Becoming Your Own Banker, Part 25: Uninsurability Hacks

Do you want to use Infinite Banking, but you're uninsurable? Today we are discussing uninsurability hacks! Don't worry, uninsurability ISN'T a game-stopper for using Infinite Banking to build your own banking system.   That means you can still reap the exponential reward of dividends and interest that grow with uninterrupted compounding, store liquid cash reserves that can serve as guaranteed collateral throughout your lifetime, even while it continues growing, and provide a death benefit that is the most efficient estate transfer tool ... ... even if you're not personally eligible for a life insurance policy due to health concerns. Today, we're nearing the end of our tour through Nelson Nash's book, Becoming Your Own Banker to show why Infinite Banking is, in fact, an opportunity available to just about everyone. Unlock the secrets to financial empowerment, even when the odds seem stacked against you due to uninsurability, with our latest Money Advantage Podcast episode. Rachel Marshall and Bruce Wehner delve into the heart of infinite banking for those carrying the weight of health conditions or lifestyles that insurance companies typically shy away from. We tear down the barriers and bust the myths that may have left you feeling excluded from the world of life insurance, revealing a silver lining for anyone eager to take control of their financial destiny. Join us as we navigate the often misunderstood landscape of life insurance ratings, breaking down how your personal health and lifestyle choices don't have to deter you from securing a policy that benefits your financial plans. From understanding the nuances of mortality rates during unprecedented times, such as the COVID-19 pandemic, to the ins and outs of insurance contracts, this episode is packed with expert insights that will reshape your perception of life insurance's role in your financial strategy. Whether you're facing personal insurability hurdles or you're searching for ways to cement a legacy for future generations, we provide actionable strategies and a dose of inspiration. Explore how insuring a family member can open the doors to the infinite banking concept, and how even those with health concerns can potentially find viable paths to insurability. We also touch on the potential of life insurance in generating passive income and serving as capital for investment opportunities. How to Be Insurable Should You Apply with a Health Condition?Life Insurance RatingsWhat Does it Mean to Increase the Cost of Insurance?Uninsurability Hacks and Insurable InterestBook A Strategy Call How to Be Insurable  If you want whole life insurance, you’ve got to qualify for a policy first. This means that the insurance company views you as an acceptable risk to take on. Since whole life insurance is permanent, companies must do their due diligence to guarantee that they can pay the claims they are responsible for. In other words, they can’t insure everybody, or they wouldn’t have the money to pay death benefits.  So, to gauge your personal insurance risk, companies require an application. Part of this application is a health exam. Life insurance companies employ people called actuaries, who are capable of extremely precise life expectancy math, based on certain health variables. A health exam helps to tell these actuaries whether you fall within an acceptable risk margin, and how much it would then cost to insure you if you do.  For example, someone with good health who smokes cigarettes may qualify for insurance, however their cost of insurance will increase slightly, since smoking creates a higher risk for certain issues later in life.  It may all sound a bit morbid, however, this practice allows insurance companies to be extremely capable financially (which is something you want in an insurance company). By insuring people who are likely to live long lives, they can collect the necessary premium to fund the death benefits of tho...