Infinite banking in 2023 – A whole life insurance policy refers to permanent life insurance which is structured to be active as long as the policyholder lives. It is different from a term life insurance policy which remains active only for a fixed period, let’s say 20 years. Also, a whole life insurance policy has a cash value that is tax-deferred and you can compare it to a savings account. Additionally, it allows you to access the cash value via withdrawals or as a policy loan. Another kind of whole-life policy, referred to as participating policy, offers the policy owner dividends.

However, when it comes to deciding which whole life policy to settle on, the insurance company offering it matters even more than the policy perks. The ideal whole life insurance companies to implement your Infinite Banking Concept, as proposed by Nelson Nash in Canada, need to be stable financially, offer top-notch customer service, and make the process of purchasing life insurance hassle-free and transparent. Ideally, you should go for a policy that incorporates valuable features including living benefits, and of course dividends.

In case you’ve made up your mind to make the Infinite Banking Concept a reality in your life and you’re in search of a whole life insurance company to execute this plan, then you need to start by looking for insurance companies where you will get dividend paying whole life insurance.

The Infinite Banking Concept Canada, Bank on Yourself, or Becoming Your Own Banker employs this particular policy type from renowned mutual whole life insurance firms to design a “private banking model” whereby the policyholders can utilize the cash value as collateral to finance transactions and expenses rather than depending on traditional banks.

Therefore, by getting rid of conventional banks and self-funding your expenses through the whole life insurance policy, the interest that would have otherwise gone to the banks becomes yours.

In this article, we’re going to share the top-rated insurance companies where you can sign up for cash-value life insurance in 2022 and beyond.

Sincerely speaking, the highly rated life insurance companies actually have additional offers. For instance, the best whole life insurance companies for infinite banking offer policies and riders that you can utilize for IBC and also boasts of a proven track record of stability as well as success.

The majority of these companies take their corporate offices and agents through training on the Nelson Nash concept (Nash is the brain behind the Infinite Banking Concept), to equip them with the ability to offer customers a deeper understanding of the process of building wealth by thinking outside of the box.

The Best Infinite Banking Insurance Companies in 2023

Before jumping straight away into the companies, let’s share something that you need to have in mind briefly.

Remember that your success or failure when applying a particular strategy greatly depends on how you execute it. Your product may be the perfect of all; however, if you execute it poorly, your anticipated results will be dead on arrival.

In other words, using the best tools in the world to perform a task doesn’t make you the best workman. You need disciplined practice and diligence to be good at whatever you do.

With that in mind, you need to note that some companies in the insurance industry are not worthy of infinite banking—a reason why you should have an idea of which companies are the best and which ones are not.

Just a Guide

As you read through the best whole life insurance companies to practice the Infinite Banking Concept, as proposed by Nelson Nash in Canada, remember you should only use this article as a guide, and perhaps as a point to start your conversation with a certified agent that has adequate knowledge about the IBC concept and companies.

Life insurance policies require underwriting, meaning that people are treated differently based on their unique circumstances. For instance, those who smoke or have a history of cancer in their families will have limited options compared to people with sound health.

Therefore, although we present this list as the best whole life insurance companies for IBC in 2023, there is the likelihood that your list of top-rated companies may differ based on your unique circumstance.

Worthy mentioning, this list of the best whole life insurance companies for infinite banking in 2023 comprises only companies that offer cash value life insurance, along with policies that are geared toward accelerating cash value accumulation and growth.

Hopefully, this guide will offer you a glimpse of what to consider when hunting for an Infinite Banking in 2023 policy.

To get the best whole life insurance company for infinite banking in 2023, there are various variables you need to take into account. In compiling our list of the best whole life insurance companies for IBC in 2023, we did a comparison of these variables:

• Underwriting standards
• Historical dividend rate
• Mutual company
• Direct vs. non-direct recognition
• Income performance
• Current dividend rate
• Cash value performance
• Company strength

You can check the variables in our previous article on how to identify a whole life insurance company for infinite banking in 2023 or family banking in Canada 2023 in case you need to freshen your mind about them.

Our main aim is to help you find the best whole life insurance company that will enable your cash value to grow and accumulate at a faster rate. So we developed a list to help you get the best out of the many companies that exist.

Here are the best whole life insurance companies for infinite banking in 2023:

1.     Equitable Life Whole Life Insurance

Equitable Life is famous for its wide range of affordable life insurance policies available for both permanent and term insurance. Their options are mainly designed for business persons and individuals.

The option for business persons is structured for businesses and entrepreneurs. On the other hand, the individuals’ opportunity provides basic cover for the financial security of families as a form of family banking in Canada.

Equitable offers non-guaranteed cash value for Canadians who are looking for long-term financial solutions. The clients, in turn, earn cash value from the company.

Equitable Life Whole Life Coverage

• Equimax Wealth Accumulator

The Equimax Wealth Accumulator coverage is aimed at accelerating cash value during the early years of a policyholder. The option is designed for startups since it offers business protection. Again, clients can leverage the cash value during their early retirement years.

• Equimax Estate Builder

This coverage is a long-term value option that allows consumers to pass on their wealth to beneficiaries for estate planning or charitable purposes.

