The popularity of the bank on yourself concept seems to be growing with every passing day. And this doesn’t come a as a surprise if we are to go with the numerous benefits destined to come your way after taking this route to attaining financial freedom in the long run.
From creating an emergency fund to a guaranteed tax-free death benefit, you are certainly going to change your life for the better. But the problem sets in when it comes to determining whether or not the bank on yourselfstrategy can work for you.
To clear any doubts you might have in mind, this personal banking strategy works for most individuals and families out there. Among the group that stands to reap maximum benefits are those who want to save enough money for their children’s college education. This is especially the case when you still want to retain your eligibility for financial assistance from the fed.
Thebank on yourselfconcept can also work in your favor if you think tax rates might go up in the near future. Bear in mind the higher the taxes, the deeper you will have to dig into your pockets. By choosing to becomeyour own banker, you won’t worry about any change in the tax rate since it cannot affect you in any way.
Finally yet importantly are thosewho may be a target of a lawsuit. With the bank on yourself strategy you don’t risk losing a lot of money in the lawsuit. After all, the cash value in your life insurance policy is mostly protected by the creditors. You are therefore going to have an easy time if at all you are faced by a lawsuit.
In Conclusion
As you can see,becoming your own banker can work for anyone who finds it appealing. Remember, you will have to wait for a couple of years before you can finally access your investment. Remember to research more regarding the bank on yourself concept to find answers to some of your burning questions before putting it into practice.