IBC 201: How to Maximize Your IBC Policy

Do you already have your first IBC policy, and want to take it to the next level? Maybe you’re a few years in and you’ve seen and experienced the power of storing cash in a policy. You’re earning interest and dividends, have exceptional compounding power and guaranteed access to use your money, and you’re watching the death benefit increase. https://www.youtube.com/watch?v=WfEVjNWZZ6g Now you want to store more cash. Is it time to start another policy? Should you insure yourself, your spouse, kids, grandkids? Why? How does it work when you start building a system of policies? We’re starting a series for those who are already IBC owners and wanting to take their policy to the next level.  Today, we’re digging into how to amplify your Infinite Banking Policy. Next, we’ll talk about insuring other family members, like spouses, kids, and grandkids. Then, we’ll talk about managing multiple policies. So if you want to hear about what to do after your whole life insurance policy is already working to continue to grow and accelerate its potency… tune in now! Table of contents* Ways to Maximize Your IBC Policy* Catch Up On Any Missed PUAs* Take and Repay Policy Loans* When Should You Add Another Life Insurance Policy?* What is Human Life Value?* Term, Whole Life, and HLV* The Power of Dividends in IBC* IBC Best Practices for Family Banking* Book A Strategy Call Ways to Maximize Your IBC Policy A common misconception of Infinite Banking is that when you pay back a policy loan, you’re paying yourself interest. This isn’t exactly true, however. When you pay back a policy loan, any interest you pay is to the insurance company. What Nelson Nash talks about in his book is making payments beyond the interest, which can help make your policy more efficient.  The most efficient way to maximize your policy has a lot to do with your Paid-Up Additions. The PUA rider allows you to make extra premium payments in the early years of your policy so that your policy grows faster. If you’re maximizing your PUAs, you’re supercharging the savings component of your policy. In the early stages of your policy, it’s crucial to maximize your PUAs for as many years as you’re able. That’s because, in the early years, you have more certainty. So you’re creating more room for the future when you may not be able to maximize those PUAs.  Catch Up On Any Missed PUAs If you’re in a position where you were unable to maximize your PUAs one year, you have some time to catch up on those payments. Different companies offer different time limits for how far back you can “catch up.” So if you didn’t fund your policy as much as you could have, you have more room to pay those PUAs. Catching up will allow you to maximize your policy after lean years.