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How to Avoid Common Mistakes When Engaged with IBC

May 05, 2020 (0) comment , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

You may be wondering, what could go wrong using the Infinite Banking Concept, or I-B-C? Here are some guidelines to make sure you’re practicing I-B-C correctly and face no unwanted surprises. The I-B-C process involves overfunding the policy early on, and then re-funding in terms of your loan repayments.

So while the repayment terms are flexible – you can pay back when you want, or not at all – it’s in the policy-holder’s best interest to pay back the loans. By repaying your loans, you replenish your line of credit with the insurance company, allowing you to re-use the cash values. Above all, avoid surrendering the policy, as it could trigger a taxable event if you’ve taken more out of it than you put into it. Even if you’re having problems paying premiums, it’s better to re-structure the policy and keep it in force until your death than to surrender.

To learn more about achieving financial independence through the Infinite Banking Concept, give us a call or visit our website today.

(289) 314-8784

Donald G Turnbull

Certified Cash Flow Specialist, Authorized Infinite Banking Concept Practitioner

Pickering, Ontario

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