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Equity Indexed Universal Life Insurance
Posted on 3/20/15 at 8:46 pm
Posted on 3/20/15 at 8:46 pm
Has an EIUL ever been discussed in the Money Talk board? I searched but couldn't find anything.
Someone I respect has recommended it but I also heard to never mix insurance and investments. He said I would have approx $200,000 in tax free income per year by age 65. I'm 27 btw. Thanks!
Someone I respect has recommended it but I also heard to never mix insurance and investments. He said I would have approx $200,000 in tax free income per year by age 65. I'm 27 btw. Thanks!
5
Posted on 3/20/15 at 8:49 pm to theoldwiseone33
This someone you respect sells the stuff and has a really nice car, right? 
Posted on 3/20/15 at 9:23 pm to Lsupimp
quote:
Someone I respect has recommended it but I also heard to never mix insurance and investments.
What you heard about never mixing insurance and investments is right.
If you want indexed investments, make indexed investments. If you want worse performance but a guaranteed rate of return, put money in an annuity.
If you want the bad performance, guaranteed rate of return, AND high fees, high commissions, and high penalties for cancellation, invest in a life insurance product.
Posted on 3/20/15 at 9:48 pm to theoldwiseone33
quote:
Equity Indexed Universal Life Insurance
He said I would have approx $200,000 in tax free income per year by age 65. I'm 27 btw. Thanks!
He lied.
Posted on 3/20/15 at 10:02 pm to theoldwiseone33
I would look at it carefully. I am a former business owner w/State Farm and a current fin. Advisor-there are better options and safer options for tax free income.
My question is: how much do you have to put in every yeAr and at what age can u draw the tax free income?
Also equity indexed universal life invest in risky investments.
Therefore, their illustrations are hardly ever correct b/c it's based on what they think the market will do..
Hope that helps.
My question is: how much do you have to put in every yeAr and at what age can u draw the tax free income?
Also equity indexed universal life invest in risky investments.
Therefore, their illustrations are hardly ever correct b/c it's based on what they think the market will do..
Hope that helps.
Posted on 3/20/15 at 10:03 pm to Huey Lewis
I disagree with that. This all depends.
Posted on 3/21/15 at 10:29 am to player711
quote:
player711
Equity Indexed UL has principal guarantees. You're thinking of Variable UL.
Posted on 3/21/15 at 11:35 am to theoldwiseone33
Do you have the illustration?
What's the projected net rate of return? What company? Its pretty easy to inflate those numbers to a level it can never achieve.
What's the projected net rate of return? What company? Its pretty easy to inflate those numbers to a level it can never achieve.
Posted on 3/21/15 at 6:10 pm to iknowmorethanyou
You are right...my b...That doesn't change their horrible investment strategy though.
Posted on 3/21/15 at 8:06 pm to theoldwiseone33
quote:
Equity Indexed Universal Life Insurance
Is this the what some refer to as "Bank on yourself" or "family banking" or "infinite banking"?
It seems like a scam. Wouldn't you likely fair much better if you invested the difference in the premium for term life in some type of Roth account?
Posted on 3/21/15 at 10:05 pm to juice4lsu
Infinite banking isn't a scam-I practice it myself.
I have owned my own business, been securities licensed, and have looked at options and puts-which I still plan to do.
You really can't say anything about this being a scam or snake oil stuff until you honestly look at it and compare for yourself.
If you think about it-banks really have all the money and they use our deposited money for leverage to put loans on the books. Infinite banking is simply using a whole life policy, not for insurance, but for your need for financing. You use this vehicle over the long term compounding at 5% tax free, liquid,safe, and leverage that money for greAter returns(like banks do)- in real estate, businesses, private equity you name it---and lastly it is not traditional whole life , it is high cash value dividend paying whole life insurance and agents get paid 60% less...therefore, you have more cash one day one and it grows twice as fast....
Tell me what is wrong about this type of approach.
I have owned my own business, been securities licensed, and have looked at options and puts-which I still plan to do.
You really can't say anything about this being a scam or snake oil stuff until you honestly look at it and compare for yourself.
If you think about it-banks really have all the money and they use our deposited money for leverage to put loans on the books. Infinite banking is simply using a whole life policy, not for insurance, but for your need for financing. You use this vehicle over the long term compounding at 5% tax free, liquid,safe, and leverage that money for greAter returns(like banks do)- in real estate, businesses, private equity you name it---and lastly it is not traditional whole life , it is high cash value dividend paying whole life insurance and agents get paid 60% less...therefore, you have more cash one day one and it grows twice as fast....
Tell me what is wrong about this type of approach.
Posted on 3/23/15 at 11:25 am to player711
Out of curiosity, what carrier(s) do you use for banking on yourself? I have a couple books and like the concept a lot.
Posted on 3/23/15 at 2:31 pm to player711
quote:
horrible investment strategy
Are all of the major U.S. (and some foreign) indices.
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