Choosing a life insurance company feels overwhelming. Hundreds of carriers, conflicting reviews, aggressive sales tactics, and the nagging fear that you’ll pick the wrong one and not discover it until it’s too late.
We get it. After 20+ years helping families protect and build their financial futures, we’ve seen what happens when people choose based on Super Bowl commercials instead of substance. We’ve also seen what happens when they work with the right carrier, designed the right way — and the difference is generational.
This guide is different from what you’ll find on NerdWallet or Forbes. Most “best of” lists rank by customer satisfaction surveys and advertising relationships. We rank by what matters when you’re keeping a policy for 30+ years: financial strength, product design flexibility, dividend performance, and whether the distribution model actually gives you options. Here are our top 10.
TL;DR: Best Life Insurance Companies (2026)
- #1 Penn Mutual — A+ rated, Comdex 93, flexible whole life & IUL, non-captive
- #2 MassMutual — A++ rated, Comdex 98, record $2.9 billion dividends, non-captive
- #3 Western & Southern — A+ rated, Comdex 96, Lafayette Life subsidiary, non-captive
- #4 Foresters Financial — A rated, no-exam options, competitive IUL, member benefits
- #5 Transamerica — A rated, Comdex 84, competitive term rates, broad product range
Bottom line: Focus on financial strength (A- minimum from A.M. Best) and product flexibility over company size. The biggest company isn’t always the best fit — Northwestern Mutual has the highest ratings and largest dividend payouts, but their captive model limits your options. Our rankings prioritize consumer choice and value. For pure financial strength rankings across all major rating agencies, see our Top 25 Highest Rated Insurance Companies.
Why Trust This Guide
Insurance & Estates was founded in 2017 by Steve Gibbs, JD, AEP® and Jason Kenyon, Esq. — both estate planning attorneys with a combined 30+ years in financial services. We hold contracts with all major mutual and stock carriers and are not captive to any single company, which means we recommend what actually performs best for each client’s situation. This guide is written by licensed professionals who place policies with every company on this list, fact-checked by our editorial team, and updated with the latest ratings and dividend data as of early 2026. See our 285+ five-star Trustpilot reviews →
How We Ranked the Best Life Insurance Companies
Most “best life insurance” lists rank by company size, J.D. Power satisfaction surveys, or advertising budget. We take a different approach — ranking by what actually matters to consumers buying coverage they’ll hold for decades.
After working with thousands of clients and analyzing outcomes across carriers, we’ve identified five criteria that separate exceptional companies from merely adequate ones. You’ll notice we lean heavily toward mutual life insurance companies because we believe they deliver better value for consumers in most cases.
Our 5 Evaluation Criteria
| Financial Strength | A- rating or better from A.M. Best — the gold standard for insurance ratings since 1899 |
| Product Range | Availability of term, whole life, universal life, and IUL options |
| Policy Design Flexibility | Design options like paid-up additions riders, conversion features, and premium structures |
| Distribution Model | Non-captive companies scored higher — consumer choice drives better outcomes |
| Dividend Performance | Track record of returning profits to policyholders over decades, not just the latest year |
Captive vs. Non-Captive: Why This Matters
This criterion surprises some people, but it directly impacts your options as a consumer — and no other “best of” list accounts for it.
Captive companies (New York Life, Guardian, Northwestern Mutual) sell exclusively through their own agents. These agents are trained — and incentivized — to recommend their company’s products above all others. Non-captive companies (Penn Mutual, MassMutual, Western & Southern) allow independent agents to offer their products alongside competitors. This means you can compare options from multiple A-rated carriers before deciding.
Notable: Northwestern Mutual leads the industry in market share (9.5%) and holds the highest financial ratings — yet ranks #9 on our list. Market dominance doesn’t guarantee the best fit for your situation.
