But they never tell you about all the strings attached to it or discuss an “exit plan.”

You’re going to pay taxes if you take money out of your profit sharing plan at your age. But read chapter 7 of my book for ideas of how other people have handled this.

And get a referral to a Bank On Yourself Authorized Advisor to discuss your unique situation.

I have oodles of debt(credit cards), car payments, rent, etc, but a profit sharing plan that if I touch comes with additional penalties. BOY would make life so much easier…

People do this up into their 70’s and 80’s. If you’re in “pretty good” health, there’s an excellent chance you could live another 30 years, so you want to make sure your money doesn’t run out before you do.

To find out how you could benefit from a custom-tailored program, request a Free, no-obligation Analysis to take the next step.

What about health conditions restrictions?? I have no major diseases and am in pretty good health.

Keep in mind that dividends can be used to pay premiums, if you should be unable to pay them out of your own cash flow.

If you rely on this way of paying your base premium too much during the first year or so, it could cause the policy to lapse. (If a policy lapses, you’d receive the cash “surrender” value of the policy.)

The idea is that you don’t repay your policy loans when you’re drawing retirement income.

Hope this helps!

After reading your book, I still have several questions regarding B.O.Y investment strategy:
1.) What would it happen if someone is not able to pay the basic premium due to some difficulties along the road? Will the plan lapse and you lose all the money you put in before?

2.) If I have to pay back the loan with interest every time I take money out of my plan, how can I use it as my retirement income since I have no other financial source at that time?

Thanks.

Junhui

Although the premium is generally less for a younger person, all other things being equal; the efficiency of growth varies from policy to policy.

And yes, there’s a lifestyle and health screening process. If someone doesn’t qualify due to health, or age, etc. they have the option of using a family member or business associate as the insured and they still have full control of the policy. It’s done all the time.

There’s only one way to find out how a policy custom-designed for you will perform and that’s by taking advantage of a free, no-obligation Analysis.

Since this method is based on the purchase of a life insurance policy, is the cost based on a sliding scale from young to old?

Don’t such policies typically have a lifestyle and health screening process to protect them from enrolling people with high risk behavior practices and applicants who are already diagnosed with serious health issues?

If so, how is that addressed in your plan?

I’m going to suggest you re-read chapters 3 – 6 of my book, where these questions are answered.

You do have tremendous flexibility both in paying back any loans AND in paying your premiums. Pages 106 – 108 in particular describe some of the many options available to Paul and Katie when life threw several curveballs at them.

Regarding how “easy” it seems in the real-life stories in the book to start multiple policies – most people are pleasantly surprised how much more seed money they can free up to fund a Bank On Yourself policy, after going over their situation with a Bank On Yourself Authorized Advisor. These Advisors are masters at helping people restructure their finances to free up money to fund a plan. Here are eight of the most common ways to find money to fund a policy.

Someone with health issues won’t necessarily pay a higher premium. They also have the option of using someone else (family member or business associate) as the insured on the policy.

I guess if my entire retirement savings is going into a BOY plan(s), then no I wouldn’t stop doing that if I take out a traditional car loan from a dealership. But, I couldn’t imagine doing that. That means in all practicality, I would be increasing what I have to spend each month to keep funding the BOY plan and pay back the loan I took out to fund the policy along with my other retirement account.

There may also be a little flexibility in paying back that loan, but don’t forget the interest rate the insurance company will charge me for taking out the loan (6% or more?). Oh, and you want to make sure you keep paying your premiums so the policy doesn’t lapse. There isn’t much flexibility from that angle. I can always stop funding my IRA if things get tough, so there is some flexibility there.

If you also could get to 90% of your cash value, wouldn’t WL policies fund themselves much earlier than they do? It seems like they would.

My problem with some of the stories in the book is that it makes it sound so easy to start multiple policies. Most are going to cost 5k a year, so that adds up quickly. That’s also assuming that there aren’t additional expenses after underwriting is done. Someone with a few health issues will pay more.

Thanks again,

D. Wilkerson