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There is nothing "shady" about this concept, I have been practicing it for many years with great success. Most intelligent people can read the books, and talk to agents who are knowledgeable in this process and you will realize that it is a very effective way of handling your money.
Most people get stuck on the "load" or fee paid to the agent who sets up the policy, but that shouldn't be the only factor when deciding whether to pursue it or not. In fact, a properly designed policy actually minimizes or reduces the fee paid to the company or agent because the death benefit is usually much lower than most people expect. Most policies are structured for you to pay the most you can for the least amount of death benefit. It may sound counter-intuitive, but keep in mind that you aren't buying the policy for the death benefit.
Bottom line, educate yourself by reading the books and talk to an agent who is trained to structure these policies.
Does anybody have experience with Private Reserve Banking? (similar ideas go by names like Infinite Banking or BeYourOwnBank).
Essentially sounds like using whole life policy to collateralize loans for major capital expenses while allowing money to compound in a tax favored, creditor shielded, liquid account.
Sounds like it makes sense....any experience or criticisms?