Infinite Banking Concept Reviews – Legit or Scam?

Infinite BankingInfiniteBanking.org is a website run by Nelson Nash, who wants to educate you on “becoming your own banker” by using whole life insurance policies to finance your major purchases (house, car, etc.), rather than the traditional method of borrowing money from a bank which you then have to pay back with interest.

Whole life insurance policies are a combination of life insurance and forced savings policies – the “forced savings” part meaning that part of your premiums are invested and bring you a small return.  The specific attribute of whole life insurance policies that the Infinite Banking system is focusing on, however, is the fact that you can borrow money from this policy.

Infinite Banking claims that investing in a whole life insurance policy and then using it as a source to borrow money from rather than borrowing from a traditional bank will save you the money you pay in interest over the course of your life, which could obviously add up.

To be clear, Infinite Banking is not a system that claims to make you money, rather they say that their system will save you money. Also, they are  not advocating that whole life insurance is a superior policy to term life insurance in the terms of payouts after you pass – their theory is that it is more important to have access to the money you pay into life insurance while you’re alive, rather than to have a large sum paid out after you die.

Understanding the workings of a whole life insurance policy is difficult, and Infinite Banking and Nelson Nash credit this by saying you may have to read through their text Becoming Your Own Banker multiple times before you truly understand how to utilize their system. This seems fair, as a quick skim of financial articles discussing term life insurance policies versus whole life insurance policies has enough numbers, percentages, and sample scenarios to make your head spin.

While the Infinite Banking system doesn’t seem to be for the faint of heart, there are advocates out there who say people without a lot of credit card debt and who have 5-7 years to invest in their policy before borrowing money from it might be able to benefit from this program.

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Customer Responses, Reviews, or Complaints

Average Rating for " Infinite Banking Concept " is 0 out of 5 based on reviews.
  • I received the book BECOMING YOUR OWN BANKER BY R. Nelson Nash and included with it was also an adviser's contact info. His book has examples of specific plans & uses that give a good picture of the workings of the INFINITE BANKING CONCEPT.
  • Infinite banking is growing and helping a lot of people, so that shows it is not a scam, But a lot of people get themselves into trouble by not knowing what they are doing. They need to educate themselves before getting started.
    • What kind of trouble? I have been doing some research on the concept and would like to know what problems others have had and what I should know.
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