WHAT IS BEING YOUR OWN BANKER?

Becoming Your Own Banker The concept of "becoming your own banker" revolves around taking control of your financial future through a specially designed whole life insurance policy. This approach enables individuals to access the cash value of their policy while simultaneously earning tax-deferred gains, creating a powerful financial tool for wealth accumulation and management

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Chuck DeLadurantey

  • Chuck joined Private Family Banking in 2019 and is committed to helping individuals, families, and businesses gain financial freedom through Private Family Banking.
  • With over 40 years of business experience, Chuck brings much knowledge and compassion for the trials and challenges of personal and business finance.
  • Don’t put off going to Chuck’s “financial gym” for a new and focused series of “workouts”. Your legacy depends on it. He knows taking the right steps to change your financial future is critical.
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Key Components of the Concept

1.Private Family Banking System The term "private family banking" refers to a comprehensive system of thought rather than just a financial strategy. It encourages individuals to rethink their money management and to direct their financial resources in ways that benefit them directly. By utilizing a whole life insurance policy, individuals can establish a personal banking system that allows them to leverage their own funds.

2.Access to Cash ValueOne of the most significant advantages of this approach is the ability to access the cash valueof the whole life insurance policy. Unlike traditional savings accounts or CDs, where fundsare often locked away, this system allows policyholders to borrow against their cash value without the need for credit checks or loan qualifications. This means that when you need funds

for significant purchases—such as a car or college tuition—you can access your money quickly and easily, acting as a cash buyer and retaining control over your financial decisions.

3.Tax-Deferred GainsThe cash value accumulated in a whole life insurance policy grows tax-deferred, meaning youdo not pay taxes on the gains as they accumulate. This feature allows for more significant growth over time, as the money can compound without the burden of immediate taxation. Additionally, when the policyholder passes away, the death benefit is typically paid out tax-free to beneficiaries, providing a legacy of wealth without the tax implications that often accompany inherited assets.

4.Guaranteed Returns The whole life insurance policies used in this strategy are designed to provide guaranteed returns. These policies are issued by mutual insurance companies, which are required by law to maintain higher reserve requirements. This ensures that the policyholder's cash value is protected and that they can access their funds when needed. The stability of these companies, many of which have been in operation for over a century, adds an extra layer of security to the investment.

5.Living Benefits In addition to the ability to borrow against the cash value, these specially designed policies often come with living benefits. For instance, policyholders can access a portion of their death benefit in the event of terminal illness or long-term care needs. This feature provides financial flexibility during critical times, allowing individuals to cover significant expenses without depleting their savings.

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