Whole Life Insurance Case Study (19 Years), with Tom Suvansri

How does whole life insurance work out over the years? Today, we're looking at a real-world case study of someone with basic whole life insurance policies that have become very productive and efficient assets when held and used long-term.  https://www.youtube.com/watch?v=D0tsSgckpTY We'll discuss how policies for self, spouse, young kids, and future grandchildren work together. In particular, we'll see how the newest policies in Tom's family banking system have turned a corner. Now, they're accumulating more cash value than the cost of annual premiums. He then used these dollars to invest in cash-flowing assets that help fund the policies. We'll explore how you can establish policies for future grandkids to begin legacy planning. You'll learn how to use life insurance as a foundational piece of your kid's and grandkids' financial lives. If you want to see how Infinite Banking can work for your family ... tune in now! Table of contentsHow Tom Found Infinite BankingFirst Thoughts On Opening a Life Insurance PolicyHow Tom Feels About His Life Insurance Policy NowThe Power of Having Policies on Your ChildrenSelf-Sustaining PoliciesTom’s Family Banking SystemConnect with Tom SuvansriAbout Tom SuvansriBook A Strategy Call How Tom Found Infinite Banking [5:45] “The concept of infinite banking wasn’t talked about [when I started my whole life policy]...it was just a long-term savings vehicle that protects you from these bad things that could happen.” Tom shares that when he started his policy, he didn't even know about leveraging cash value. No one was talking about it. He was just aware that it was a suitable tool for saving money and protecting income. The knowledge about infinite banking came later.  Fortunately, Tom had the experience of those before him to draw on. His father had some universal life insurance that imploded, so they both knew to stay away from that structure of life insurance in the future. [6:48] “It’s just one of those sad stories, but you know, that was something that stuck with me. And so we got into talking around just a permanent whole life policy, right? From a mutual insurance company. Which, I didn’t understand what that meant at the time.” First Thoughts On Opening a Life Insurance Policy [12:46] “I think things through pretty deeply, and it took me a while to even get to there—to accept and get a policy. And I did initially, as I got into the first year or two when there was no cash, [feel skeptical]. I saw that, and it did sort of strike me as, ‘Did I do the right thing?’ I was a little concerned.” Tom opened this policy in 2003 and on top of still having his policy and benefitting from it, he now helps other people to implement Infinite Banking strategies. What helped him through these early years was to remind himself that it was a long-term product and that his results would not be overnight.  There’s a major mental hurdle to overcome because so many life decisions are short-term. We have to think and decide quickly, and expect to see quick results. But life insurance is a different beast. It’s something that takes time, and while you’re in the early stages it can be difficult to be patient. However, five to ten years down the line, you’ll be thanking your past self.  How Tom Feels About His Life Insurance Policy Now [14:25] “It’s so funny, I was kind of joking with my wife about [our policies]. Because every time I get an annual statement come through saying your premium is due, some people think of it like a bill. I’ll tell you, I give it a hug because I know what it’s done for us and our families. It’s secured so much for us over these years, and what it will do in the future—like I cannot wait to contribute to it.” Another added benefit of having a policy for 19 years is that as inflation impacts the value of a dollar, premiums actually feel like less. Premium payments are fixed payments, so inflation actually has the reverse effect on...