Most families are only a paycheck or two away from complete financial disaster. 71% of employees surveyed said they’d have difficulty meeting their current financial obligations if their paycheck were delayed for just one week, according to the American Payroll Association. (Source: “Getting Paid In America” survey – September 15, 2008)
After Bank On Yourself Advisors (a life insurance agent with advanced training on this concept) complete a financial analysis with a client, it’s rare that they find a family that has more than $3,000 in liquid cash savings they can tap into.
Whether headed into cloudy financial downturns, or in more stable financial environments, it’s difficult to predict life’s twists and turns.
Financial emergencies are a fact of life and can occur at anytime, from your furnace unexpectedly breaking down, to losing your job, to a medical emergency (the cause of 50% of all bankruptcies, according to Health Affairs, “Illness and Injury as Contributors to Bankruptcy” – February 2, 2005). The Bank On Yourself concept, and the flexibility it allows, means that you can have access within days to the equity in your policy, without having to run up your credit cards, apply for a loan, or go through the uncomfortable process of begging or borrowing from friends and family. We all know how difficult it is just dealing with emergencies, let alone figuring out how to pay for them. When you Bank on Yourself you can:
- Pay the money back on your terms, not someone else’s (taking care not to allow your policy to lapse)
- Avoid late fees and penalties
- Not have to worry about black marks on your credit report
(Note: Loans that are not repaid will lower policy values. If your loan balance exceeds the cash value, outside funds may be needed to keep the policy from lapsing. A policy that lapses or is surrendered can potentially result in tax consequences.)
And what about life’s ultimate emergency? While Bank on Yourself is a great financial strategy, it can also protect your loved ones if the unexpected happens. Unfortunately, untimely death is also a part of life.
Even if you have the ability to deal with the financial emergencies life throws at you, one-third of adults in the U.S. have no life insurance protection at all, according to LIMRA (“Generations at Risk” – September 2008), and only 20% have enough to not only cover burial expenses, but also the financial hole their passing leaves in their loved ones’ lives. (Source: “Coming Up Short” – MarketWatch.com, December 2, 2008)
Whether it’s your car breaking down or an unexpected death, Bank on Yourself should be part of your financial emergency plan. Would you like to find out what your bottom-line numbers and results could be if you added Bank On Yourself to your financial plan? Simply request a FREE analysis here.
Other Benefits of Bank On Yourself:
- Create a Rock-Solid Retirement Plan
- Finance Business Equipment and Related Purchases
- Reducing Debt and Increasing Savings
- Paying for College without Going Broke
More than 500,000 people are enjoying these benefits today because they have rejected the conventional financial “wisdom” and are now in control of their financial well-being.
Bank on Yourself was established in 2002 to educate Americans about this proven way to have a rock-solid financial plan, with no luck, skill or guesswork required.
Wondering where you’ll find the money to Bank On Yourself? There are at least eight ways to do this, so don’t rule yourself out for that reason.