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

Own Your Insurance, Don't Just Rent It

25 Dec 2024 · 1 min

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Richard Canfield explains that owning insurance benefits (permanent life insurance or similar products) is analogous to owning a home versus renting: ownership requires upfront investment (savings/down payment), qualification and ongoing payments, and responsibility for repairs, but builds equity and a lasting asset you can use for life; renting transfers repair responsibility to the landlord and leaves you with no ownership when you leave. This chunk emphasizes the long-term value and trade-offs of ownership versus renting in the context of insurance benefits.

Chapters

The corollary between renting a home and owning a home is very similar to renting an insurance benefit for a period of time and owning an insurance benefit that creates and builds a powerful asset of equity that you get to use for the rest of your life. If you want to own a house, you have to save up and build up a down payment. You have to qualify for the financing to get the house, you have to make the mortgage payments, and you have to pay for all the renovations and all the issues that come up in the house, whether you made a good decision or a bad decision. But if you're renting the house, someone else is going to repair the house for you if there's a problem. If you rent the house, you walk away with no ownership. You owe nothing.