Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Don’t Use the “LAZY WAY” of Explaining the Infinite Banking Concept ❌🙅‍♂️

22 Sept 2023 · 1 min

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A short video commentary by Richard Canfield criticizing a simplified or ‘lazy’ explanation of the Infinite Banking Concept. He emphasizes that there is no separate ‘infinite banking policy’—what exists legally is a dividend-paying, participating whole life insurance contract with a loan provision—and that advisors should clearly explain that and work with clients to design policies suited to using the contract to 'become their own banker.'

Chapters

They're not looking at from a long term perspective, what is the implication and the impact of that? I guess, for lack of better terminology, lazy way of explaining what's actually going on. Yeah. There is no infinite banking policy. There is only an insurance contract, dividend paying, participating whole life insurance. And an advisor could design and work with, hand in hand with a client to construct such a policy in the way that it is very functional for the purpose of that individual policy owner to utilize it in such a way that they can incorporate the process of becoming their own banker. Again, it goes back to the ridiculous simplicity. You have a unilateral binding contract that has a loan provision. That's it. Explain it clearly to your prospective client or to your existing client.