AboutWillard R. Brumbaugh, LUTCF, CSFP Expertise I can handle questions concerning life insurance, it`s tax implications, how to determine what is appropriate, and how it fits in one`s estate and retirement planning.
Experience For 2 1/2 years I was an expert on AskMe.com, where for most of that time I was ranked #1. I have been a moderator (instructor) for the Life Underwriters Training Council. I have been licensed since 1969.
Organizations I belong to: National Association of Insurance and Financial Advisors - California
and the Inland Empire Estate Planning Council.
I hold the professional designation of Life Underwriters Training Council Fellow.
Question I read that in order to do the bank on yourself system you must earn $50,000 per year as a family. We did earn that as a family but are getting divorced. Can I do a bank on yourself plan in this situation?
Answer Dear Ann,
First, I am sorry to learn of your failed marriage. I know the hurt you have been going through.
The "bank on yourself" concept is not dependent on a specific level of income. The $50,000 figure is more for marketing purposes. You can start the process whenever you have the means to save something.
One thing to make clear: this concept has been around long before Nelson Nash wrote his book. You do not need a "Bank on Yourself" agent to establish this type of plan.
Since you are interested in this concept, you need to read what I have written about policy loans. The April 2009 issue of InsuranceNewsNet Magazine has the article dealing with this. You can find a link to this magazine at my website.
Willard R. Brumbaugh, LUTCF
www.willardbrumbaugh.com
(888) 792-2379
