Teaching your client how to become their own banker
How do you teach your clients to become your own banker? Well Becoming your own banker is possible. Even though it seems highly improbable and even impossible. It is highly achievable. In this article, I’m going to break down how to do this. However, if this is something your client is interested in, consulting with our experienced staff is the best way to get the most amount of information on this subject. If you have other questions you can always give us a call at (888) 539-1633.
How can I become my own Banker?
In order for your client to become their own banker they first need a whole life insurance policy with a mutual company. Once you have that policy you can have them start to fund the polic
y. Then after you have it funded to where you need it. Say $25,000, they can take out that loan of $25,000 and then pay for whatever expense they were going to pay for with financing through another bank. But now they have to repay themselves. So, have them make those payments that would have been going to the bank and put them towards the whole life policy. The good thing about going with a mutual company is that they pay out dividends to their policyholders. These dividends can be automatically applied to your client’s life insurance policy to help build up more cash value. Once your client repays the life insurance policy you can even borrow from it again.
So, Where’s the catch?
There is no catch. This is a great opportunity for someone to take out a life insurance policy and use it to become their own banker. Getting rid of those expensive interest rates and making your client’s life so much easier and cheaper!
How do the Payments Work?
In order to build cash value faster they’ll need to overfund your policy. That means paying more than their Policy requires. Say the premiums are $150/Month. They’d to overfund that policy in order to become their own banker. Ideally, your client may want to try and double their monthly payments to the whole life policy. So in the case that the premiums are $150/Month they should be paying $300/month or more if they can afford it.
Agents
We hope that this information on becoming your own banker is useful to you.
Empower Brokerage is dedicated to helping you make informed decisions about your health and finances. Whether it’s through webinar training, one-on-one calls, seminars, or marketing plans, we want you to be successful!
Give us a call at 888-539-1633 or leave a comment below if you have any questions.
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