Why do so many people prefer THEIR facts to THE facts?

As Mark Twain noted…

Most people’s egos prefer THEIR facts to THE facts.”


And I’ll bet you can think of several people who are guilty of that right off the top of your head, can’t you?


One of my mentors, Dan Kennedy, also noted, “People are quick to dispense advice on any subject, regardless of their qualifications. Most people don’t even distinguish between ‘opinion’ and ‘knowledge.’ That’s why you must.”

When it comes to Bank On Yourself, there’s a lot of opinion being dispensed as fact… and I thought I’d help you sift through three common misconceptions about Bank On Yourself in this blog post…

Myth #1: The commissions paid on Bank On Yourself plans are high

Often, this accusation is made by financial representatives who profit from investing your dollars on Wall Street. They even say agents only sell these policies because of the high commissions.

What they don’t realize is that Bank On Yourself Professionals receive 50-70% less commission than financial representatives who structure policies the traditional way.

And the shocking fact is that the financial representative who manages your money in the stock market is making at least ten times more than the Professional, if you contribute the same amount of money each year!

Watch this video to learn exactly how a Bank On Yourself Professional is compensated, and how you’re paying through the nose for your broker’s advice…



Your Bank On Yourself Professional can tell you the guaranteed minimum value of your policy at every point along the way. Try asking your money manager to do the same…

Myth #2: You don’t benefit from the interest you pay on policy loans

Hey, I get why people don’t understand how these policy loans really work – there’s no other financial vehicle that I’m aware of that gives you all the advantages of a whole life insurance policy loan. And there are a lot of people (myself included) who believe policy loans may well be the 8th wonder of the world.

Financial Plan
Financial Plan

As I’ve explained in my best-selling book and on my website, you do pay interest on policy loans. The interest charged is typically at below-market rates.

One thing that makes a whole life policy loan unique is that when you borrow from your policy, the money doesn’t actually come directly from your policy. It comes from the company’s general fund, because all the cash value of all the policies is pooled together.

It works the same way when you repay loans – the payments you make on your loans and the interest you pay don’t go back directly into your policy; they go back into the general fund. The interest you pay ultimately benefits you – the policy owner – through a combination of guaranteed annual cash value increases, plus any dividends the company pays.

For a fuller understanding of how this works, check out our Consumers Guide to Bank On Yourself Policy Loans. Pay particular attention to FAQ #5.

One of the benefits of the Bank On Yourself method people really like is that you can borrow from your policy to buy something or take advantage of an investment, and the policy can continue earning the exact same cash value increases and dividends as though you hadn’t touched a dime of it.

Buyer Beware! Only a handful of life insurance companies offer this feature along with all the other features required to maximize the power of the Bank On Yourself method.  These are the companies preferred by the Bank On Yourself Professionals.

There are some companies that don’t really want you to take policy loans and some that even reduce the agent’s commission if they deem he or she has “too many” clients with policy loans.

I have a policy I started 20 years ago from a company that has an excellent reputation, but whenever I take a policy loan, they tell me how much my dividend will be reduced if I don’t pay it back. You want your policy to be with a company that will not reduce your dividend when you use the money in your policy. And it’s best when that company understands and supports the concept of using the policy to enable you to fire your banker and become your own financing source.

There are many advantages to working with a Bank On Yourself Professional…

There are only 200 in the US and Canada who have qualified and met the rigorous training standards. If you’ve already requested a free Analysis and referral to a Bank On Yourself Professional, you’re in good hands. If you haven’t taken that step yet, request a free Analysis and referral to one now.

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Myth #3: Only wealthy people can “afford” to use Bank On Yourself

This is an urban legend that desperately needs to be put to bed. It’s true that using whole life insurance as a safe and powerful wealth-building method was once done mainly by the too-big-to-fail institutions and the wealthy, but the secret has been out for some time now.

The Bank On Yourself method is used by people of all ages and incomes. Check out some of their inspiring stories here. 

Remember – the guardians of the way things are supposed to be done want to keep the wool over your eyes. But, to end with a quote from Marshall Thurber, “all the dogs barking up the wrong tree doesn’t make it the right one.”


  1. How does bankonyourself plan compare to an equity index fixed product (life contract) such as Freedom Equity Group recommends. I am only asking as I am doing research on both–I do not own either policy yet?
    Thank you.

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