Author Topic: Permanent Life Insurance 770 aka Tax-Free Retirement?  (Read 2135 times)

ichangedmyname

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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."

JoJo

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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"

sirdoug007

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Re: Permanent Life Insurance 770 aka Tax-Free Retirement?
« Reply #2 on: September 25, 2014, 10:56:19 AM »

Catbert

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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!

ichangedmyname

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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.

arebelspy

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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.
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
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ichangedmyname

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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.