Is B.O.Y. “Too Expensive”?
(Shared by Joe Overfield, VP – Financial Planning Division, Bank On Yourself Authorized Advisor)
I recently met with someone who ultimately decided not to move forward with a Bank on Yourself plan because he stated it is “too expensive”, and “I don’t want to pay half of my hard-earned dollars to your company.” The reason the client feels this is not a good plan is because he received some bad advice from someone, and now he is looking at the first four to five years of the policy and determining that his cash value is less than what he put in.
If someone was looking at this concept as a 5 year plan, I would agree with him wholeheartedly, and tell him that Bank on Yourself is not for you. However, this person is not on track for retirement and was looking at a BOY plan as a supplemental retirement plan – so why is he so concerned with the next five years?
When determining if Bank on Yourself is the right solution for you, remember to look closely at what your future goals are and at what you are trying to accomplish. The policy is designed to be front loaded so that you receive larger growth and a tax-free income in the later years at retirement.
If strengthening your retirement is what you are looking to do, tell me of another plan that offers you a guarantee and one that will last as long as you do? And don’t forget, the BOY plan includes a death benefit to take care of your family just in case something happens to you.
I understand why people are so fearful that this is a scam and looking for the catch. It’s because as we now approach the 30 year mark from the inception of the “401k and IRA” we are realizing those plans were a scam and they don’t work….
Dividend-paying whole life insurance is the vehicle for a Bank on Yourself plan, it has over a 100 year history and we know it works!
To speak with an Authorized Bank On Yourself Advisor and find out how it could work for you, just click the orange “Get Started” button near the top of this page and request a FREE confidential analysis.