The Bob Shiels 1959 first policy $198.20 per year and what he was able to do with it
What This Covers
This video offers a nostalgic yet deeply educational case study on Bob Shiels, who bought his first life insurance policy in 1959 for $198.20/year. Drawing from Bob’s stories and policy data, the session explores how properly structured policies can quietly generate significant financial utility, and how undercapitalizing early on can create lifelong limitations.
Why Clients Use It
This is a legacy case study that brings the Infinite Banking Concept to life. Bob’s real-world journey demonstrates:
The long-term compounding power of a single, well-managed whole life policy
How policies can fund life experiences, big and small. From travel to business investments
What happens when you undercapitalize early (and why you should not)
The emotional and financial legacy these policies create across generations
Key Insights by Timestamp
00:34 — Who Is Bob Shiels?
Author of You Don’t Have to Die to Win, similar in tone to Nelson Nash
Energetic, charismatic, and a real-life practitioner of Infinite Banking before it had a name
Bought back his own book due to publisher errors, making it rare
01:02 — The Policy Setup (1959)
$10,000 death benefit, $198.20/year premium
Paid-up at age 65
Bought through London Life, Bob was 30 at the time
03:43 — Bob’s Biggest Regret
Bob used his policy to fund dozens of life events: trips, appliances, even bagpipes
But he laments not starting bigger
“Don’t be an idiot like Bob,” he says, capitalize properly from the start
06:05 — Real Cash Value Example
At one point, he paid $400 into the policy but could borrow $500
Shows how seasoned policies create more access than input
07:39 — Mechanics of Loans
Taking a loan doesn’t reduce the cash value or death benefit
It’s a lien—meaning the value continues to grow, just with some collateral attached
10:21 — “$200 a Year Did More for Me Than Most People Do in a Lifetime”
Life financed by policy loans: trips, gifts, dishwasher, piano, Canadian Open event
Emotional storytelling reinforces how flexible and reliable this system is
13:04 — Bob’s Policy Journey in Layers
Started with multiple small policies
Only began significant capitalizing at age 41
Took seven policies to get to $100,000 in death benefit
Message to the next generation: “Do it in reverse. Start big, start early”
18:09 — The Math of Missed Opportunity
For 35 years, he paid $6,937 in total
At age 81, death benefit was $64,789; cash value was $48,494
Had he started with a $100,000 policy, he’d have over $647,000 in death benefit
21:50 — Bigger Capitalization = Exponential Growth
$1,544/year for 35 years = $54,000 total premium
At age 81, that would have yielded $484,000 in cash value and $647,000 in death benefit
Annual growth would be $23,000 instead of $2,300
24:30 — “Don’t Be Afraid to Capitalize”
Bob’s message is simple: Start with more, not less
“You need a coach to do this the right way”
Even at 80, his policies were generating more in annual growth than he ever paid in premiums
Teaching Points to Share
Think long range: Time is your greatest advantage
Capitalize properly: Start bigger to maximize future utility
Borrowing is not a withdrawal: Loans preserve growth while offering liquidity
Paid-up policies keep working: Even after premiums stop, policies grow via dividends
Don’t wait for windfalls; prepare to create them