Do You Know About "Infinite Bank" Concept

Here is a general outline:
http://www.nuwireinvestor.com/articles/be-your-own-bank-51057.aspx

A friend is ready to jump into the plan and I think
it is a bad idea. I have always understood that term
insurance and regular investment was better than whole
life. The operating fees extracted from the whole life
plan, generally, mean that growth in the cash value
do not match alternate investment opportunities.

However, the attraction of the "infinite bank" concept
is that after some point you can borrow against your
cash value without a tax penalty.

I plan to check with Vanguard and Schwab to see if they
have a loan facility against invested assets.

If you have any experience with an "infinite bank" program
please give me your thoughts.

TIA

.

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