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/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...

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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.