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Several months ago, I became fascinated with the Infinite Banking Concept.
Since then, I have committed probably something to the tune of 100 hours in to researching the Concept, reading books about it, talking to professionals/bloggers in the personal finance field, as well as discussing the concept with three life insurance agents who specialize in the strategy. It has been a really good learning process, and one that I have truly enjoyed since personal finance is a hobby of mine!
My purpose of this post will be to share with you what I (as someone whose living is in no way dependent on the Concept - I do Alzheimer's disease research as my primary day job) have learned over the past few months of investigating the highly controversial, highly mysterious, and often highly unknown financial strategy called the Infinite Banking Concept.
Since it's entirely too hard to find unbiased investigations on this subject due to the sea of commissions that are available to sales agents through this strategy, another goal of this post will be to provide a place where people can share their first-hand experiences and/or questions about Infinite Banking (in the comments), but I will ask that everyone quickly disclose any financial affiliation with this Concept (if any) before approving each comment. This is to help ensure that people receive objective perspectives.
Let's get started!
What is Infinite Banking - From a "30,000 Foot" Perspective?
The Infinite Banking Concept is a very creative/genius idea utilizing whole life insurance as a savings accumulation vehicle created by former insurance salesperson Nelson Nash in the 1980's and popularized in his famous book, Becoming Your Own Banker.
In an effort to have full disclosure, it is significant in my mind to note that Nelson Nash, who invented this strategy, mentions in his book that he made a fortune as an insurance salesperson, and that his "income tripled" after beginning to promote this strategy. Thus, we must always consider for better or for worse that the creator himself (and any other insurance salesperson you'll encounter for that matter) has a competing/non-fiduciary-responsibility-to-the-end-client financial interest in seeing this strategy succeed.
From a very general perspective, the Infinite Banking Concept involves...
1) Over funding (with after-tax money) a specially-designed high-cash value whole life insurance policy from a mutual life insurance company which is guaranteed never to decrease in value,
2) Having it accumulate (on a tax-free basis) cash value over the years with a conservative-but-respectable-interest-rate, and then
3) Taking tax-free loans (that don't necessarily ever need to be paid back) against the policy's cash value to put money to use in other investments that come along your way or simply to pay for regular living expenses.
The Concept has the word "Banking" in the title for several reasons. First, you are potentially able to mimic the way a bank operates by borrowing money at one (lower) interest rate, putting it to use, and then earning a return at another (higher) interest rate. Second, when you borrow money from your policy's cash value, it technically is still working for you by continuing to earn dividends in the policy even though you are using it elsewhere. Of course, one big difference between how a bank operates and how the Infinite Banking Concept works is that banks utilize other people's money, whereas here, you will only be using your own money.
What's the Purpose of Infinite Banking and Why Was I Interested in It?
In reading the general description of the Infinite Banking Concept above, you might be able to imagine why I became so interested in it.
Here we potentially have a system that is highly tax-efficient, delivers a competitive interest rate for how stable it is, can never decrease in value, and not only that, but in it, my money will continue to work for me inside the policy while I am using it elsewhere!
In my mind, I was thinking that this seemed like a perfect option for saving money in a stable way that allowed me to have tax-free access to my cash.
Having said this, I think it is a good time to point out what the true/intended purpose of Infinite Banking is. Contrary to what some people think about the Concept being "too good to be true" (I've read some horror stories about people taking equity out of homes and pouring ALL of their money in to this strategy), Infinite Banking is NOT intended as a long-term investment that will enable you to aggressively accumulate money for retirement. It is NOT something that is going to make you rich quickly, deliver 10% annual returns, replace your real estate investments/stock investments, etc.
Instead, the purpose is to provide a place where money starts.
In other words, the purpose of Infinite Banking is to be your personal savings system, where the money grows in a stable/conservative manner, is guaranteed never to decrease in value, and can be dependably accessed tax-free through policy loans at any time.
In portfolio / asset allocation terminology, I like to think of Infinite Banking as being part of the fixed income (short-term bonds) portion of an investor's portfolio. Indeed, if I was to adopt this strategy in my life, that is how I would count the cash value of the insurance policy in my asset allocation calculations.
The Mechanics / Details of Infinite Banking - Is the Devil is in the Details?
