Guest Scotty M. Posted November 12, 2014 Share Posted November 12, 2014 I'm approaching my mid-fifties, and want to retire in 10 years. After meeting with an agent from Paradigm Life (www.paradigmlife.net), they introduced me and my wife to a Whole Life Insurance Policy, aka the 770 account. I did not look at Whole Life Insurance the way they explained it-being there is liquidity, a death benefit, tax benefits, and I can leave something of significance behind to my family. Apparently the ultra-rich have been using this strategy to pass their wealth since whole life has been invented. For those using IRA's or Roth IRA's this could be a better option. Retirement Income Link to comment Share on other sites More sharing options...
GBurns Posted November 12, 2014 Share Posted November 12, 2014 Rather than go on at length about the dangers of the scheme, I suggest that you do a search on Google using the term "IRC section 770".. You should first notice that the name "770" is made up for sales purposes and that there is no section 770 of the Internal Revenue Code that is relevant to life insurance anyway. This scheme surfaces every few years and has been addressed on snopes.com and quatloos.com, Take a look. George D. Burns Cost Reduction Strategies Burns and Associates, Inc www.costreductionstrategies.com(under construction) www.employeebenefitsstrategies.com(under construction) Link to comment Share on other sites More sharing options...
BG5150 Posted November 12, 2014 Share Posted November 12, 2014 GB, I think this is more a thinly veiled attempt at promoting paradigm life in the guise of informing people of anything. QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left. Link to comment Share on other sites More sharing options...
GBurns Posted November 12, 2014 Share Posted November 12, 2014 BG5150. You are correct. I did not click the link at the end. It is a promotion. Maybe, it should be treated as spam and deleted. George D. Burns Cost Reduction Strategies Burns and Associates, Inc www.costreductionstrategies.com(under construction) www.employeebenefitsstrategies.com(under construction) Link to comment Share on other sites More sharing options...
Bird Posted November 12, 2014 Share Posted November 12, 2014 I suggest we leave it. I never heard of it (thought I had heard most everything about life insurance) and appreciate the response to it. Ed Snyder Link to comment Share on other sites More sharing options...
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