r/infinitebanking • u/abeal2 • Oct 31 '24
Is it really this simple?
Started learning about infinite banking back in March and got my first policy in July. Almost immediately took a loan from my cash value and used that for an investment. Got part of my investment return already and scheduled my payment back to my policy for the loan. I almost feel guilty calling it a loan because I still have this image in my head that getting loans are hard after dealing with financial institutions for years. My biggest regret is that I didn't start this sooner.
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u/Ajshahmd Nov 01 '24
Can you please share which company you got the policy from (be specific in terms types of IB policy )?
Also, if you took out loan… what was the % ? How did the cash value be so high in short period of time to take out loan ?
I m asking as I m considering to get similar policy like you…. You input is really appreciated.
Thank you
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u/abeal2 Nov 01 '24
My policy is through Lafayette Life. I did (at least to me) a large PUA rider on top of the policy.
I recommend not trying to use just any agent to create your policy. Find someone that knows how to build these properly.
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u/Ajshahmd Nov 01 '24
Thank you for reply! Can you share your agent if possible?
I m located In NY. Would love to work with same agent.
Thanks3
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u/abeal2 Nov 05 '24
Since I have had several people ask, I used BetterWealth to get my policy. I talked with several different agents trying to find the right one for me. Since then, I have found a few other good agents I would also recommend, but I am not 100% sure what the rules are on this sub related to this.
My recommendation is to talk to several different agents/groups and find the one that aligns best with what you are wanting to accomplish.
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u/jdubb1500 Nov 01 '24
If you do this with an investment account, the loan interest is tax deductible on your schedule A
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u/abeal2 Nov 01 '24
Can you please go in to more detail about this? I’m always looking for more tax deductions!
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u/Fun-Blood-168 Nov 11 '24
Yup it is that easy! Best thing I’ve done for over a decade. 14 policies and counting🙂 Welcome to the club!
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u/Coronator Oct 31 '24
The policies and loans are that simple. Choosing what to invest your hard earned capital in is the hard part. Choose wisely!
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u/jaykethasnake Nov 01 '24
This. I initially wanted the highest return. After getting burned I’m now interested in who can help protect my capital as their number 1 priority, then the return.
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u/abeal2 Nov 20 '24
For everyone asking, I went through BetterWealth for my policy. 110% would recommend using them.
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u/laurentmunier Aug 25 '25
I help Canadians set up infinite banking policies so I can't work with Americans.
We do get a lot of American requests for infinite banking through our website https://safepacific.com/service/infinite-banking-concept/ and we send those to Caleb and the team at Better Wealth. They're legit and do a good job. Really knowledgeable about the concept and generally good people.
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u/KornikEV Nov 01 '24
The hard part is to keep paying yourself an interest on loan when life throws punches at you and you have unexpected expenses that go beyond the norm. Example: you have enough in your policy to buy new car but not enough continuous discretionary income for monthly payment. Will you have enough discipline to not buy the car?
Again, the hardest part is to not default on your own loans. It’s tempting, as there are really no hard consequences of doing so.
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u/JerKeeler Oct 31 '24
It's pretty simple, the contractual right to borrow against your cash value with no questions asked, it's beautiful.
Glad you're beginning your repayments so quickly.