Term life insurance offers an inexpensive way to purchase a death and living benefits for a limited “term” or time period. The permanent life insurance offers a permanent accruing death and living benefits protection as well as accruing cash value growth within the policy over the life of the policy. 

The PBC, a participating whole life policy can be utilized to store your wealth while you wait for opportune times to invest those reserves into other wealth producing assets. It is important to use dividend paying whole life insurance provided by a mutual company versus a stock company. However, If an insurance policy has high surrender penalties and has limited access to cash value, which many policies in the market have surrender penalties up to 10 years or more, it may not be the best choice of policy to apply Personal Banking Concept as a vehicle.  It is important to understand, most cash value insurance policies only allow you to borrow from the surrender value, not the cash value of the policy.