I have been researching the Bank on Yourself (BOY) whole life (WL) strategy and I have so far found the perceived potential to be very intriguing. The easily available BOY material is very infomercial-like or lacking in detail. The Lafayette WL insurance illustration I received from a BOY representative was informative and appears to summarize a legitimate wealth appreciation strategy.
To assist me in my decision, I would like to request information of two types:
1.Any information or comments from individuals who have and use a Bank on Yourself WL policy.
2.Comments from individuals who know of and investigated the BOY strategy but decided NOT to implement a policy. I would greatly appreciate some of your reasons.
While this strategy uses WL, it appears to be a specific type of policy written by a “mutual” insurance company designed to minimize the death benefit and maximize the “Cash Value”. This maximization is achieved by using Paid-Up-Addition-Riders (PUARs). This WL policy type provides several flexible features that are different from my 401K and Roth IRA. I understand the conventional wisdom that states stay away from WL; buy term and invest the rest. So, I understand this statement but I am interested on BOY information.
Thanks, I appreciate your responses.