Top 10 Best Life Insurance Companies (2026)
| Rank | Company | A.M. Best | Comdex | Distribution | Key Strengths | Best For |
|---|---|---|---|---|---|---|
| 1 | Penn Mutual | A+ (Superior) | 93 | Non-Captive | Flexible whole life, strong IUL, robust PUA options | Cash value growth, policy design flexibility |
| 2 | MassMutual | A++ (Superior) | 98 | Non-Captive | Record $2.9B dividends, no-exam up to $20M | Maximum financial security, dividend income |
| 3 | Western & Southern | A+ (Superior) | 96 | Non-Captive | Lafayette Life subsidiary, strong whole life design | Whole life purists, personal banking strategies |
| 4 | Foresters Financial | A (Excellent) | 85 | Non-Captive | No-exam whole life, competitive IUL for loans | Quick approval, avoiding medical exams |
| 5 | Transamerica | A (Excellent) | 84 | Non-Captive | Competitive term rates, broad product range | Budget-conscious term buyers |
| 6 | Guardian Life | A++ (Superior) | 99 | Captive | $1.3B+ dividends, top J.D. Power rankings | Customer service priority, disability riders |
| 7 | Protective Life | A+ (Superior) | 92 | Non-Captive | 40-year term, low-cost UL, PLUS underwriting | Long-term coverage, young buyers |
| 8 | New York Life | A++ (Superior) | 100 | Captive | Largest mutual insurer, 170+ years of dividends | Brand recognition, institutional strength |
| 9 | Northwestern Mutual | A++ (Superior) | 100 | Captive | Industry-leading $9.2B dividends, perfect ratings | Maximum financial strength, whole life focus |
| 10 | AIG (American General / Corebridge) | A (Excellent) | 82 | Non-Captive | Competitive term rates, AG+ accelerated underwriting | High-coverage term, simplified underwriting |
Ratings current as of early 2026. Comdex is a composite percentile ranking from EbixExchange based on ratings from A.M. Best, S&P, Moody’s, and Fitch. For the full multi-agency ratings breakdown, see our Top 25 Highest Rated Insurance Companies. “Distribution” indicates whether the carrier sells through its own exclusive agents (Captive) or through independent agents who can compare multiple carriers (Non-Captive).
Quick Decision Guide
- Best overall value: Penn Mutual — flexibility + strength + consumer access
- Best financial strength: Northwestern Mutual or New York Life — A++, 100 Comdex
- Best for term life: Transamerica or Protective Life — competitive rates, long terms
- Best for whole life: Penn Mutual or Western & Southern (Lafayette Life)
- Best no-exam option: Foresters Financial — coverage without medical exams
- Best customer service: Guardian Life — consistently top J.D. Power ratings
#1: Penn Mutual Life Insurance Company
A.M. Best: A+ (Superior) | Comdex: 93 | Founded: 1847 | Distribution: Non-Captive
Penn Mutual earns our top spot for one reason: they consistently deliver the best combination of financial strength, product flexibility, and consumer access.
Their dividend-paying whole life product offers more design flexibility than most competitors — particularly with paid-up additions options that accelerate cash value growth. Their indexed universal life product rivals the best in the industry for accumulation potential. And because they distribute through independent agents, you can compare them against other carriers before committing.
Key Strengths
- Whole life flexibility — Robust PUA rider options for cash value optimization
- Strong IUL product — Competitive accumulation rider for growth-focused clients
- ACE Program — Accelerated underwriting without medical exams
- Non-captive distribution — Compare against other carriers before deciding
- Convertible term — Affordable entry point with upgrade path to permanent coverage
#2: MassMutual
A.M. Best: A++ (Superior) | Comdex: 98 | Founded: 1851 | Distribution: Non-Captive
MassMutual combines top-tier financial strength with non-captive distribution — a rare combination among A++ rated carriers.
They paid a record $2.9 billion dividend to policyholders, demonstrating their commitment to participating policyowners. Their Exam Substitute Program allows coverage up to $20 million without a medical exam for qualified applicants.
Key Strengths
- A++ financial strength — Among the highest-rated insurers in America
- Record dividend payouts — $2.9 billion distributed to policyholders
- No-exam up to $20M — Industry-leading accelerated underwriting limits
- Non-captive access — Available through independent agents
- Full product suite — Whole life, GUL, VUL, and convertible term
#3: Western & Southern Financial Group
A.M. Best: A+ (Superior) | Comdex: 96 | Founded: 1888 | Distribution: Non-Captive
Western & Southern ranks in the top 10 for direct written premiums in life and annuity insurance. But the real reason they’re on our list: their subsidiary Lafayette Life.
Lafayette Life is one of the premier dividend-paying whole life companies in the marketplace. They consistently rank among our “go-to” choices for clients focused on whole life insurance and personal banking strategies.
