Scroll through TikTok’s finance feed and you’ll come across viral videos on “infinite banking” fueled by celebrities like rapper Waka Flocka Flame.
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Once your policy has accumulated enough cash value, you can begin to take out loans against the funds — and that’s where the concept of “banking on yourself” comes in. What’s more, infinite banking is expensive. For example, a healthy 40-year-old man can expect to pay $7,028 per year on average for a $500,000 whole life policy, according to Quotacy, an online life insurance brokerage. In most cases, he’d pay premiums every year for the rest of his life.
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