So, having gotten on the same page about what the often-misunderstood purpose of Infinite Banking is, we now need to get in to the "knitty-gritty" of how Infinite Banking works.
The reason? For me, it was only after shifting through all of the very minute details of this strategy, that I was able to determine if it was right for me or not.
Many people I talked to (especially ones that were selling whole life insurance policies) said that "whole life insurance could be as simple or as complex as you wanted it to be." However, in my experience, I felt like I really needed to understand every little minute complexity of the strategy in order to avoid being taken advantage of by the life insurance agents, simply due to the nature of how it is set up. Indeed, I think that the reason most people get in trouble with whole life insurance policies is that they simply go along with whatever the insurance agent recommends, which is a bad idea because the insurance agent does not have a fiduciary responsibility to help the client accumulate the most money.
The following sections include the mechanics of Infinite Banking I have learned from a variety of books and Internet article sources, listed below (along with their affiliation, if any, in parentheses):
Becoming Your Own Banker by R. Nelson Nash (life insurance salesperson)
Financial Independence in the 21st Century by Dwayne Burnell (life insurance salesperson)
The New Life Insurance Investment Advisor by Ben Baldwin (life insurance salesperson)
Missed Fortune 101 by Douglas Andrews (life insurance salesperson)
Tax Free Retirement by Patrick Kelly (has a business that teaches insurance agents how to use life insurance as a retirement vehicle, so some competing interest)
Becoming Your Own Bank.com - has some great articles and webinars showing the exact mechanics of how Infinite Banking works. Some good honest guys at that site too! (life insurance salespeople)
Life Insurance Advisors, Inc.com - some of the best and most reliable articles I found on the web about how to efficiently structure whole life policies (fee-only insurance advisor, meaning they do not sell policies).
Mechanics of Infinite Banking - A Properly Structured Whole Life Insurance Policy
At the core of making the whole Infinite Banking Concept work is a properly structured whole life insurance policy.
At this point, you may be thinking, "That doesn't sound too hard." In my experience, it SHOULDN'T be hard to obtain, but it is.
The reason for this is because you essentially have to trust an insurance agent, someone who does not have an incentive to act in your best interest, to directly reduce the amount of money he or she gets paid in commissions in exchange for you being able to accumulate more money in the long run. This is almost the equivalent of asking a stock-broker, who gets paid on a per transaction basis, to buy an index mutual fund for you and never make any transactions again.
Because of this conflict of interest, the investor/saver looking at whole life insurance has to have a very solid idea of what kind of policy is properly structured for Infinite Banking.
Listed below are the aspects required in a whole life insurance policy to make Infinite Banking work most efficiently:
Be a policy with a mutual insurance company that has close to or more than 100 years of consistent dividend payments and good financial ratings (even through recessions / The Great Depression).
Mutual insurance companies are owned by their policyholders (unlike non-mutual insurance companies which are owned by their common stock shareholders, to whom the profit is passed), and therefore, will have more incentive to pass dividends (excess premiums) back to the policyholders instead of to common stock shareholders.
You can view a list of mutual insurance companies at Wikpedia here.
Several companies that fall in to this category that are commonly used for Infinite Banking include NY Life, Mass Mutual, Northwestern Mutual, Guardian Life, and Lafayette Insurance.
Policy is eligible for policy loans, at a varying interest rate (more on this in policy loan section below).
Policy is "participating," meaning it is paid a dividend (more on this in Expected Rate of Return section below).
Policy does NOT reach / become a Modified Endowment Contract (MEC) after a short amount of time (this causes growth to become taxable).
Should be a blended / over-funded / high-cash value policy
Most traditional whole life insurance policies are structured so that you get the maximum possible death benefit from day 0 for the amount of premium you want to pay in.
For the Infinite Banking Concept, you DON'T want to be traditional. Instead, you want to structure your whole life insurance policy so that it has a minimal amount of death benefit in the beginning along with the highest amount of cash value at day 0.
In insurance terminology, you want what is called a "blended" policy containing a minimal amount of whole life insurance and maximal amount of paid-up level term insurance (Paid Up Additions rider). The paid-up insurance adds immediate cash value to your policy because you have purchased full death benefit insurance all at once with no insurance or premiums cost.
By structuring a policy this way, you will reduce your insurance agent's commission by 80% or more.