Key Strengths
- Lafayette Life subsidiary — Premium whole life product for cash accumulation
- Strong Comdex score (96) — Excellent composite financial rating
- Full product range — Term, whole life, and indexed universal life
- Non-captive distribution — Compare alongside other carriers
#4: Foresters Financial
A.M. Best: A (Excellent) | Comdex: 85 | Founded: 1874 | Distribution: Non-Captive
Foresters may be the least recognized name on our list, but they earned their spot for two reasons: exceptional no-exam options and a competitive IUL product.
Their limited pay whole life product offers strong cash accumulation without requiring a medical exam. Their indexed universal life is particularly favorable for policy loan strategies — useful for business owners and real estate investors.
Key Strengths
- No-exam whole life — Top-tier limited pay product without medical underwriting
- Strong IUL for loans — Favorable provisions for policy loan strategies
- Member benefits — Unique fraternal benefits beyond insurance
- Non-captive, easy to work with — Straightforward agent appointments
#5: Transamerica Life Insurance Company
A.M. Best: A (Excellent) | Comdex: 84 | Founded: 1904 | Distribution: Non-Captive
Transamerica offers some of the most competitive term life insurance rates in the industry. If budget is your primary concern and you need straightforward death benefit protection, they deserve serious consideration.
Beyond term, they offer whole life, universal life, and variable life products — covering the full spectrum of permanent insurance needs.
Key Strengths
- Competitive term rates — Among the lowest prices for term coverage
- Broad product range — Term, whole life, UL, IUL, and VUL options
- A (Excellent) financial strength — Solid rating from A.M. Best
- Non-captive distribution — Available through independent agents
#6: Guardian Life Insurance Company of America
A.M. Best: A++ (Superior) | Comdex: 99 | Founded: 1860 | Distribution: Captive
Guardian Life is one of the strongest life insurance companies in America. If not for their captive distribution model, they’d likely rank higher.
They paid nearly $1.3 billion in dividends to policyholders and consistently rank among the top companies for customer satisfaction. Their whole life products offer excellent paid-up additions flexibility.
Key Strengths
- A++ financial strength — Among the highest ratings available
- Strong dividend history — $1.3+ billion annual policyholder dividends
- Excellent customer service — Consistently top J.D. Power rankings
- Low-cost PUA options — Flexible whole life policy designs
- Policyholder-owned — Mutual company aligned with your interests
#7: Protective Life
A.M. Best: A+ (Superior) | Comdex: 92 | Founded: 1907 | Distribution: Non-Captive
Protective Life is known as a low-price leader in term and universal life. They’re one of the few carriers offering 40-year term coverage — valuable for younger buyers wanting extended protection.
Their Custom Choice UL product functions similarly to term but with more flexibility. Their PLUS accelerated underwriting program covers term, GUL, and IUL products.
Key Strengths
- 40-year term available — Longest term coverage in the industry
- Custom Choice UL — Term-like pricing with universal life flexibility
- Competitive lifetime coverage — Low-cost Lifetime Assurance UL
- PLUS accelerated underwriting — No-exam options across multiple products
- IUL and VUL options — Full permanent product lineup
#8: New York Life Insurance Company
A.M. Best: A++ (Superior) | Comdex: 100 | Founded: 1845 | Distribution: Captive
New York Life is the largest mutual life insurance company in America with a perfect 100 Comdex score. They’ve paid dividends for 170+ consecutive years — an unmatched track record.
They announced $2.2 billion in dividends to policyholders, continuing their legacy of returning profits to participating policyowners. Their universal life products include valuable riders like no-lapse guarantees and living benefits.
Key Strengths
- Perfect Comdex score (100) — Highest composite financial rating possible
- 170+ years of dividends — Longest consecutive dividend payment history
- Largest mutual insurer — Institutional strength and stability
- Strong UL riders — No-lapse and living benefit options
- Brand recognition — Household name with proven track record
#9: Northwestern Mutual Life Insurance Company
A.M. Best: A++ (Superior) | Comdex: 100 | Founded: 1857 | Distribution: Captive
Northwestern Mutual has the highest financial ratings and largest dividend payouts in the industry — a record $9.2 billion distributed to policyholders. By pure financial metrics, they’re arguably the strongest life insurance company in America.
