In this second part of the series, I’ll show you why all the self-proclaimed experts miss the boat when they claim that whole life insurance policies are a rip-off because you build up all that cash value, then the insurance company keeps it when you die and only gives your heirs the death benefit.
It doesn’t have to be that way, my friend!
Here’s an actual whole life insurance policy annual statement. (This is a different policy than the one I showed you in Part 1.)
Take a look at this life insurance policy statement. It’s for a policy I took out on September 15, 2002. I’m showing it to you because I want put to rest the misconceptions and untruths the so-called financial “gurus” are spreading about the cash value growth of well-designed dividend-paying whole life insurance policies.
The financial gurus tell you not to buy whole life insurance because your equity in the policy—your cash value—grows too slowly, and you won’t have any equity for the first few years.
This is simply not true of Bank On Yourself-type whole life insurance policies!
You’ll have cash value in the first year with a whole life insurance policy designed the Bank On Yourself way!