Why I Pay $648,000 A YEAR For Life Insurance

Why do I pay $648,000 annually in life insurance premiums? Well, I do it because I want peace of mind and I'm trying to buy a small country. Not to mention the policies come with an add on protection rider against being struck by lightning indoors. So while the financial services industry might think that need a psychiatric evaluation, let's dive a little bit deeper, in all seriousness, into the reasons why I pay so much premium each year. Firstly, what I'll share with you is that back in 2008, I was introduced to a process named becoming your own banker, the infinite banking concept pioneered developed by my late mentor, R. Nelson Nash. And I'll just say that if at any point during this short video you find yourself thinking, hey, this sounds really interesting and I want to discover more about it, then just head on over to watchibc.com again, that's watchibc.com and when you get there, there's going to be a deeper dive video that you can watch on the house at no charge and you can discover and develop a deeper understanding of this concept. I'll begin with sharing something that Joe Polish, the founder of the Genius Network, he said something really, really powerful at the last Genius Network annual meeting. And if you don't know who Joe Polish is, you have an opportunity. You should get to know him. But I'm just going to share my screen. I just want to show you something that he shared that was just so powerful. He said that wealth is not just about making money, it's about not losing it, which is a different skill set all in of itself and inside of our family banking system. You're probably asking yourself, what is a family banking system? What on earth is that? I'm going to explain that in just a second. But what I want to talk about first is the truth. And the truth is that your money, your wealth, it has to reside somewhere and you're going to need the use of money for the rest of your lifetime. And someone has to perform that banking function in your life as it relates to your needs. Now, what we did is we took a look at our entire family and we said, look how much money is leaving the family. Think about all the things in your own family that you're presently spending money on and then add up all the money that you've spent on those things up to this point in your lifetime. Because A, you did all the work and your family members did all the work to earn all that money. But the fact is everyone else got it right. You have to pay for all those things that you need to live, all of your necessities, all of your vehicles, all of your properties, all of your business equipment, all of your recreational vehicles, your vacations, your weddings, post secondary education, the list goes on and on and on and on. Just think of kids for a moment. From diapers to diplomas. How much does that cost? Several hundred thousand dollars. This is money that's leaving your family permanently. Every transaction, every credit card swipe, every debit transaction, It's a permanent transfer of money away from you. You can't spend it again. Neither can your family, and neither can every generation that comes after you. The process of becoming your own banker, the infinite banking concept, empowered us to change that. And when we began that journey back in July of 08, we didn't start by paying $648,000 a year in annual premium or dividend paying life insurance policies. I think our first policy, Rebecca and I, we were paying about 1,400 bucks a month. That's what we can contribute at that time. But this has blossomed into 75 policies with, with 27 different lives insured. We've insured our children several times over. We've insured our nieces and nephews, all of the key people inside of the 12, soon to be 13 companies inside of our low family group of companies. I've insured my sister, my assistant, all of my business partners. I won't go into business with someone without insuring their life. Now what has this empowered us to do? It's empowered us to take control of how we finance all the things that we need throughout our lifetime. So going back to your own family, think about all the money that's leaving your family every single day. How much of that money do you want flowing back to the family? How much of that money do you want going back into the family's money pool so that it can be reused over and over and over again. So what we did is we gradually and incrementally put into place a system, a system of dividend paying whole life insurance policies with a mutual company. I think back just to 2023. If I was to isolate just the personally owned policies, never mind the policies that are owned by our holding companies, which presents enormous tax advantages by the way, and are fully exempt from the passive investment income tax rules, and are contractually guaranteed to accumulate cash value every single day without interruption that can't go backward. And we participate in the divisible surplus generated by the life insurance company each and every year in the form of dividends. That attract no tax, that can never be repossessed, that can never lose value. I can contribute almost unlimited sums of money into our family banking system of policies. And so logically, the question I keep asking myself is if I can contribute almost unlimited sums, have ready access to capital on demand on my terms, to control how I finance all the things that I need throughout my family's lifetime. I attract no tax on the daily buildup of cash value. I attract no tax on the death benefit proceeds. I'm in a position of total and absolute control. The policy loans that I initiate from the life insurance company are not reported to Transunion or to Equifax. They're unstructured loans, meaning I control the repayment schedule. Logically, how much capital of mine do I not want residing there? So just isolating these personally owned policies, which attribute to about 350,000 of the 648,000 that we pay in annual