According to several articles I read by fee-only insurance consultants, you should make sure that your 1st year cash value is 50% or greater of the premium paid your first year. In several of the illustrations I had run for me, I personally saw that it was possible to get 60-90% cash value access of your first year premium.
With a traditionally-structured whole life insurance policy illustration I had run for me, I only got access to around 14% of my first year premium during the first year. Big difference, right?!
Has a reduced-paid-up option
This is a commonly overlooked option that is available from almost all whole life policies.
It enables a policy holder after a set amount of time (usually around 7 years) to exercise the "reduced-paid-up" option, which simply uses the policy's current cash value to purchase the equivalent amount of paid-up insurance. Once the option is exercised (cannot be reversed), the policy then does not have any required future premium payments (irregardless of future dividends), but still accumulates dividends.
In a lot of instances, this can be a much better "out" strategy than cancelling your policy all together!
If all of these details about policy structure sounds like a headache, join the club! Still, when I sort through the details of whole life insurance, I become a little confused myself. However, there are several things you can do to improve your chances that you're getting the best structure. Two options are listed below:
Talk to several different life insurance agents, of whom represent several different insurance companies.
This will give you different perspectives that you can put together to decide which is right for you and what is the truth vs. a myth.
Pay a fee-only insurance advisor to review / fine tune your policy before signing the contract.
To find one, simply Google "fee only insurance advisor, and a couple will pop up.
If you're really serious about being with this strategy for the long-haul, isn't it worth spending a few hundred Dollars to get some professional, objective advice?!
Mechanics of Infinite Banking - Expected Policy Growth Rate / Internal Rate of Return
Perhaps one of the most difficult things about the Infinite Banking Concept is getting an objective measure of how much your money, if any, will grow each year.
The reasons this is so hard to obtain are because 1) you can never quite tell if the interest rates figures being shown to you by the insurance company are before or after fees and death expenses, 2) different rates (guarantees vs. non-guaranteed) are shown, and 3) insurance companies are allowed to do what almost no other financial institution in the world can do, which is show forecasts of future performance given current dividend rates.
In an effort to shed some light on what investors can expect as far as growth from a whole life insurance policy, I've compiled a summary the interest rates I've found from various studies and sources:
After talking with an insurance agent representing Lafayette Life, he and I agreed that a 4.5% annual internal growth rate of cash value was realistic to expect.
A historical dividend study from Mass Mutual displayed actual internal rates of returns between 1980-2008 of 4.5-6.5% per year average over the 28 year period.
In an often-used study by life insurance agents, it is reported that a 40 year 4.5% internal rate of return is realistic given the current economic environment.
In article in Kiplinger's Personal Finance Magazine titled, "Life (Insurance) Begins at 50," they report cash value internal rates of return between 2.62%-4.41% per year of how total premiums paid have translated in to annual cash value growth from Northwestern Mutual, New York Life, Thrivent, MassMutual, and Guardian over a 20 year period.
It is important to note that these are all after-tax returns, since the cash value in whole life policies can be accessed tax-free using policy loans. So, from the reported numbers above, I came to the conclusion that I can only expect a very long-term (30+ years) average after-tax rate of return of 4.5% from a whole life insurance policy.
However, it is crucial to note that this is only if I hold the policy for 30 years or more. Even with the most efficiently-structured whole life insurance policy, there is going to be a "capitalization" period of 5-7 years minimum where your rate of return on current cash value will be negative.
This "break even" phenomena can best be seen using the screenshot below of a real-life illustration I had drawn up for me by one of the life insurance agents I spoke too. I want to focus on three columns - the one labeled Guaranteed Net Cash Value (no dividends) on the left hand side, the Cumulative Premium paid column in the center highlighted in red, and the Non-Guaranteed Cash Value (including dividends) on the right hand side.
As you can see in the table above, if we assume the current 100% dividend rate of the company, it will take 8 years for me to break even (in other words, to have my current cash value accessible = amount of premiums I have paid in to the policy). If we exclude the non-guaranteed dividends, it takes even longer, at 14 years.
This is a significant phenomena to take in to consideration. Essentially, what it means is that in order to start earning the 4.5% long-term internal rate of return found in the studies shown above, we have to "wade through" 8-20 years of lower returns before we start averaging what the studies show.
