The Money Advantage Podcast
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IBC 201: Life Insurance for Children and Grandchildren
Are you already a few years into your first IBC policy, and you’ve experienced the power of storing cash in a policy? Maybe now, you want to store more cash. Is it time to start another policy? Should you insure yourself, your spouse, kids, or grandkids? Why? How does it work when you build a system of policies? Should you even have life insurance for children?
https://www.youtube.com/watch?v=sKq1QNKZnUc
Today, we’re continuing the conversation in our series about how to take your Infinite Banking to the next level. Last time, we dug into how to maximize your current Infinite Banking Policy. We’ll talk about private family banking and insuring other family members, like spouses, kids, and grandkids. In our third and final part, we’ll talk about managing multiple policies.
So if you want to hear about what to do after your first whole life insurance policy is performing well… tune in now!
Table of contents* Life Insurance Isn’t Just About Death* How to Reframe Your Insurance Mindset* Building a Portfolio of Policies* What is the Benefit of Insuring Yourself First?* Order of Insurance* Are You Insurable?* Should You Have Life Insurance for Children?* How to Insure Your Grandchildren* Find Your Human Life Value* Book A Strategy Call
Life Insurance Isn’t Just About Death
We hear it all the time—“I don’t want to think about death.” This can be especially true when life insurance for children enters the discussion. However, life insurance isn’t just about death. When used correctly, it can provide liquidity and certainty... and peace of mind.
It might also surprise you to learn that cash value life insurance is useful in teaching children good money habits. This is a key in family banking strategies and building generational wealth. If you’re skeptical, we understand—and that’s exactly why we’re going to be digging into the topic today.
How to Reframe Your Insurance Mindset
Today, most financial planning involves saving for a future goal—retirement, college, etc. In turn, this often means locking money up in qualified plans like a 401k or 529 plan, where it’s inaccessible for long periods of time. While saving is better than the alternative, the problem is that these accounts offer little flexibility. And what is life if not an exercise in flexibility?
After all, things happen all the time that we cannot predict—unexpected medical expenses, job loss, and economic crises, as well as investment opportunities, extra vacation time, and more. But what happens when you don’t have the capital? Unfortunately, you have to make sacrifices or pass up on rare opportunities.
Cash-value life insurance—and in particular, infinite banking strategies—offers a solution. It gives individuals and families a way to save money without lockin...