So why #9? Two factors: their captive distribution model and heavy emphasis on whole life over other product types. Their agents are committed to Northwestern products because they genuinely believe they’re the best — which limits your ability to compare alternatives.
Key Strengths
- Industry-leading dividends — $9.2 billion, the largest payout in the industry
- Perfect Comdex score (100) — Highest composite financial rating
- A++ from A.M. Best — Superior financial strength
- Strong whole life focus — Deep expertise in participating whole life
- Excellent customer satisfaction — Consistently high J.D. Power rankings
#10: AIG (American General / Corebridge)
A.M. Best: A (Excellent) | Comdex: 82 | Founded: 1919 | Distribution: Non-Captive
Yes, that AIG. Before you dismiss them based on 2008 headlines, note that AIG’s life insurance division was never under scrutiny during the financial crisis. A.M. Best reaffirmed their A (Excellent) rating, confirming adequate leadership, liquidity, and flexibility. AIG’s life insurance division, historically known as American General, now operates under Corebridge Financial following AIG’s 2022 spinoff.
AIG offers competitive term rates — among the best in the industry for high-coverage amounts. Their Agile Underwriting+ (AG+) program provides accelerated underwriting for term and universal life products.
Key Strengths
- Competitive term rates — Strong pricing for high face amounts
- Guaranteed issue whole life — Coverage for ages 50-85, no health questions
- AG+ accelerated underwriting — No-exam options for term and UL
- Full product suite — Term, whole life, IUL, and VUL
- Non-captive distribution — Available through independent agents
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Honorable Mentions: Best IUL Companies
Three carriers didn’t make our Top 10 overall but deserve recognition for exceptional indexed universal life (IUL) products:
| Company | A.M. Best | Comdex | IUL Strengths | Best For |
|---|---|---|---|---|
| Mutual of Omaha | A+ | 90 | 10% cap rate, lowest fees in industry | Cost-conscious IUL buyers |
| Securian Financial | A+ | 96 | Superior index options, competitive costs | Index strategy variety |
| Nationwide | A+ | 90 | Volatility Control Index pioneer | Downside protection focus |
If your primary goal is IUL accumulation, focus on cash value growth potential and fee structure over market share. These three carriers offer exceptional IUL products that rival or exceed the Top 10 companies for this specific use case. For in-depth IUL comparisons, see our Indexed Universal Life Insurance Guide.
Key Takeaway
Four companies have perfect or near-perfect financial ratings: Northwestern Mutual, New York Life, MassMutual, and Guardian. But financial strength alone doesn’t determine the best fit. Consider product flexibility, distribution model, and your specific needs. The “best” company is the one that matches your goals with the right product design — and gives you options to compare before committing.
Beyond “Buy Term and Invest the Difference”
You’ve probably heard the advice: “Buy term and invest the difference.” It’s repeated so often it sounds like financial law. But it assumes you’ll actually invest the savings consistently for decades, in tax-efficient vehicles, without touching the money. Most people don’t. Whole life provides forced savings with guarantees, tax advantages that separate investing can’t replicate, and removes the behavioral risk of spending “the difference.” Neither approach is universally superior — the right choice depends on your goals, discipline, and financial situation.
That said, the term-vs-whole-life debate often misses the bigger picture entirely. The real question isn’t which product is cheaper — it’s how the policy is designed and what role it plays in your overall financial system. A poorly designed whole life policy is expensive diversification. A well-designed one becomes the foundation of a wealth-building strategy most financial advisors never discuss.
A Different Approach to Whole Life
If you’ve realized that the real question isn’t term vs. whole life but how to use life insurance as infrastructure for building wealth, you’re asking the right question. Conventional financial advice treats whole life as an either/or product decision. Sophisticated wealth builders treat it as the hub of their entire financial system — focusing on volume and velocity of capital rather than rate optimization.
This is the foundation of what we call Volume-Based Banking. It starts with understanding the Infinite Banking Concept and evolves into a framework where your policy isn’t just a product — it’s infrastructure. Learn how to become your own bank.
Life insurance falls into two main categories — term (temporary coverage) and permanent (lifetime coverage with cash value). Each type serves a different purpose, and the right choice depends on your goals, timeline, and budget. For a complete breakdown of every policy type including universal life variations, see our Types of Life Insurance guide.