In the policy illustration above, I manually calculated the guaranteed and non-guaranteed internal rates of return that you experience at various time points in owning the policy. Below is a summary of what I found (Please note that these are the cash value returns in a specific year only. The overall average return would be lower due to poor returns in the beginning years):
In Year 2, you have a guaranteed return of -28.4% and a non-guaranteed return of -20.8%.
In Year 5, you have a guaranteed return of -2.6% and a non-guaranteed return of 0.9%.
In Year 10, you have a guaranteed return of 1.7% and a non-guaranteed return of 4.1%.
In Year 20, you have a guaranteed return of 2.5% and a non-guaranteed return of 4.3%.
In Year 30, you have a guaranteed return of 2.5% and a non-guaranteed return of 4.3%.
So, as you can see by these return calculations, the internal rate of return including dividends seems to be converging on the long-term reasonable assumption of 4.5% average return per year. Thus, I think that for once, the current whole life insurance illustrations are pretty conservative/accurate, and maybe even a little bit lower than what you might actually observe by living the policy long-term!
Mechanics of Infinite Banking - Policy Loans
While having your cash value accumulate at the respectable 4.5% after-tax internal rate of return mentioned above is good, the thing that makes the Infinite Banking Concept really work is being able to access the cash value tax-free, at any time, through policy loans. Thus, you want to make sure the whole life policy you're looking in to does, in fact, offer policy loans!
Having made sure that the policy does in fact offer loan provisions, there are several other issues that need to be considered as well:
Policy Loan Issue # 1 - Direct vs. Non-Direct Recognition - Is There a Difference?
The first thing to look in to regarding policy loans is whether the life insurance company you're dealing with does loans on a direct or non-direct recognition basis. Non-direct recognition companies continue to pay you a dividend even if you have taken out a loan on your policy, whether direct recognition companies do not pay a dividend on loaned money.
At first glance, it seems that if you're doing Infinite Banking and taking policy loans, it's a no-brainer that you'd want to use a non-direct recognition company (MassMutual, Lafayette Life are two examples of non-direct recognition outfits).
However, it actually turns out not to be so straight forward. As pointed out by this person who has both direct and non-direct whole life insurance, there is essentially zero difference mathematically between the two at the bottom line. It just differs in how they adjust the numbers. See explanation below for more details:
With a direct recognition company, a policy loan does not decrease your death benefit, so the amount you receive in dividends as a percent of your ownership (death benefit) with the company, decreases.
With a non-direct recognition company, a policy loan lowers your death benefit (ownership in the company), so the amount you're paid in dividends as a percent of your ownership in the company stays the same.
Policy Loan Issue # 2 - Make Sure You Get a Policy With a Varying Loan Interest Rate
When I talked to a local Northwestern Mutual life insurance agent and had him run some policy illustrations for me, there were several things wrong with the structure that I later figured out on my own. First, the policy he had drawn up for me was designed to MEC out at Year 14, sooner than I would have liked, but never would have caught on to if I hadn't of had another agent look at the policy design.
The second thing that was sub-optimal about the policy design was that it contained a fixed 8% loan provision, a fairly common thing for Northwestern Mutual policies. You can view where this fixed rate loan provision is stated in the policy illustration screenshot below:
Of course, it's easy to understand why having a fixed 8% loan rate (especially in today's low interest economy) is not optimal. Sure, if interest rates increase to what they were in the 1980's, you would be golden. However, since you're only going to be earning 4.5% average return from your policy, you would be in quite the hole if you had to pay out a full 8% on the money you loaned out to execute the Infinite Banking Concept.
When I asked the agent about this potentially issue, he said that it was possible to have a variable loan rate with Northwestern Mutual, you just had to know to set it up that way.
So, in order to prevent this whole issue, make sure that the whole life insurance policy you are looking at contains a variable loan interest rate that goes up and down depending on what the current Fed Funds Rate is and correspondingly, what the insurance company is currently seeking in terms of required return.
Policy Loan Issue # 3 - A Policy Loan Is Not A Free Lunch
As mentioned above, taking out a policy loan using your cash surrender value is not without costs.
