Wondering how the Bank On Yourself® strategy works? We have put together a short video series to explain the basics of Bank On Yourself and provide some examples of how it may be used as part of a holistic financial plan.
Bank On Yourself policies offer some unique benefits that are difficult to find in other financial products, including liquidity, control, tax-advantaged growth, and obviously, a death benefit.*
Of course, there is no one-size-fits-all financial solution, and Bank On Yourself is not right for everyone. As with any financial strategy, there are advantages and trade offs. But for many people, it can be a very beneficial financial tool.
You can learn more about the pros and cons of whole life insurance here, or watch the videos below for a good overview of the Bank On Yourself concept:
Video 1: A Brief Introduction to Bank On Yourself
Press play to learn about some of the main benefits of the Bank On Yourself® strategy and how this unique financial strategy can help you achieve your financial goals.
Video 2: How Bank On Yourself Policy Loans Work
Watch this one to learn the basics of how Bank On Yourself® policy loans work. This quick video explains this important feature of these policies and clears up some of the common misunderstandings about policy loans.
Video 3: Using the Velocity of Money to Bank On Yourself
This short video discusses the concept of "velocity of money," and how you can use this same technique that banks use to grow wealth over time through the Bank On Yourself® concept. You'll also learn about the 3 methods of financing, and how your choice of financing method can impact your long-term wealth.
Video 4: A Summary of the Bank On Yourself Concept
Watch below for a short summary of the previous three videos, and learn how to get started with your own Bank On Yourself policy.
Want find out if Bank On Yourself is a good fit for your financial plan? Contact our office for a FREE Bank On Yourself Analysis! Call 614-300-9501, or fill out our contact form and someone in our office will reach out to you shortly.
Any life insurance death benefits, guarantees, or ratings are based on the claims-paying ability of the issuing life insurance company. Life insurance policies can have downsides and risks, such as the fact that policy loans accumulate interest and if not repaid, could affect the longevity of the policy, impact the cash value, and decrease or terminate the death benefit. Allowing a policy to lapse may have tax consequences.
Bank On Yourself policies that are incorrectly structured, or set up using the wrong type of life insurance, may be subject to loss of the tax benefits or other benefits mentioned. You should always work with a qualified insurance professional who is experienced with building Bank On Yourself-type policies to ensure that your policy is set up correctly to receive the benefits mentioned.
Life insurance premiums include commissions and fees, and there may be additional fees for any included riders.
Issue of a whole life policy is subject to approval via underwriting and is not guaranteed. The cost and availability of life insurance depends on factors such as age, sex, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be wise to make sure that you are insurable by having the policy approved prior to cancelling or changing any existing coverage.
Individual circumstances vary, and Bank On Yourself-type life insurance policies are not necessarily the best fit for everyone. Your results will be different from those shown in the examples, as each Bank On Yourself plan is custom-tailored to the individual policy holder. Consult with a qualified Bank On Yourself Professional regarding your individual situation and goals, and be sure you fully understand your options before purchasing a policy.
Bank On Yourself® is a registered trademark owned by Hayward-Yellen 100 Ltd Partnership.