Life insurance riders are optional add-ons that enhance your base policy. The most important riders to evaluate include Accelerated Death Benefit (usually included free), Waiver of Premium, Guaranteed Insurability, and Paid-Up Additions for whole life cash value strategies. See our complete Life Insurance Riders Guide for a full breakdown of what to add and what to skip.
How to Choose the Right Life Insurance Company
There’s no single “best” life insurance company for everyone. The right choice depends on what you’re trying to accomplish.
If you want maximum financial strength, Northwestern Mutual or New York Life deliver the highest ratings in the industry. If you want consumer choice and flexibility, Penn Mutual or MassMutual offer top-tier products through independent agents who can compare options across carriers. If you want competitive term rates, Transamerica or Protective Life consistently price well. If you want coverage without a medical exam, Foresters Financial or MassMutual’s Exam Substitute Program can help.
Our rankings prioritize consumer value — financial strength combined with product flexibility and distribution models that give you options. That’s why carriers with perfect ratings rank lower than some with A+ ratings. We believe choice drives better outcomes.
Your Next Steps
- Define your goal — Income replacement? Cash accumulation? Estate planning? The objective determines which company and product type fits best.
- Check financial ratings — Stick with A- or better from A.M. Best. Every company on our list qualifies.
- Consider distribution model — Do you want to compare options across carriers, or are you comfortable working with one company’s agents?
- Get multiple quotes — Even within our top 10, pricing varies significantly based on age, health, and coverage amount.
- Review policy design — Especially for permanent coverage, how the policy is structured matters as much as which company issues it.
Remember: the “best” company and the “biggest” company aren’t the same thing. Focus on financial strength, product fit, and working with someone who can help you compare options objectively.
Frequently Asked Questions
What is the best life insurance company right now?
It depends on your priorities. For overall consumer value — combining financial strength, product flexibility, and the ability to compare options — Penn Mutual earns our #1 ranking. For pure financial strength, Northwestern Mutual and New York Life lead with perfect 100 Comdex scores and A++ ratings from A.M. Best. For affordable term coverage, Transamerica and Protective Life offer the most competitive rates. The “best” company is the one that matches your specific goals with the right product design.
Which life insurance company pays the most dividends?
Northwestern Mutual leads the industry with a record $9.2 billion paid to policyholders — the largest dividend payout of any life insurance company. MassMutual paid a record $2.9 billion, New York Life paid $2.2 billion (their 170th consecutive year), and Guardian paid approximately $1.3 billion. Dividend amounts vary annually based on company performance and are not guaranteed, but these four mutual companies have the longest and most consistent track records.
Is whole life insurance worth it?
It depends entirely on how you plan to use it. As a simple death benefit, term insurance is more cost-effective. But when structured properly with paid-up additions and used as financial infrastructure — a place to store capital, access tax-advantaged loans, and build guaranteed growth — whole life from a top-rated mutual company becomes a fundamentally different tool. The key is policy design, not just the product itself. A poorly designed whole life policy is expensive. A well-designed one can be the foundation of a wealth-building strategy. Our guide to whole life insurance pros and cons breaks this down in detail.
Should I buy life insurance from a captive or independent agent?
Independent (non-captive) agents can compare products across multiple carriers, giving you more options and often better pricing. Captive agents work exclusively for one company — they may have deep expertise in that company’s products but can’t show you competitive alternatives. For term life, the difference is smaller since you’re primarily comparing price. For permanent life insurance — especially whole life or IUL designed for cash value — working with an independent agent who can compare policy designs across carriers often produces significantly better outcomes.
Can I get life insurance without a medical exam?
Yes. Most top carriers now offer accelerated underwriting programs for qualified applicants. Penn Mutual’s ACE program, MassMutual’s Exam Substitute Program (covering up to $20 million in death benefit), Protective Life’s PLUS program, and AIG’s Agile Underwriting+ all offer no-exam options. Qualification depends on age, health history, and coverage amount — not everyone qualifies, but the availability has expanded significantly in recent years.
Why isn’t Northwestern Mutual ranked #1?
Our rankings prioritize consumer value, not just financial strength. Northwestern Mutual has the highest ratings and largest dividends in the industry, and by pure financial metrics they may be the strongest carrier in America. However, their captive distribution model limits your ability to compare options across carriers, and they emphasize whole life heavily over other product types. We rank them #9 because our methodology rewards consumer choice — not because their products are inferior. For a pure financial strength ranking, see our Top 25 Highest Rated Insurance Companies.