For example, if you have a whole life insurance policy with a non-direct recognition company, the money that you take out as a loan will still be earning a dividend/interest rate on it. However, you will also be charged a loan interest rate that you are responsible for paying (to the insurance company, not to your own policy) at some point in life or death. What this means is that you are essentially financially responsible for covering the spread, or the difference between the interest rate you're charged and the interest rate you're earning on the loaned money.
From my experience talking with several life insurance agents of non-direct recognition company, the spread seems to be fairly minimal (less than 1%). An agent from one company showed me a table that listed historical loan interest rate vs. cash value returns, and even though the spread seemed to fluctuate between positive or negative (so the difference between a loan making you money vs. costing you money), it seemed to generally be between 0.5-1%.
One eBook I read by an Infinite Banking practitioner mentioned that the spread that a policy holder generally must cover is between 0.5% - 0.67%.
Policy Loan Issue # 4 - Paying Yourself Back? Or Not?
One of the nice things about policy loans from whole life insurance is that you pretty much can define your own loan repayment terms. You either a) pay the loan back with interest as soon as possible or b) manage your loans in a way so that you never pay them back until you die. If you decide to do the later method, please note that when you die, your death benefit will be reduced by the outstanding loan balance + accrued interest.
However, it is definitely to your benefit to in fact pay back your policy loans + interest because it frees up more of your cash value to be used for future things/investments/expenses.
What Are Other People Recommending Regarding Infinite Banking? Is it A "Go" or "No-Go?"
By now, we've gone through the basics + the advanced mechanics of how the Infinite Banking Concept works.
As a next step, I now want to review the opinions of several people I talked to about whether or not this strategy is good to use:
I talked to 1 Lafayette Life, 1 MassMutual, and 1 Northwestern Mutual life insurance agent, and they were all big fans of the idea, provided people could stick to the strategy and be comfortable with it. But, they all mentioned that it is not for everyone.
I talked to one CPA who said that, "So far, every analysis I've encountered from sources I trust has shown it not to be worth pursuing. So, I haven't done any additional research myself."
I talked to one personal finance blogger who does have a whole life insurance policy with Northwestern Insurance and is satisfied with it. He didn't take out the policy specifically to do Infinite Banking though.
I talked to one fee-only financial planner who said, "I'm not a fan at all of the Infinite Banking Concept. It's glorified whole life insurance. I don't like whole life in any of its shapes, forms, or variants unless you either a) have a special needs dependent and will need something close to permanent insurance to ensure a special needs trust is properly funded, or b) you're going to have a net worth in excess of what gift tax exemptions currently allow for. The rest of the reasons cited by the whole life promoters are to line the pockets of the sales reps. If you can find someone who signs a legally binding fiduciary oath and sells whole life insurance, then you have found either a) the financial services equivalent of Sasquatch, or b) someone who is very, very ignorant about the risks he/she has just taken in signing that document."
I talked to another fee-only financial planner who said, "I've read a bit about it, but I have to say I'm skeptical. The whole concept I believe is based upon projections/illustrations that the policies will return. Most illustrations I see are rather ambitious which ruin the whole concept. I probably need to do more research to verify some of the specifics, but that's my general take on it.
I talked to two doctors who mentioned that they were using the Infinite Banking Concept because they wanted to further diversify their other investments, and since they had extra income that they wanted to invest after investing other places, it was a good fit. They also wanted a permanent death benefit for their children if they died.
Essentially, what I found from talking to these people can be summed up in one long sentence.
Unless I specifically need a permanent death benefit and/or am already maxing out essentially all of my other investment options (which I am not, but may be in the future when I'm making more money), the only people that are telling me that Infinite Banking is a good idea are the people who will directly receive money by me purchasing a policy.
This is a huge red flag for me personally.
Is the Infinite Banking Concept Right For You?
Clearly, the consensus from talking with others is that Infinite Banking is not something that would be worthwhile to look in to. However, in an effort to ultimately make a decision, I wanted to run my own analysis using 2 scenarios:
Scenario 1 - Saving money and having life insurance coverage using the Infinite Banking Concept with a whole life insurance policy.
Scenario 2 - Buying term life insurance for all my life insurance needs for the next 30 years and investing the difference between what the term life insurance costs vs. whole life premiums.
Analysis Assumptions - In order to simplify things to get started on an analysis, we need to lay out some things we'll assume throughout.
