Author Topic: Permanent Life Insurance 770 aka Tax-Free Retirement?  (Read 3002 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.
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.
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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.