PLG Insurance has launched a private family banking service in Grand Rapids, MI, using cash-value whole life insurance to help families build emergency savings and plan for long-term financial security.
-- PLG Insurance has introduced a private family banking program in Grand Rapids, Michigan, built around cash-value whole life insurance policies. The program is designed as an alternative to conventional savings accounts, giving policyholders a way to access funds during unexpected expenses while their policy continues to build long-term value.
More details can be found at https://plginsurance.com/
A 2024 Empower survey found that 37% of Americans can't cover an unexpected expense of over $400, and 21% have no emergency savings. While advisors recommend three to six months of living expenses in reserve, the median emergency savings is just $600. The announcement offers Grand Rapids families an alternative way to build accessible savings without relying solely on high-interest credit or early retirement withdrawals.
PLG Insurance structures its policies around the Infinite Banking Concept, using dividend-paying whole life insurance plans that accumulate cash value over time. Policyholders can borrow against that value during emergencies — such as medical bills, home repairs, or income disruptions — while the policy remains active and continues to grow according to its terms.
"Our goal is to help families build easily accessible reserves for emergencies, so they don't have to depend on traditional loans," said a PLG Insurance spokesperson. "Private family banking gives policyholders more flexibility and control when they need funds."
PLG Insurance notes that the tax treatment of cash-value policies can offer added planning flexibility for policyholders. Cash value generally grows tax-deferred, and policy loans are typically structured differently from taxable withdrawals, distinguishing this approach from consumer lending and retirement account withdrawals that may incur penalties or tax implications.
The company adds that policyholders can set their own repayment schedules without credit checks, providing flexibility for business owners, the self-employed, and families with variable incomes.
PLG Insurance notes that policy performance, dividends, and outcomes are not guaranteed and depend on the policy, insurer, and individual circumstances.
About PLG Insurance
PLG Insurance was founded by Mike, a U.S. Marine Corps veteran with expertise in Lean and Six Sigma, and Jana, a financial professional with over 30 years of business experience. The firm serves Grand Rapids residents and businesses, specializing in life insurance and small business pension planning with a focus on long-term financial strategy and protection.
For more information, visit https://plginsurance.com/
Contact Info:
Name: Michael L Plaisier
Email: Send Email
Organization: PLG Insurance
Address: 6688 Glen Hollow Drive Southeast, Caledonia, MI 49316, United States
Website: https://plginsurance.com/
Source: PressCable
Release ID: 89193094
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