Quote:
Originally Posted by HeyJude
Those who read your post can follow up either with you, for more information, or check with their own life insurance companies to see if anything similar is available to them. 
HeyJude |
There are several caveats to checking with your own life insurance company. The company must meet the criteria in my first post, a mutual company paying dividends to its policy holders, it must write non-direct recognition policies.
Agents are usually unaware of this strategy as most of them do not understand the paid up additions rider because, while it gets close to doubling the premium it provides them with no commission so they often fail to mention let alone understand the concepts behind it.
IF you are interested go to
Bank On Yourself and Grow Your Wealth Every Year Risk-Free and Tax-Free, Turn Debt into Wealth, and More and read up and then you can submit to a no obligation contact form to a local agent that understands the concepts behind this, because structured wrong it will be classified as a "modified endowment contract" by the government and lose its tax benefits. Until the late 1980's there was not the modified endowment contract test, but then Uncle Sam realized that this was way to good of a deal not to be taxed, and imposed some restrictions.
One other advantage i failed to mention, in case of litigation life insurance is protected, you cannot be forced to use it to pay any court settlements such as a Bankruptcy against you, personal lawsuits, etc etc. Just another safety net of this program.
All tax and legal matters discussed are concerned with current US codes, I do not have any info for any other country.