We received dozens of insightful entries for our “Bank On Yourself vs. savings account” contest. They confirmed – once again – that we have a whole bunch of very smart subscribers!
The contest even inspired one reader to write a poem!
I’ve been studying these topics full time for nearly a decade now, and even I learned some new things. So, whether you use the Bank On Yourself method or not, or you consider yourself to be an expert or a novice at understanding money and finances, you should read this!
You will undoubtedly learn some things you didn’t already know!
There were so many great contest entries, it was really tough for our team to single out only the five best entries, and the winners of the iPod Touch, Amazon.com gift certificate and more are listed below.
The contest question was: How is dividend-paying whole life insurance different from a savings account, besides the death benefit?
Our readers gave a dozen or so distinct, key differences between the two, and I’ll summarize a number of them in a moment.
However, I think one really critical advantage of a dividend-paying whole life policy wasn’t mentioned…
Many retirees today can’t stomach the volatility or unpredictability of investing in stocks and other traditional investments and were counting on their interest income from CD’s, money markets and savings accounts.
[Read more…] “Bank On Yourself Dividend Paying Life Insurance v Savings Account”