MONEY: Another use for life insurance?

Thursday, January 24, 2019

2019-Jan-24

https://tomwoods.com/ep-1326-how-to-secede-from-our-monetary-regime/#disqus_thread

Ep. 1326 How to Secede From Our Monetary Regime
22nd January 2019 — Tom Woods 

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Frequent guest Bob Murphy returns, this time talking about his new (co-authored) book, The Case for IBC. This is an acronym for “Infinite Banking Concept,” a strategy that uses properly designed whole life insurance policies as a way to “become your own banker.” The concept was developed by Nelson Nash, who besides working in insurance was personally tutored in Austrian theory by Leonard Read himself. Bob explains how the average person can benefit from IBC, and he answers common objections like “Isn’t it better to buy term and invest the difference?” and “Why would I put my money in life insurance when the dollar is going to crash?”

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I understand the IBC; not sure I “grok” it. By that, I mean get it and apply to my life or my memes.

I (humbly) suggest another positive reason for the IBC concept that was not mentioned in the podcast. One can only by insurance when reasonable healthy. I had a young 30 something coworker who became uninsurable after surviving a bout with cancer. In his case, buying a whole life policy, when he was younger and healthier, would have given his family the death benefit protection. He died in his 50’s. So I’d suggest the IBC concept would avoid the “insurability” problem should it arise. Buying any insurance may not be possible later in life.

Am I missing something here?

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