I do NOT need life insurance after I am around the age of 60.
If you do need life insurance around this time, your best bet will be to have whole life since term life will be prohibitively expensive.
I have $5,102 per year to either save or pay life insurance premiums.The time frame that will be analyzed is 30 years.
I require $446,000 of life insurance coverage for the next 30 years to cover my family in the event that I die prematurely. This is the median death benefit shown on the policy illustrations drawn up for me between now and 30 years from now.
The whole life insurance cash value accumulates at the rate of 4.5% per year discussed in the previous section.
In Scenario 2, I will invest the difference in a vehicle with an approximately equivalent risk profile and tax treatment to whole life insurance (that is - very stable and tax advantaged).
In this case, I will choose the Vanguard Short-Term Tax Exempt Bond Fund, which invests in federal tax-exempt municipal bonds with 1-2 year maturities.
Since inception in 1977, it has averaged a before-tax return of 4.33% per year, which equates to a 4.05% after-tax return once a 6.5% state tax is subtracted out. In this time, it has been very stable, and according to the Simba back testing data, has not had a negative return during a 31 year period from 1985-2011.
In Scenario 1, we will assume a level/constant cost of a 0.5% spread per year to access the whole life policy cash value through loans during retirement. We will also ignore the capitalization period for the first 7-11 years of the policy.
In Scenario 2, we will obtain term life insurance quotes using State Farm's life insurance quote system. For level-premium 30 year term coverage for $446,000, the annual preferred non-tobacco rate quote that popped up was $719 per year.
I assembled the table shown below to summarize the results of my analysis. You can also view the numerical results in spreadsheet form by clicking here.
While this analysis is by no means perfect, I think it shows us in a good enough way how things would play out using Infinite Banking versus the alternative that I would choose in its place. Essentially, what we see is that because the whole life policy has a higher after-tax return, it actually results in a higher nominal ending value after the 30 year period analyzed.
However, since the cash value of a whole life policy is only accessible using policy loans (which carry a 0.5% spread cost that you must cover), it is quite costly to have access to that money during your retirement years. In effect, what we see is that you end up about the same with Scenario 1 and Scenario 2 after a very long run.
So, the question then becomes which would I choose? Clearly, why would I bother with all of the headaches of a whole life policy, potentially being done-over by a life insurance agent, the low/negative returns during the accumulation period, and all of the inflexibility that would go along with a whole life, when I can get about the same performance with something I firmly understand?
For me, it is clear that Infinite Banking is not right for me (and likely the vast majority of normal folks reading this) because...
It doesn't result in "stellar" performance that I cannot obtain on my own (as we saw above).
It is difficult to understand, there are a lot of complexities that could easily mess the whole thing up, and gives me a headache trying to wrap my head around.
I could not find anyone that is not being paid a life insurance commission that could convince me it was a good idea.
Who is a Good Fit for the Infinite Banking Concept?
Unlike others who have reviewed Infinite Banking and decided it wasn't suited for themselves or indeed the vast majority of people, I do NOT think this strategy is the "devil walking the Earth." In fact, there are some valuable things to learn from the strategy, and I think that the aim of it (having steady, reliable, tax-free access to cash) is well-intended.
More specifically, there are some really good instances where Infinite Banking would be nicely suited. I've listed a few of these below:
People that do not have the discipline to "invest the difference"
If you really have trouble saving money for retirement and are the type of person that needs some external encouragement, being required to send in a monthly/yearly premium to the life insurance company might not be the worst thing ever.
People that really need a death benefit in retirement
For most people, I think that having a death benefit in retirement is likely a nice thing to have, but probably not a requirement.
However, if you are someone that really does need a death benefit during retirement since you have people that depend on you financially (and your savings cannot cover it), whole life insurance is really your best bet to obtain this.
People that are pretty wealthy and are looking for another place to diversify, stash money, and avoid estate taxes.
As I mentioned above, if I was to the point where I had so much money that I needed to find a place to put money tax-free, I wouldn't be all that opposed to using whole life insurance.
However, in this case, it really wouldn't be Infinite Banking, but more just using whole life insurance...
How about you all? Have you ever heard of the Infinite Banking Concept?
What are your thoughts about it and whole life insurance in general as a savings vehicle?
Share your experiences by commenting below!