Perspectives on IBC with Chris Tormey - Part 7: Using IBC to Pass Wealth

Perennial Pride

Today, Tom and Chris discuss the importance of transferring wealth across generations and how that can be accomplished using IBC. Chris shares his personal story about his father’s whole life policy and how it grew over the years giving him the ability to set up policies for his own children. They talk about the value of having conversations about finances, death, and wealth growth within the family, and the emotional aspects that come with it. Tom also explains how he has structured the policies for his own children. Tune in to hear how affordable life insurance actually is and whether there is an age limit for implementing the infinite banking concept (HINT: there isn’t)!

Highlights 03:43 The concept of initiating IBC plans within generations and how it typically starts with grandparents or great-grandparents 06:25 Implementation of IBC within families and the benefits it brings 12:28 Age considerations with IBC and how the rates compare for young and older individuals 19:54 The establishment and consequences of the MEC rule 23:53 The consequences of violating the seven-pay rule 29:38 How the insurance company and the IRS each decide the minimum and maximum premium for a life insurance policy

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Chris Tormey
• https://www.monecoadvisors.com/team/chris-tormey
• https://infinitebanking.org/agents/tormey653/

Call to Action Schedule a Call with Tom

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