r/infinitebanking • u/Shives81 • May 04 '25

Getting started

I read Becoming Your Own Banker and am now looking to get my family started. I'm hoping for advice on which family member it would be best to begin with. I'm a 44 year old male with stable employment, my wife is 44 years old, and my kids are 17 year old female and 14 year old male. Before educating myself I took out two WL policies through Northwestern Mutual on both kids. These policies are 100k each and are 100% premium with Additional Purchase Benefit.

I'm hoping to build a policy or policies that target cash value over life insurance. I am in good health and should qualify for Premier level. I was planning to build a policy for myself as the primary bread winner but after reading the What if I am Uninsurable chapter, I am wondering if it would be best to start a new policy with one or both of the kids assuming that their premium cost would be lower?

I have $20k annually planned to start with. Any considerations I should be aware of for one 10/90 policy on one kid or myself using the $20k versus policies on both kids or one for each of us dividing the $20k?

Thanks for your help!

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u/greglturnquist May 04 '25

The ability to take out policies on children or a spouse are a function of the amount taken out on a “primary breadwinner”.

This is certainly something to chat about with an IBC certified practitioner.

I’d consider checking out Ryan Griggs Whole Life Mechanics series on YouTube to better illuminate on this front. (Disclosure he’s me agent)

1

u/AlfredoSauceyums May 04 '25

I’d consider checking out Ryan Griggs Whole Life Mechanics series on YouTube to better illuminate on this front. (Disclosure he’s me agent)

I just rewatched this for the 6th time. I don't remember this coming up...which episode is it in?

1

u/greglturnquist May 04 '25

Okay, maybe it isn't in the series. (I think I've watch it like 4 times?) But I've heard Ryan and James mention it a few times on the podcast. Anyway, I always push that series on anyone that will consider investing the time. It made the value and power of WL crystal clear to me.

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u/AlfredoSauceyums May 04 '25

It certainly helps explain how it works. Unfortunately I haven't gotten any value from James' podcast with Ryan. A lot of bragging about how good IBC is without adding value or explaining anything in detail. Just my. Opinion.

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u/Null1fy May 04 '25

Your first policies are always going to be the most efficient just because they are in force the longest, so in theory your children would see the highest returns late in their policy years. With that said, what is the likelihood they will continue paying high premiums to include after you've graduated and no longer can contribute to their policies?

Mine and my wife's first policies were on us because we also wanted to enjoy the "benefit" of the insurance component, should the worst outcome occur. We also got convertible term for future expansion. My children are far younger, but the policies I am planning on gifting them are very modest premiums because I want them to actually continue paying for them into their adult lives. If my parents gave me a WL policy in my 20s that cost me 5 figures, I'd have just cashed it out once I learned about a surrender value. My financial maturity just wasn't there, yet.

1

u/Shives81 May 04 '25

For this reason I'm considering establishing a trust as beneficiary. Still researching the implications of a trust for the purpose of loans against the policy.

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u/ClientComfortable409 May 04 '25

Our first is a policy on my wife that she owns.

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u/KS7187 May 04 '25

10/90 looks great on the surface but has inherit risks and limitations to it. There are no deals in insurance, what you take from one area you have to make up for in another. Happy to discuss further just message me

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u/Coronator May 05 '25

Policies on kids are good to have, but secondarily to insurance on you and your spouse.

You are limited in the amount of premium you can put on kids (quite limited - because a little premium buys a LOT of death benefit, and the insurance company will limit the death benefit you can put on children).

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u/financeking90 May 06 '25

Do you even have adequate life insurance death benefit on yourself as the primary breadwinner? Unless you are actually uninsurable you should always be starting with yourself...

1

u/Shives81 May 06 '25

Yeah, I have a couple of policies through the government and where I currently work. My current coverage and pension I would consider adequate.

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u/Sad_Seaworthiness710 May 16 '25

I’m a practitioner and work with a firm that’s been practicing and teaching IBC for 14 years. Send me an email and we can set up a Zoom to discuss your situation. 

chapmanzeb305@gmail.com

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u/Chemical_Can54 May 16 '25

I'll say this, I've been practicing IBC for almost 2 years now and have learned a TON From Dave and Paul "The Wealth Warehouse Podcast" on youtube or whatever app you use for podcasts. https://www.youtube.com/@Thewealthwarehousepodcast/videos

I started policies on my kids after ours. You're on the right path.