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Permanent Life Insurance 770 aka Tax-Free Retirement?
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Topic: Permanent Life Insurance 770 aka Tax-Free Retirement? (Read 3076 times)
ichangedmyname
Bristles
Posts: 418
Permanent Life Insurance 770 aka Tax-Free Retirement?
«
on:
September 24, 2014, 07:56:02 PM »
Is this thing legit? I applied for a job at a place that does this and it seems to good to be true. Basically it's "better than a 401k or an IRA because you never lose your money."
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JoJo
Handlebar Stache
Posts: 1851
Re: Permanent Life Insurance 770 aka Tax-Free Retirement?
«
Reply #1 on:
September 25, 2014, 10:47:34 AM »
Need more details. Is this a deferred compensation plan? This may be what's called "COLI" or "BOLI"
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sirdoug007
Pencil Stache
Posts: 585
Age: 43
Location: Houston, TX
Re: Permanent Life Insurance 770 aka Tax-Free Retirement?
«
Reply #2 on:
September 25, 2014, 10:56:19 AM »
Quote from: ichangedmyname on September 24, 2014, 07:56:02 PM
...it seems to good to be true...
That's because it is.
http://www.dwmgmt.com/770-accounts-buyer-beware/
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Catbert
Magnum Stache
Posts: 3324
Location: Southern California
Re: Permanent Life Insurance 770 aka Tax-Free Retirement?
«
Reply #3 on:
September 25, 2014, 11:35:55 AM »
When they have to disguise what it is..."770 plan"..."Tax Free Retirement"..."be your own bank" then you know it sucks!
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ichangedmyname
Bristles
Posts: 418
Re: Permanent Life Insurance 770 aka Tax-Free Retirement?
«
Reply #4 on:
September 25, 2014, 07:54:18 PM »
I was wondering why I haven't heard of it from here. So I wonder how they earn their money. Basically they're selling life insurance.
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arebelspy
Administrator
Senior Mustachian
Posts: 28444
Age: -997
Location: Seattle, WA
Re: Permanent Life Insurance 770 aka Tax-Free Retirement?
«
Reply #5 on:
September 25, 2014, 08:58:57 PM »
Yeah, they have super high fees and you get screwed hard for about a decade. Run. Run fast.
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I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me,
this Business Insider profile
tells the story pretty well.
I (rarely) blog at
AdventuringAlong.com
. Check out the
Now page
to see what I'm up to currently.
ichangedmyname
Bristles
Posts: 418
Re: Permanent Life Insurance 770 aka Tax-Free Retirement?
«
Reply #6 on:
September 25, 2014, 10:06:08 PM »
I'm glad I ran from the job.
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Permanent Life Insurance 770 aka Tax-Free Retirement?