premium, our dividends alone last year just the dividends were $84,000. How are we doing so far? Here's what else I want to show you. I want to show you that this is meant to be a system of policies. It's not meant to just be a single policy. As my late mentor R. Nelson Nash often said. When we began this Journey after our first policy anniversary in 2009, we had two policies in place. Now we have 75, and there are 27 individual lives insured. I'm diversified. You hear that expression often in the financial services business. You need to diversify. I am diversified. I'm diversified in lives insured. There isn't a single life insured that isn't going to die someday. And when that day comes, and it will come, there will be a windfall of tax free death benefit that replenishes the family's banking system. Total annual premium in 2009, 16,800. This year so far, 648,481. Total death benefit was a half a million in 2009. It's $36,741,469, tax free and contractually guaranteed to accumulate its equivalent in cash value. Total cash value was 4,250 in 2009. It's 3,412,073 and rising daily every single day. It cannot be repossessed and it can't go backward. Regardless of what's happening in the economy, regardless of what's happening with political turmoil, regardless of what's happening with tax rates, those total cash values are contractually Guaranteed to continue rising every single day. Loans. Our first policy loan was for $300 for my firstborn son's car seat. You can't get loans from the life insurance company for less than 500 nowadays. Today we have 1.538 million in policy loans outstanding. Our loan amount available in 2009 was 3,825. It's 1.532 million. So we could take advantage of high caliber opportunities that track us down regularly. Hence why we have 1.5 million in outstanding policy loans. The cash flowing back to our family every month is $65,000. That's $780,000 a year. How much did I say I was paying in Premium again? 648,481. I've got 780,000 coming back to the family every year and I didn't even factor in those dividends of 83, 84,000 from last year. We've already had two death benefit proceeds in the family. My late father in law served proudly as a member of the edmonton police service for decades. Retired. I had two policies on his life. Sadly, we lost him in September of 2020, right in the midst of COVID Diagnosed day one with cancer. Five weeks later he was gone. Those death benefit proceeds came back to the family. And so while papa had passed away, Nona will never have another bad financial day for the rest of her lifetime. All nine of his grandkids received a policy paid up to honor his legacy. And what did I get? I got the premiums back that I paid. But while he was alive, I controlled all the access to the cash value. And so, thinking about adding up all of the money that's leaving your family each and every month and all the money that's left your family over the past several decades, $648,000 in annual premium doesn't seem like all that high of a number. Especially when all that money plus more is coming back to the family. Each and every year we were on a family vacation financed by our family banking system and we were in the bahamas. It was a beautiful family vacation, a beautiful cruise. And every single day that we were enjoying each other on family vacation, our net worth was going up. But you don't have to be paying 648,000 in premiums each year to enjoy this. We have clients that pay as little as a hundred bucks a month for policies on their kids or their grandkids or their great grandkids. We have clients that put in six figures every month. And so if you're somewhere in between those two numbers. We can help you just head on over to watchibc.com again that's watchibc.com and when you get there there will be a deeper dive. A video that you can watch on the house at no charge. I know you're going to love it and it's going to give you a deeper glimpse into just how incredible this process is. I'm entering my 16th year into this journey and we don't have to rely upon a conventional bank for anything other than the convenience of debit. What a peaceful, stress free way of life that is. So ask yourself this question if you know. A that your money must reside somewhere. B that you can contribute almost unlimited sums of money to create your own family banking system. C. You pay no tax on contractually guaranteed daily buildup of cash value that can't go backward. D. You participate in the divisible surplus generated by the life insurance company because you become a co owner of the life insurance company. And those annual dividends don't trigger any taxable event. They can't be repossessed and they can't lose value ever. E. You have ready access to capital on demand on your terms in the form of unstructured policy loans. You control the repayment schedule and your total cash value growth is uninterrupted by your outstanding policy loan balances. And those loan balances are not reported to TransUnion, they're not reported to Equifax. They don't impact your ability to access capital from other lenders. Ask yourself, knowing all of this, knowing that I can tap into an assets value without reducing the assets value and without triggering a taxable event. Ask yourself how much of my capital do I not want residing there? Isn't that good? Do yourself a favor. You made the right decision by watching this video. Head on over to watchibc.com again that's watchibc.com when you get there there's going to be a great deep dive video that gives you a deeper understanding of this incredible concept. The process of becoming your own banker. The infinite banking concept. And while you're here, you're about to see the next video. This next video is one that I'm personally recommending that you watch. Continue your journey of learning because there's always something new to learn. There's no such thing as having arrived in knowledge. Have an outstanding rest of your day. Build your own family banking system.