You want to become your own Bank but becoming your own banker sounds too good to be true, right? Even after going through the different bank on yourself reviews, you’re still unconvinced with this financial strategy. How promoters and insurance agents often explain how to be your own bank can be sensationalized and over-hyped.

No wonder you should spend some time doing your homework to better understand what it entails. While reading bank on yourself reviews is worthwhile, you risk missing some details. With that said, below are top truths behind becoming your own banker.

You Can Use Life Insurance as Your Own Private Family Bank

Can you become your own bankerusing life insurance as your own private family bank? The simplest answer to this question is yes. If the underlying whole life insurance policy is designed properly for maximum cash value accumulation, be rest assured it will always work to your advantage.

Remember, there is a unique combination of features, riders, and life insurance policy design techniques that allows for an overfunded whole life policy to optimize different key benefits ideal to becoming your own bank. These traits include creditor protection, principal protection, a and tax-free death benefit over and above your equity position, to mention a few.

Policy Design is Vital When Using Whole Life Insurance to be Your Own Bank

Whole Life insurance is a product that has been with us for over 170 years. But how can you reap the numerous benefits it offers users? Well, the agent helping you set up the policy should use a combination of policy design features and optional riders to allow for robust cash growth to occur early and often. Anything other than this should immediately raise alarm as they might not understand what they’re doing in the first place.

There are many other things you need to know before making up your mind to become your own banker. That’s why a bit of research is required before making this decision. A good starting point is by checking out bank on yourself reviews.