There’s also some really cool videos we just put up on the subject http://www.kingdomcallingadvisors.com/tools-infinite-banking-become-your-own-banker/

Michael, I see that you responded to my earlier comment above. How do you know what you will need? This is a serious (not trying to be smart allec) question. I believe we have very serious inflation on our doorstep beyond what most can imagine. If that’s the case, the amount that you thikn you “need” will be far greater than you can imagine today. If your health changes, and you can no longer get life insurance (at all or at the rates you can get today), then you are out of luck. The fortunate thing is that you can still say you don’t “need” any. Because your family would not die without your life insurance benefit. It just might mean they don’t have what you or they “want”. There actually is no such thing as “need”, yet this is the concept most often talked about in the industry.

Thanks for your help.

Pat Dolezal

Life insurance companies will not let someone earning $30,000 per year buy a $5,000,000 policy, but they will definitely let you buy more life insurance than you actually need.

I work, my wife stays home with our two young children. I have life insurance but I don’t worship the money and certainly don’t place my faith in any company much less a life insurance company. I feel comfortable that if something happened to me that I would want my wife to still stay home and raise our children and continue ministering to the other non-christian and christian mom’s that she is networked with.

I will argue with a couple small statements that you made, although they weren’t your main points, so we might not disagree at all.

It is impossible to over-insure or to self-insure. In the latter, you either have insurance, or you do not. In the case that you do not, you must (if you aspire to some level of prudence) live differently than when you have insurance. You’re speaking of life insurance here, so I’ll use that example. If I don’t have life insurance and die, my family will have less money. If I had one million dollars and claimed to be “self insured”, my family would get $1M. but if you had the same $1M and also had $1M in life ins. and died, your family would get $2M. One of us had insurance, and one didn’t, and the families or charities that benefited would absolutely feel the difference, even if I told myself I was “self insured”.

As to “over insuring”, that is not possible because an insurance company will only insure the true value of things. If my home is worth $250K, I can not insure it for $1M, because the ins co. would view this as giving me incentive to burn my house down. They are much smarter than to give you that incentive. The same is true with life insurance. They calculate every person’s Human Life Value before offering that person insurance. They will not offer you more than your HLV, which is based on your age and income or assets. They feel it is bad stewardship for their company to insure you for more than you are worth because there are people out there who would be tempted to kill themselves to hand this money to their family (after a 2 yr waiting period). No one talks about this unpleasantness, but the company knows that would be bad stewardship and won’t do over-insure.

It will probably be another month or two before we blog much on this topic, but this idea is best looked at in he context of disccusing Ownership vs. Stewardship here. It’s impossible to seperate the financial aspect of our lives from our spiritual calling, so we see Jesus discuss it often. In this context, If I am stewarding my life for Christ, shouldn’t I make prudent decisions with the life He bought? You made a great point above that yes I should! thanks. wes

Another part of this is to remember that spending money foolishly is a moral decision that leads to wealth reduction.

We all need to take responsibility for our life and actions and not put it on others and worse yet, blame them when something happens.