What if you could create your own personal bank, without putting up the required reserves and the government regulations. What would it look like? What features would it have?
A total of 17 qualities that I would want for my personal Phillips Family Bank. A pipe dream you may say? Not so fast. The bank that I just described actually already exists. In fact, it has existed in some form or another for over 250 years. It has been so critical to the American economy that Walt Disney created one and used it to initially fund Disneyland. Ray Kroc borrowed money from his Family Bank to pay McDonald’s employees when no other bank would lend him a dime.
The list of savvy affluent Americans that have their own Family Bank reads like a Who’s Who in American business: JC Penney, Warren Buffet, Ben Bernanke, Doris Christopher (Pampered Chef), Ed Slott (IRA guru and CPA), the list goes on and on.
I know what you are asking, so if The Family Bank has existed for centuries, why haven’t I heard of it? Well you have, it has been difficult to see in the light because it has been disfigured by regular banks, brokerage firms and naysayers that don’t know the truth.
Permanent Cash Value Life Insurance. Ok, before you turn me off, you need to understand that the stars have aligned to make Permanent Cash Value Life Insurance the most efficient “safe money” option in today’s economy, bar none.
The main reason why permanent cash value life insurance is now the “safe money” strategy of choice is because the “stars have aligned”, (10 key economic and social factors) in recent years to vault it into preferred status.
You can learn more about The Family Bank Strategy in my book click here to order today. You will learn the truth about each factor and how permanent cash value life insurance can be used to create your own personally Family Bank.
Since the introduction of income tax and the Internal Revenue Code in 1913 as a result of the 16th amendment, life insurance has been afforded preferential tax treatment. As long as the rules are followed and we don’t get too greedy, the TAX FREE status of permanent life insurance will remain. If structured correctly it can be your own personal Family Bank with part of your premium paying for the cost of insurance, or the mortality expense, and the excess, up to the IRS limit accumulates TAX FREE and is available for family loans or personal income, TAX FREE.
Call us at 1-888-892-1102 if you have any questions.
There are numerous types of permanent life insurance, but the most common are: whole life, universal life and variable life. Permanent life insurance provides lifelong protection. As long as you pay the premiums, the death benefit will always be there. Furthermore, you never have to medically re-qualify for permanent insurance like you do when you renew term insurance.
By Todd Phillips
Whole life is the most standard type of permanent insurance. As it is rightly called, “whole life” provides permanent protection for your entire life; from the date you purchase it until you die. The premium payments in whole life are fixed, meaning they will not change over the life of the policy. It has a guaranteed cash value and death benefit, and includes a minimum guaranteed interest rate to hold the entire product together.
By Todd Phillips
The interest paid on standard universal life products is determined by the board of directors of the company based on the company's interest earnings, and is influenced by their level of expertise and competition in the field. While this may be comforting to some, many insured investors think the investing of the cash values is better off in their own hands. Thus, the creation of the variable line of products: variable life, variable universal life and variable single-premium life.