Why Do You Need an Infinite Banking Calculator?

Why Do You Need an Infinite Banking Calculator?

Infinite Banking Calculator

Have you heard of infinite banking? It is a concept whereby you take a loan from your life insurance policy instead of a bank or another third party. The process developed in the 1980s has gained rapid popularity for efficiency and convenience.

Securing a loan is always challenging because most traditional lenders require collaterals and demand high-interest rates.

But this method takes care of both those factors, besides others. If you have clients who are infinite bankers and need a regular update on their financial planning and strategy, an infinite banking calculator will help you in a lot of ways.

Two of these are helping your clients identify their cash flow clearly and create a suitable borrowing strategy. However, what things must you know about these calculators and things to consider before you purchase one?

What Is the Idea behind Infinite Banking?

As mentioned earlier, the ultimate goal of infinite banking is to enable you to become your banker instead of relying on banks or other traditional lenders when it comes to procuring a loan.

When you borrow money on your life insurance policy, that policy’s cash value or equity serves as the collateral. As long as you have paid your premiums regularly, you have the right to call your insurance company and ask for a loan.

Unlike a bank or other traditional lenders, they won’t ask you the reason behind asking for the loan, your income, what assets you have, how you intend on repaying the money, and at what time. The company will grant your loan almost immediately.

However, the concept only applies to whole life insurance policies applicable to an individual’s entire lifetime, as long as you pay the premiums on time.

Things to Check before Buying a Calculator

These are some of the things you might consider checking while buying an infinite banking calculator.

Is a Trial Period Available?

A trial period will help you understand if the calculator is helpful for you and your clients and whether it runs efficiently or not. It would also be beneficial to test-drive the full version of the software during this period to understand its works.

What Are Its System Requirements?

The software calculator must be compatible with your system, so it would be better to check the system requirements beforehand.

How Many Calculators Are Available?

Infinite banking requires a lot of calculators; borrowing, cash flow, and automobile purchases are just three of them. You must check the number of calculators available since you might require any of them at any point in time.

Are the Downloading Instructions Available?

Check if the downloading instructions are available and whether the installation process is easy or difficult. Do they have a renewal and up-gradation policy, and if so, what are its terms and conditions?

How Can an Infinite Banking Calculator Help You?

Infinite bankers are always on the lookout for ways to improve their financial strategy, gain a deeper understanding of the concept and get an idea of various opportunities ahead of them.

Interestingly, the software infinite banking calculator refers to several different calculators that deal with multiple aspects of this kind of banking. Three of these are borrowing strategy, automobile purchases, and cash flow.

A borrowing strategy calculator helps your clients understand the infinite banking concept through a detailed analysis of loans, repayment options, and the various obstacles to their cash flow.

Automobile purchases calculators, despite the name, have nothing to do with purchasing automobiles but are meant to help the bankers understand their borrowing strategy. The last of these, the cash flow calculator, shows the rate of annual cash flows.

An infinite banking calculator will help you and your clients better understand the infinite banking concept. Using the software, you can help them plan an efficient and profitable financial strategy while grabbing the opportunities that lie ahead.

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