Path 05
Take control of your own cash.
Be Your Own Bank is a way of using a life insurance contract. It is not a bank, and it is not a product you buy off a shelf.
The problem
You save money every month. That is the hard part and you already do it.
But the market can take some of it back. Fees can chip at it. Taxes can shrink what is left.
The idea
Be Your Own Bank is the name Rhema uses for a plan built around a life insurance policy that holds cash value.
You put money into the policy on purpose. Over time it can build cash value. You may be able to borrow against that cash value while the policy stays in force.
It does not mean you open a real bank. It does not mean your money has the same protection as a bank account.
What does Be Your Own Bank really mean?
It is a way of using a life insurance contract, not a product you buy off a shelf and not a bank account.
5 Power Moves to Become the Bank: Elite Annuities Uncovered
The full framework, start to finish, in Richelle's own words. This is the talk she gives at the dinner seminars.
What she covers
- What protecting your principal actually costs you
- How indexed interest is credited
- Where a premium bonus comes from
- How a policy loan works
- Who the strategy does not suit
Build
Fund a life insurance policy on purpose so it builds cash value over time.
Access
Request a policy loan against the cash value you have built, on the terms the policy sets.
Reuse
Put that money to work, pay the loan back at your own pace, and keep the policy in force.
Be Your Own Bank is the name Rhema uses for a strategy. You do not become a bank, and the policy is not a bank account. It is a life insurance contract with policy charges, loan interest, and the risk that the policy lapses if it is underfunded. Read the policy before you decide.
Who this fits, and who it does not
Being told no is worth more to you than being sold yes.
It may fit if
- You have six figures or more in savings or retirement accounts.
- You are worried about running out of money later.
- You want to protect savings from a market crash.
- You want to leave money to your family.
- You can fund the policy steadily for years.
It probably does not fit if
- You need every dollar liquid right now.
- You cannot keep up the premium for the long term.
- You have health issues that make coverage very costly, though a policy on a family member is sometimes an option.
How a policy loan works
You ask the insurance company for a loan backed by your policy's cash value. There is usually no credit check. Loan interest goes to the insurer. You set your own pace to pay it back. An unpaid loan lowers the death benefit, and it can end the policy if the policy is not funded well.
Richelle walks through it
The talk she gives at the dinner seminars, and the shorter answers.
Ask Richelle
The questions people actually ask, answered in plain words. There are 106 of them.
See whether this fits you.
Honestly, and with no pressure.
Richelle will look at your goals and your cash flow and tell you straight whether this strategy makes sense for your situation.
No pressure. No obligation. Just answers.