Comments on: Six Frequently Asked Questions about Bank On Yourself

By: Pamela

Pamela — Fri, 11 Feb 2011 00:30:02 +0000

There is nothing wrong with paying base premium! Buying term insurance is like renting a house – you’ll have nothing to show for the money you spend on it unless you happen to “get lucky” and die during the term of the policy. Even Suze Orman and Dave Ramsey note that term insurance is DESIGNED to terminate before YOU do – 99% of them never even pay a claim!

I’ve asked your advisor to connect with you to show you how the death benefit of the Bank On Yourself policy he designed for you has an exponentially increasing death benefit, in ADDITION to an exponentially increasing cash value.

A policy I started 4 years ago already has a death benefit that has almost doubled since it was issued.

Please feel free to address any other questions with your advisor as he is very knowledgeable and patient.

By: b keith

b keith — Fri, 11 Feb 2011 00:29:38 +0000

Let me clarify my question a little as well. Does the lifetime cost of the base premium really make it worth it. When you compare the overall cost of the base premium over the life of the policy outweigh the gains you get from the money you put into PUA riders and cash value?

By: Pamela

Pamela — Fri, 11 Feb 2011 00:25:56 +0000

Yes. It absolutely “outweighs” the higher cost of the base premium. In fact, I have dividend-paying whole life policies I started before I ever knew there was such a thing as a Paid-Up Additions Rider (PUAR), and even those policies are now growing at a terrific pace and soundly trashing the long-term returns I’ve gotten in the stock market.

By: b keith

b keith — Fri, 11 Feb 2011 00:24:46 +0000

I have a question regarding the actual cost of the life insurance each month. I know that each policy is set up differently, but each month there is a cost of the insurance, the base premium. I also know that in my recent report from my BOY advisor, that nearly HALF of my monthly contribution to my policy ($1000 of a $2000 monthly commitment) would go towards the base premium. It seems this is where people say buy term instead. For $1000 a month, I could get a ton of term insurance. Can you address this issue. Thank you..

By: Pamela

Pamela — Tue, 08 Feb 2011 00:51:32 +0000

The interest you pay on policy loans ultimately benefits the policyowner. You will end up with the exact same cash value whether you borrow from the policy and pay it back at the interest rate the company charges as you would if you didn't borrow from the policy. I explain how this works on pages 100-103 of my book.

By: Ripp Wimberly

Ripp Wimberly — Tue, 08 Feb 2011 00:50:22 +0000

I am familiar with cash vale life insurance and its flexibility and tax advantgages.
I am also aware that the life company charges interest on loans from cash value.
Your video does not address this.
Any comment???

By: Pamela

Pamela — Thu, 18 Nov 2010 21:28:32 +0000

You may want to speak with a Bank On Yourself Authorized Advisor to discuss possible options.

By: Tom Barrett

Tom Barrett — Thu, 18 Nov 2010 21:27:20 +0000

I am uninsurable. I really don’t have any family that I can own a policy on. Do I have any way to do Bank on Yourself? Thanks.

By: Pamela

Pamela — Mon, 16 Nov 2009 15:38:05 +0000

I understand your concern and have addressed it in detail here.

By: Todd Hallquist

Todd Hallquist — Mon, 16 Nov 2009 15:37:48 +0000

I believe the dollar is on it’s last legs and will collapse or be de-valued or both sometime in the next two years. Why would I want to invest in a dollar-based investment when I should be putting every penny in precious metals and commodities? When the collapse comes most investors will lose everything, including those that invest in your product.