is a very specific way of becoming your own bank. And that process that I'll speak about uses a very specific product and it's called participating dividend paying whole life insurance. And for some of you, as soon as they heard that, you hear that, you just go, that's it. This is about insurance. No, it's not. It's about a process. We just use that product because it's the best one that's been found to help you become your own bank. It's got some great attributes to just support banking. So let's talk a little about this process. What's it look like? Well, first and foremost, what I'm going to tell you is you need to educate yourself on the process. It'd be like starting any business. You want to make sure you do your homework, understand what you have to do, how you have to do it. And the best way would be to get a good coach to help you with that process. Now, once you've got a good understanding of how you're going to go ahead and build your bank when you have to start. So what does that look like? Well, you would have to apply for a whole life insurance policy, a dividend, whole life insurance policy. And that's a process to go through. A life company will do underwriting on you or whoever the life insured is, because maybe you're not insurable. It doesn't mean you still can't own your own bank. You just need someone else that you have an insurable interest in as a life insured. So you can do it either way. So that is the first step. After you've done your education, after you understand how this process is going to work, then you start there, you get through that application stage and you get an approval. If you get an approval, you get a contract with the life company. So it's going to be governed under contract law. It's going to be a tool that helps you bank. So what would it require to start a banking system? Well, the first thing is capital. So with this process, you pay your premiums into your policy and that builds cash value because the product we use is a very high cash value life insurance product and it builds that cash value and that cash value is what enables you to bank.
You use that value as collateral when you go to take a loan. So you're going to take a loan that's being collateralized by the cash value that you've built up in your policy. And just like if you're working with a commercial bank, you would then have to pay that loan back. Well, you don't have to pay it back, but you want to pay it back because you would if you were working with a commercial bank. Yes, you have much more control with this process. You get to decide what term you're going to pay it back on, whether it's a five year, six year, ten year term. You just want to have a plan to pay it back. So that in a real simple way is just a high level description of how you would do it. And you know, so key things are there, educate yourself, get a coach start and then use it. And what I'm going to encourage you to do is just take in a lot more of our videos because it will do a great job of explaining more about this process that we call becoming your own banker. And all you have to do is go and take a look at all that great information that's going to be shared. Click on another video. Just keep your learning journey going and understand how you could do this and why it would be valuable for you to do that.
