Whole life using the Infinite Banking Concept
Whole life insurance is permanent coverage that, when premiums are paid, is designed to last for your lifetime. A policy designed for the Infinite Banking Concept, developed by Nelson Nash, and the Bank On Yourself method puts emphasis on cash value you can borrow against, so you can finance purchases and then repay yourself.
It is a strategy built on an insurance policy. It is not a bank, a savings account or an investment. Guaranteed values are guaranteed by the contract. Dividends are not guaranteed. Loans and unpaid interest reduce cash value and death benefit and can cause the policy to lapse. Policies take time to build cash value. [TO CONFIRM: compliance review of this paragraph]
Convertible term insurance
Term insurance provides coverage for a set number of years. A convertible term policy lets you switch to a permanent policy later without a new health exam, within the conversion period and rules set by the insurer. Term is often the right choice for a short-term need, and often works well alongside permanent coverage.
Annuities
An annuity is an insurance contract that can turn savings into income, sometimes for life. Guarantees depend on the contract terms and the financial strength of the issuing insurer. Fees, surrender charges and tax rules vary by product. [TO CONFIRM: confirm which annuity types are offered and any securities licensing implications; fixed products only unless confirmed]
Long-term care
Long-term care planning looks at how you might pay for care at home or in a facility if you can no longer manage daily activities. Options include stand-alone long-term care insurance and life insurance or annuity contracts with long-term care features. Eligibility and benefits vary. [TO CONFIRM: confirm which long-term care options are offered]
Estate planning documents
Through our partner, EstateDocsPro, you can prepare estate planning documents online at your own pace. The Life Rock and its agent are not attorneys, and this is not legal advice. Ask an attorney if you have legal questions. [TO CONFIRM: confirm affiliate/referral relationship disclosure and current offer, such as free trial]
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