CalvinT

Well if you have the right kind of Whole Life insurance policy, (Participating, non-direct recognition, with Paid up Additions rider) When you borrow money from it the amount you borrow does not affect your gains in the policy.

If you have a 100K cash value, and you borrow the entire 100k, YOU STILL MAKE DIVIDENDS AND INTEREST ON THE 100K even though its no longer physically in the policy. And you are paying yourself back the interest, and you have a death benefit, and if you file bankrupty life insurance is protected, and.......... I could go on but you get the point.

If you borrow 100K from your savings, poof no more gains, if you borrow 100K from the bank you are paying them.

As I have stated before and I reiterate again, not all life insurance policies are structured this way, in fact a very small percentage are set up this way because it does not benefit the insurance agent to write a policy with the Paid Up Additions rider.

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CalvinT

Well time to bang on the ole BOY bandwagon again, even after this glorious week in the markets and a worldwide credit crisis my BOY hasn't lost a cent, In fact I am considering making a withdrawal and purchasing one of these cheap houses in my area.

Hope everyone is doing fine.

Learn about monetary policy
Money, Debt & Inflation

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doozman

Calvin,

Thanks for the good info on BOY. One thing that has been very frustrating for me is to find a good insurance company that pays good dividends and carries non-direct recognition whole life. Can you recommend some? What company are you using currently?

Thanks,
Tim

CalvinT

Lafayette Life Ins is my company, BUT I can not stress this point enough I would recommend to go through one of the certified BOY advisers.

It will not cost you one red cent more, and you have somebody that understands what you are trying to do with the policy, because if you do not have the correct ratio of policy premium to PUA in your premium payment, the government can classify your policy as a Modified Endowment Contract and you will lose all of the Tax benefits.

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raisami7

Many money making schemes online try to guarantee you success in changing your life by providing you with financial freedom. Internet is developing at a fast pace and there are today many opportunities to make money online.

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