Bank on yourself, book review.
This book is written by Pamela Yellen, and it promotes using Whole Life Insurance to “Bank on Yourself”. The basic premise is to buy a whole life policy, contribute premiums to it, and build up tax free savings in an account, which you can use to refinance all your consumer debt, redirecting all the consumer interest you currently pay from the pockets of your creditors to you.
Pros
The book is well written in a convincing manner and it is extensive referenced.
Cons
The book clearly is trying to sell you insurance and services. It would be more objective, if the author didn’t direct you to her company, in terms of objectivity, but she justifies this because she and her organization are experts.
I enjoyed the book and recommend you read it. Despite its length, it’s a quick read. The author does a good job of supporting her recommendations for the product she sells. I intend to buy a policy and see how it turns out. You can follow my journey on this blog.
Peace Out.
Yes, I would buy it. I will buy it.
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Why?
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It allows you to accumulate money in the cash value portion tax free with compound interest, and borrow against it, then pay interest to yourself which is tax deductible as a business expense.
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Okay. What about the high cost of coverage compared to term insurance?
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You actually include a term rider with this policy, so you get some inexpensive term insurance along with the advantages of WLI.
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Plus the return of premium tax feature is perfect. You get a dividend each year when the company returns its excess premiums to the policy holders. But it’s not taxable since it’s the return of your after tax dollars.
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This implies she is very knowledgable;
And the best person to sell you insurance.
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👆assumption.
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True.
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So you would buy WLI?
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The bank on yourself is a flawed concept. Whole life insurance is a great product, but not used in this fashion.
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