Getting Started with Bank On Yourself: Step-by-Step

As soon as you request your free Analysis, you’ll be connected with a Bank on Yourself Authorized Advisor (who is a life insurance agent with advanced training in this concept), who will arrange a meeting with you to get things moving. If you start today, you could begin to take back control of your financial future within the next 60 days, using the Bank On Yourself concept.


Tailor your plan

The Planning Process to Your Financial Goals

Step 1: Your Bank on Yourself Authorized Advisor can answer all your questions and help you identify your key short-term and long-term personal and financial goals. Learn how to find a Bank On Yourself Authorized Advisor.

Step 2: Your Authorized Advisor will create a Personalized Solution that will show you how the Bank On Yourself could help you reach your primary goals. Keep in mind that each policy is custom designed. There is no one-size-fits-all policy.

Step 3: The Advisor will help you determine how much you’ll fund your policy with and where you’ll find the funds to do it. Bank On Yourself Authorized Advisors are masters at helping you restructure your finances to free up additional seed money to fund your plan.

Step 4: Identify who should be the owner of the policy and who should be the insured. Note: As long as you are the owner of the policy, you control the policy and the money in the policy. (For that reason, neither health nor age is necessarily a barrier.) Many couples start two policies at the same time, one for each of them, and some also start policies for each of their children.

Next step, find out if you qualify »


Find out if you qualify


Step 5: Complete the insurance company's application. (Your advisor will recommend the best company for your situation.) The first premium is typically included with your application .

Step 6: Your application goes to the insurance company's underwriting department, which will, in most cases, require the proposed insured take a medical exam. The exam is often done in the privacy and convenience of the insured's home or office. Policy approval takes an average of 30 days, however, in some cases, it can take up to 60 days.

Step 7: When the policy is issued, your agent will review it with you and you'll have a "free look" period (which varies by state) to accept or reject the policy.

Step 8: Premium payments begin on the schedule you've chosen (monthly, quarterly, semi-annual or annually).

Next step, grow and use your plan »

Move Forward!

Grow and use your plan

Move Forward

Step 9: Plan to meet semi-annually with your Bank On Yourself Advisor to review your policy, track your progress, and make any adjustments dictated by changes in your situation.

Step 10: Based on initial and ongoing planning with your Bank on Yourself Advisor, you can start using your policy to become your own source of financing (typically 1-3 years after starting the policy, although you always have access to your equity in the plan). Make sure you pay your loans back just as you would be required to by a traditional financial institution. (Your Advisor will assist you in strategically planning the best way to pay back your policy loans)

Step 11: Open up a new policy (based on need and cash flow) periodically to assist you in achieving even more and bigger goals.

Next step, financial security »

Financial Security!

Retirement, taxes and legacy

Financial Security

Step 12: Once your retirement goals have been reached, start taking a retirement income you can predict and count on. Your advisor can assist you in structuring the way you take your income so that you do it with minimal or no tax liability (according to current tax laws).

Step 13: Nothing is certain except death and taxes, but at least you can minimize your taxes. Your death benefit (less any outstanding loans) passes income tax-free (under current tax laws) to your loved ones, favorite charities or other beneficiaries. It's the final grand gesture following years of great benefits that will have improved and enhanced your lifestyle.

Next step, request your free Analysis

If you'd like to thoroughly understand the ins and outs of this method, download your FREE Wealth-Building Report.

After you've compared the features and benefits of Bank on Yourself to traditional investment and savings methods, we're confident that you'll want to request your free Analysis and get started right away.