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Personal Finances / Bank on Yourself?


Subject:  Re: Greetings, Fool! Date:  5/8/2007  2:41 PM
Author:  mxstanl Number:  4 of 21

I requested that this board be set up for those that are interested to discuss and dive into the Bank on Yourself insurance and investing concept. I have done some investigation and have talked to some investors who practice in this area. Basically, the concept includes life insurance from a dividend paying company, where you overfund the policy to build a large cash value. The concept includes thoughts that encourage you to "borrow" from the cash value of the policy to fund purchases of cars, college, etc. You pay the loan back and your policy continues to grow. It becomes a place where your money grows tax free and you have access to those retierment dollars later in life as loans or withdrawals. I know most of us out here are skeptics of this type of approach, but from what I have seen, it looks like if it is set up correctly, it could work and work well. I hope that is enought to get us started in conversation. I am not an expert, but I am trying to learn.
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