Is IBC A Scam?

In this #tbt podcast we review the question that we get all the time; is Infinite Banking a scam. The original podcast was released in February of 2018, and honestly, the question probably gets asked more now than back then. We all get so caught up into our current way of thinking, that when something comes along that challenges those thought processes, we often find ourselves doubting the validity of it. If you haven’t listened to this podcast, or even if you have, it’s a great one to review.







Is IBC a Scam? Transcript

Chris Bay:

Welcome to the life success legacy podcast. My name is Chris Bay and I’m joined today with the founder of Life Success & Legacy, Mike Everett. Mike, today we want to talk about a question that if you do too much Googling it doesn’t take you long to find the question, “Is IBC a scam?”

Mike Everett:

All right.

Chris Bay:

So when people bring that up in their investigation of the Infinite Banking concept, we always tell them education research, those kinds of things are going to tell you whether it is or not. We know it’s not. Everybody on our team was a client at one point.

Mike Everett:

Correct.

Chris Bay:

So including myself, this is something that we experienced personally. And then I personally left a 22 year career to teach other people how to apply Infinite Banking into their lives.

Mike Everett:

That’s correct.

Chris Bay:

The way that I got there was through educating myself. So walk us through the education process that helps people understand and learn why IBC truly is not a scam.

Mike Everett:

Well, first off you’re using a 250 plus year old product called dividend paying whole life insurance, number one. Number two, because we are using a dividend paying whole life insurance, all we’re doing is we’re re-engineering or reallocating the money. So literally we’re using this product that’s been around for all these years. So how could it be a scam if we’re using a product that is sanctioned by every state in America, and we’re utilizing it as a financing option in somebody’s life? We don’t really do anything but educate people about dividend paying whole life insurance. But the Infinite Banking concept just happens to be a strategy that we use.

Chris Bay:

It’s not fancy.

Mike Everett:

It’s not.

Chris Bay:

I tell people all the time, it’s not fancy, it’s not sexy. It is simply dividend paying whole life insurance. And then what Nelson introduced in his book, Becoming Your Own Banker, is simply re-engineering it.

Mike Everett:

A hundred percent.

Chris Bay:

De emphasizing the death benefit, emphasizing the cash value part of it, and then you have a tool that you can use to finance your entire life. That can be debt. That can be your living expenses. That can be investment. That can be business. It can be all kinds of… It could be your family members debt. Some of our clients, they’re doing very well for themselves simply by financing their extended family’s debt. They have become the bank for those people.

Mike Everett:

A couple of questions that we always ask somebody is, “Would you spend $0 to find out the possibilities? Or would you take two steps backward to go 10 steps forward?”

Chris Bay:

Unpack that a little bit. That, “Would you be willing to spend zero to see what was possible?” If a client contacted us, and we always encourage people to just call us, we love teaching this concept to people. We will never ask you. We aren’t going to try and sell to you. We just want to educate people. And when we do that, it becomes pretty clear. So can you talk about for that $0 that they’re going to pay,