Building Wealth with Whole Life Insurance: 5 Steps to Be Your Own Bank in Crypto in 2023

Whole life insurance has been a popular investment tool for many years, providing death benefits and cash value accumulation. However, with the rise of cryptocurrency, the concept of being your bank has become a hot topic. This article will explore how to combine whole life insurance and crypto with building wealth and becoming your bank in 2023.

Step 1: Understand Whole Life Insurance

Whole life insurance is a type of permanent life insurance that provides coverage for the policyholder’s entire life. In addition to the death benefit, it accumulates cash value over time. The cash value grows at a fixed rate of interest and is tax-deferred. This means that policyholders can access the cash value without paying taxes until they withdraw it. Understanding the features and benefits of whole life insurance before using it to build wealth with crypto is essential.