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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: ichangedmyname on September 24, 2014, 07:56:02 PM

Title: Permanent Life Insurance 770 aka Tax-Free Retirement?
Post by: ichangedmyname 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."
Title: Re: Permanent Life Insurance 770 aka Tax-Free Retirement?
Post by: JoJo 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"
Title: Re: Permanent Life Insurance 770 aka Tax-Free Retirement?
Post by: sirdoug007 on September 25, 2014, 10:56:19 AM
...it seems to good to be true...

That's because it is. 

http://www.dwmgmt.com/770-accounts-buyer-beware/
Title: Re: Permanent Life Insurance 770 aka Tax-Free Retirement?
Post by: Catbert 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!
Title: Re: Permanent Life Insurance 770 aka Tax-Free Retirement?
Post by: ichangedmyname 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.
Title: Re: Permanent Life Insurance 770 aka Tax-Free Retirement?
Post by: arebelspy 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.
Title: Re: Permanent Life Insurance 770 aka Tax-Free Retirement?
Post by: ichangedmyname on September 25, 2014, 10:06:08 PM
I'm glad I ran from the job.