A Tribute to Nelson Nash: Father of the Infinite Banking ConceptSubmitted by MacDev Financial Group on July 31st, 2019
Guest Post: Stephen Devlin, President/CFO MacDev Financial Group, Licensed Life Insurance Broker and IBC Authorized Practioner
Many people have it backwards when it comes to seeing and knowing how life insurance works, especially the power of using dividend-paying whole life insurance (also known as participating whole life) to 'become your own banker.'
Nelson Nash, a dear friend and mentor of mine, was the master of knowledge on this concept. He dedicated his life’s work to re-educating people how to remove the banking function completely from their lives using permanent life insurance. Over the last decade, I’ve had the honour and privilege to work and learn directly from Nelson as an IBC Authorized Practitioner. On March 27th, 2019, Nelson passed away at the age of 88 but his legacy will live on in his life’s work. He will be greatly missed by myself and those who came to admire and respect him.
As a life insurance agent in the U.S for more than 35 years, Nelson is known for his book Becoming Your Own Banker. The publication of his book laid the groundwork for the creation of the Infinite Banking Concept (IBC) and the founding of the Nelson Nash Institute in Birmingham, Alabama.
“Your need for finance is way bigger than your need for a death benefit.”
These are Nelson’s own words. And he’s right.
A devout Christian and family man, Nelson was passionate about his work and lived and breathed his concept. Owning several whole life policies himself, he controlled his family and business banking functions while keeping them private. Nelson didn’t see a bank in 30 years and used funds from his policies to pay for everything from his mortgage, to purchasing new vehicles, to helping set his children up in life.
Like Nelson said, while protection of assets is important, we have a greater need throughout life for a financial reservoir we control to fund what we need. In a nutshell, the Infinite Banking Concept is the strategy, or way of designing and funding a dividend-paying whole life policy (with the expertise of an IBC Authorized Practitioner) so you can achieve this and become your own banker.
To learn more about Nelson’s life work and the Infinite Banking Concept, I invite you to watch the video below.
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