While there is technically no minimum, we seldom recommend beginning this type of program with less than $6,000 per year ($500/mo).
Not really. Since the focus is on building high cash values and storing money, the age of the insured is not as important as the health of the person being underwritten.
BUILD Banking is a strategy that takes advantage of the unique characteristics of a specially designed life insurance policy. It uses a dividend paying whole life insurance policy that is specially designed for high early cash values to help entrepreneurs and savvy investors fill a serious gap in their cash flow planning.
This concept can be marketed under different names and may have some similarities but they should not be assumed to be the same thing. Much like religion and politics, there are many views, ideas and applications for this concept. Products, funding, cash values, funding periods, loan provisions and support can vary drastically and is why these plans should only be designed by a well seasoned professional such as the team here at BUILD Banking.
The provisions of a life insurance policy combined with the tax benefits granted by the IRS makes for a unique synergistic blend of benefits for the policy owner. Tax free growth, tax-free loans, easy access to cash, uninterrupted compounding growth, consistent returns, and no market risk all make for an opportunity for the policy owner to build wealth using money they may otherwise spend.
There are three specific reasons for this:
This can be for many reasons but there are three primary reasons for this:
The truth is that many people do end up using these programs once they have been exposed to the fact that they exist and after they take the time to understand how they work. Those that end up not using this program in their planning often discover that they need to get some things fixed or cleaned up in their financial situation before they begin using this program or determine that they are not good enough with money to effectively use the benefits of the design.