Advantages of Equitable Life Whole Life

• Conversion of term policies
• Chronic diseases coverage
• Online account access
• Availability of family plan

Disadvantages of Equitable Life Whole Life

• Term options are limited
• Policy rates are average
• There is no electronic policy
• The payment term option is unavailable

2.     BMO Whole Life Insurance

BMO Whole Life Insurance presents clients in Canada with a whole life insurance plan of a kind that covers individuals, entrepreneurs, and common-law partners. They extend their coverage to mortgages as well as other debts. Again, it takes care of beneficiaries, and policyholders can utilize it to cover their major staff and businesses.

But because it is a non-participating plan annually, it earns the policy owner a performance bonus rather than a dividend. Among the benefits are premium offset, additional payments, policy loans, and premium change.

Advantages of BMO Whole Life Insurance

• Availability of multi-policy discount
• Allows online access
• There is an option for coverage conversation
• Availability of benefit program
• Allows for coverage alteration
• It has an option for multiple-term life coverage
• It’s affordable

Disadvantages of BMO Whole Life Insurance

• Non-renewable longer-term life insurance policies
• Digital policies are unavailable

3.     Assumption Life

Assumption Life offers a unique insurance system in Canada where clients are not subjected to medical tests before signing up for coverage—these depend on the age of the member and plan range. The plan is composed of five different products structured for clients searching for medical life insurance coverage.

However, the policies go for CA$999,999 for customers aged between 18 and 45. The rate of coverage accelerated matters reduces with age. Nonetheless, the average is still CA$50,000 for those aged between 66 and 69.

Advantages of Assumption Life Insurance

• It has a mortgage coverage option
• It has a range of term coverage
• Allows for online access
• There is an option for conversation and package exchange
• Processing is fast and easy
• It’s highly flexible
• It has simplified and accessible non-medical coverage

Disadvantages of Assumption Life Insurance

• It requires clients to pay higher rider fees and policy fees
• There are no digital policies

4.     Nationwide

Nationwide is one of the best whole life insurance companies for individuals who are over 50. The company has a wide range of standout features including solid financials, happy clients, flexible payment options, and easily accessible information concerning policy features.

Additionally, it has various perks that qualify its whole life insurance policies to get into the list of top insurance policies. It offers coverage of up to US$5,000,000 without medical examination for individuals below 50 and up to US1,000,000 for individuals between 51 and 60. Their policies include accelerated death benefit riders for terminal, critical, and chronic illnesses without any extra charge. Meaning that individuals diagnosed with terminal, critical, or chronic diseases can access their death benefits early.

Advantages of Nationwide

• You can get information about your specific policy online
• There are few complaints about the company
• D Power ranks it at position 2 in terms of customer satisfaction
• It includes three living benefit riders at no advance cost
• They do not ask for a medical examination for coverage of below US$5 million

Disadvantages of Nationwide

• They only offer final expenses policies to existing clients

5.     MassMutual

MassMutual is an insurance company that offers a wide range of plans in the US. It is one of the companies that has stood the test of time having been established in 1851. Like other top-rated insurance companies in the US, MassMutual offers dividends payment and that has been its norm since 1869. Its whole life policies are also available to individuals who are 90 years and boast of great customer satisfaction.

However, like most of its rivals, it does not share its policy information online and customers have to approach their agent or contact their offices to access the details.

Advantages of MassMutual

• It offers whole life to 90-year-olds
• Receives very minimal complaints
• They offer dividends
• Enjoys highest financial strength

Disadvantage of MassMutual

• There is no information specific to policies

6.     New York Life

New York Life has whole life insurance plans for 90-year-olds, making it one of the best options for seniors searching for a whole life policy.

In addition, the company offers a range of methods to personalize your policy with riders making it more flexible. The company has various options for living benefits (accelerated death benefit riders) which allows the policyholder to access a portion of the death benefit while still alive in the event of a terminal, critical, or chronic illness. It also has an option for disability income riders- an option not offered by most insurance companies.

New York Life has passed the test of time and has paid dividends for the last 168 years.

Being a traditional insurance firm, you cannot access its policy information online. You have to reach out to their agent.

Advantages of New York Life

• Offers whole life to 90-year-olds
• Enjoys top-tier financial stability
• It boasts of a long history of dividends payments
• It offers a wide range of riders

Disadvantages of New York Life

• You cannot discuss policy options with customer service
• Their policy information is not available online

7.     Guardian

Guardian is among the insurance companies that make available their policies even to the 90-year-olds. The majority of insurers limit their policies to age 80 or 85. Again, this company avails term policies to customers as old as 75.

Nonetheless, specific policy details of the company are not available online.

Advantages of Guardian

• It receives very few customers complaints
• There is potential for dividends payments
• It avails whole-life policies for 90-year-olds

Disadvantages of Guardian

• Its customer satisfaction is low
• Its policy features are unavailable online

Conclusion

Finally, remember that this is just a pick of a few whole life insurance companies for Infinite Banking Concept Canada out of the many that exist. The list might change based on your individual IBC goals.

Also, to find your ideal whole life insurance company, you should approach an expert who can customize it according to your circumstance. You may find yourself valuing death benefit growth more than cash value growth, or company strength as opposed to the current dividend rate.

Therefore, always customize your whole life insurance plan according to your needs.