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What is Infinite Banking Concept
The Infinite Banking Concept (IBC) is a financial strategy that involves using a dividend-paying whole life insurance policy as a means to create a personal banking system. The basic idea is that an individual can use the cash value of their life insurance policy as collateral for loans that they can use to finance their various expenses and investments. The process involves taking out a policy with a mutual life insurance company, paying premiums, and building up the cash value over time. This cash value can then be used to fund loans to the policyholder, who can use the money for whatever purpose they choose. The policyholder pays interest on the loan, but since they are effectively borrowing from themselves, the interest payments go back into the policy's cash value, effectively making it a self-funded loan. The IBC strategy is often promoted as a way to achieve financial independence and create a source of wealth that is not subject to market fluctuations or government inte...
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