What type of life insurance is best for building cash value?
Whole life and indexed universal life (IUL) are the primary options for cash accumulation. Whole life offers guaranteed growth plus dividends from mutual companies — it’s slower but predictable with no downside risk. IUL offers higher growth potential tied to market index performance with a floor (typically 0%) that protects against losses. The “best” choice depends on your risk tolerance, timeline, and whether you prioritize guarantees or growth potential. For advanced strategies, many wealth builders use whole life as infrastructure for infinite banking — where the focus is on capital velocity rather than rate optimization.
How much life insurance do I actually need?
Common rules of thumb suggest 10-12x your annual income, but the right amount depends on your specific situation: outstanding debts, income replacement needs, future obligations like college funding or spouse retirement, and existing assets. A 35-year-old with young children and a mortgage needs significantly more coverage than a 55-year-old with grown children and a paid-off home. The calculation also changes depending on whether you’re buying purely for death benefit protection or building a policy with cash value as part of a larger financial strategy.
Is it better to buy term life and invest the difference?
“Buy term and invest the difference” works mathematically in spreadsheets. In practice, it assumes you’ll actually invest the savings consistently for decades, in tax-efficient vehicles, without touching the money during market downturns. Most people don’t maintain that discipline. Whole life provides forced savings with guarantees and tax advantages that separate investing can’t replicate. Neither approach is universally superior — term life is excellent for temporary needs, while whole life serves a different function entirely when properly designed. Many families benefit from a combination of both.
What’s the difference between whole life and IUL?
Whole life offers guaranteed premiums, guaranteed death benefit, and guaranteed cash value growth — plus dividends from mutual companies. It’s the most predictable option. Indexed universal life (IUL) ties cash value growth to a stock market index (like the S&P 500) with a floor that protects against losses and a cap that limits gains. IUL offers more growth potential but less certainty, and the premiums are flexible rather than fixed. Whole life is typically better for conservative, long-term wealth building and banking strategies. IUL can be better for those comfortable with some variability who want higher accumulation potential. For a deeper comparison, see our IUL guide and whole life guide.
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5 comments
Amy Woodson
Several things:
1. Northwestern Mutual agents are not captive agents contrary to your article.
2. Northwestern Mutual has high standards for those agents who are affiliated with them, therefore not allowing independent brokers to just randomly “sell“ products.
3. Universal Life is a highly fluid tool that requires careful customization for each specific client. All these variables increase the difficulty of blanket statement “marketing”.
I’m a proud broker of all companies and honored to also be affiliated with NM to have even more options for my clients.
Insurance&Estates
Hello Amy, actually my uncle was a top producing NW Mutual agent for his entire life and so I am familiar with what is (and isn’t) captive about your company. I believe we fairly represent NW Mutual as a top company but not necessarily advantageous to clients in all respects. As far as IULs, they can be useful in my opinion if properly designed for the right client; however, they are aggressively marketed and often abused. Best to you in your endeavors.
Best, Steve Gibbs, for I&E
Fetulele Zylks
Hello there, I was just looking for the best insurance company to work with. There are so many out there. What I am looking for is a company with ethic and that I can make a great living and retire from it. I want to help as many people as I can through providing the best life insurance and financial sufficient for them and for me. I am looking towards the Penn Mutual Life Insurance because its on the top of the list and it has been around for decade. I don’t know, can someone call me back for some more of my questions please. The information provided was very helpful. Thanks
Emy
What’s the best way to fund a bank on Yourself polcy i? Annually, semi, quarterly, monthly, front load. What’s the best riders to add in order to supercharge cash value and or increase death benefits? Is a 10 pay policy good for bank on Yourself?
Insurance&Estates
Hi Emy,
Thanks for visiting our website.
There is no real secret to funding an IBC policy, AKA Bank on Yourself policy. We design our contracts to find the lowest non MEC death benefit. The longer you fund the contract, the lower we are usually able to set the death benefit. Typically, it is good to fund the policy for at least 10 years to keep the death benefit low, although 7 pay policies are available when properly designed.
If you are interested in a bank on yourself or infinite banking policy, please give us a call. We can go over your goals to help you determine the best route to take in designing and implementing such a policy.
Sincerely,
I&E