Author Topic: Bank on yourself  (Read 336 times)

Toofuzzy

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Bank on yourself
« on: July 19, 2022, 10:31:23 AM »
I have read about various over funded whole life methods where you can borrow funds from yourself  and the various benefits of doing so.

But I can make no sense of it.

If the policy both pays you 6% and charges you 6% ( or charges you more than it pays you ), you eventually have to pay that borrowed money back and pay taxes on that increased amount ( interest ) as opposed to just pulling the money out of savings.

How are these policies better than just buying term and saving the difference.

gocurrycracker

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Re: Bank on yourself
« Reply #1 on: August 28, 2022, 08:47:26 PM »
whole life is a scam