Guide
Be Your Own Bank, Explained
A plain explanation of the Be Your Own Bank strategy and who it is for.
What if you could borrow from your own money instead of a bank? That is the idea behind Be Your Own Bank.
What it is
It uses a life insurance policy that holds cash value. You fund it on purpose. Over time it can build value you may borrow against while the policy stays in force. It is not a real bank.
How a policy loan works
You ask the insurer for a loan backed by your cash value. There is usually no credit check. Interest goes to the insurer. You choose your own pace to pay it back.
Who it may fit
People with six figures in savings, steady cash flow to fund it for years, and a goal to protect money and leave a legacy.
The honest risks
Policy charges apply every year. A loan that is not paid back lowers the death benefit. If the policy is underfunded it can lapse.
Want help applying this?
One conversation, no cost.
Richelle will look at how this fits your own numbers.
No pressure. No obligation. Just answers.