Funding a Be Your Own Banker Plan

Okay. We know how you’re feeling: “Be Your Own Banker Plan stuff sounds pretty darn impressive, but I don’t have a pile of cash laying around at the end of each month.

Where can I find the money to get started?

Your policy will be custom tailored to your unique situation, goals and dreams, and there is no set amount you need to put in to start a policy. As a general guideline, plans funded with a minimum of $200 a month grow more efficiently, and you can put in as much money as you wish (the upper limit is determined by your income and assets). Not sure you can set aside at least $200 a month to grow your wealth safely and predictably?

Don’t rule yourself out.

The Be Your Own Banker Wealth Strategist are great at helping people rearrange their finances to free up more seed money to fund a plan that can help you reach your goals and dreams – without the risk or volatility of traditional investments.

Nine ways to free up money to fund a Be Your Own Banker plan:

1. Restructure debt

In some situations, cleverly reducing debt will allow you to use the dollars freed up for your policy like consolidating credit card debt or refinancing high interest rate car loans . There are a half dozen ways to do this, which can free up a significant amount of monthly cash flow to help fund a policy that could help you achieve your goals as quickly as possible. Find out why Be Your Own Banker is even better than debt free.

2. Reduce funding of your 401(k) or other retirement plans

Many people find money to finance their policy by backing off on funding their 401(k) or other retirement accounts, and continuing to pay only the amount that their employer matches. This brings them the guarantees, tax advantages, and flexibility Be Your Own Banker provides that their traditional, government- sponsored 401(k), IRA or pension plan does not. It lets them stop playing retirement- plan poker and have the peace of mind that a predictable retirement income stream brings.

3. Raid your IRA or 401(k)

You can use a federal rule, the 72(t), to pull money out of your traditional retirement plan, which could then be used to fund your policy. This enables you to avoid the usual premature distribution penalty anyone younger than 59½ would otherwise be required to pay. (Be sure to consult with a qualified advisor and tax professional before considering this option.)

4. Tap your savings

If you have been building an emergency fund in a savings or money market account, a policy designed to maximize the power of the Be Your Own Banker concept can also serve as an emergency fund, so you may want to consider opening a policy and moving some of your current savings into it.

The return of a Be Your Own Banker policies beats the interest rates of savings and money market accounts and CDs – without increasing your risk.

Moving some of your “safe” money can result in your dollars working much harder for you, without losing sleep

5. Rethink that tax refund

Some people love getting a big tax refund check in the mail every year. But that’s your own money you’re getting back. You’re giving the government an interest-free loan, while getting a zero rate of return on your money. It’s fast and easy to adjust your withholding, immediately increasing your monthly cash flow (in some cases by hundreds of dollars a month), and you could then use those dollars to fund your policy. To learn more about how to Be Your Own Banker works, request a FREE PERSONALIZED ILLUSTRATION.

6. Make lifestyle changes

One option to consider that could enable you to start a plan sooner is holding onto your car a few years longer than you normally would and holding off on buying a new one. It’s also easy to cut monthly costs through simple changes like eating out less, and bundling your Internet, cable TV, and phone services. Take the first step today and take back control of your financial future!

7. Convert existing life insurance policies

Transferring cash value from existing policies may be an option. In some situations, taking a withdrawal from the old policy and using that to fund a policy that meets the requirements for Be Your Own Banker may be an option. (A word of caution: Giving up an old insurance policy is not always in your best interest. A Be Your Own Banker can explain the pros and cons and show you the impact of doing this.)

8. Manage your home equity wisely

Many people like the feeling of security that comes with building up equity in their home, or owning it free and clear. Some people make extra mortgage payments, or refinance to a 15-year mortgage, even if it makes them feel financially pinched. But there are hidden dangers to the belief that you can’t have too much equity in your home:

  • Payments of principal you make into your home do not make money for you
  • The equity in your home is not liquid
  • The equity in your home is not guaranteed (a fact which came as a shock to many when the real estate market crashed)
  • There is no tax benefit to having equity in your home

Unfortunately, many people never discover these pitfalls until it’s too late!

You may find that you can restructure your mortgage, or stop making extra payments of principal, and free up more seed money to help fund a policy, so you can move closer to a secure financial future.

That is not to suggest that you use your home equity to directly finance your lifestyle, or that you use your home as an ATM, as it’s been referred to in recent years. This will not get you the desired result.

But if you put those dollars into the kind of policy recommended for the Be Your Own Banker concept, you could then borrow your equity in the plan to make major purchases, paying your loans back to your plan, so you recapture the interest you now pay to outside finance companies… and so you can ensure you have a worry-free retirement.

When you request a free Analysis, one of our savvy Wealth Strategist will contact you to provide you a FREE ILLUSTRATION. The Strategist will look at your overall financial picture to find creative ways in which you may be able to fund a bigger policy than you thought possible… sooner than you thought possible, sometimes with little or no increase in your out-of- pocket cost.



Wealth Strategist (life insurance agents with advanced training in this concept) do not charge fees to prepare an Analysis or to design your policy. If you decide to implement it, the Strategist would receive a commission from the insurance company, which has already been taken into account in the bottom-line numbers you will see when you request your no-obligation Analysis.

Much like buying a flat-screen TV or a couch, all the costs of “manufacturing and sales” are already included in the price – or, in this case, in the insurance premium. There are no hidden fees (unlike the many undisclosed fees you have with a 401k plan). Also keep in mind that the commission Wealth Strategist receive is reduced by 50 – 70%, because the Living Benefits Riders are included at no extra charge that turbo-charges the growth of your cash value in the policy, but pays the Strategist virtually no commission.


Take the first step today and take back control of your financial future!

    • Create a Rock-Solid Tax-Free Retirement Plan
    • Finance Business Equipment and Related Purchases
    • A Source of Emergency Cash
    • Reducing Debt and Increasing Savings
    • Paying for a college education without going broke
    • Pension Maximization with a Be Your Own Banker Plan
    • Living Benefits & accelerated benefits