The article discusses the financial strategy “Bank On Yourself”, which uses life insurance policies as a mechanism for savings and self-financing. Dr. Tomas McFie, who employs this strategy in his practice, declined an offer to become a Bank On Yourself agent, citing concerns about the lack of focus on individual client success in some programs. He prefers to work independently, prioritizing the selection of the best product and strategy for his clients.
McFie views life insurance as an asset, not an investment, and stresses that purchasing life insurance alone will not lead to wealth. He emphasizes the importance of tailoring the right policy for each client to prevent unexpected outcomes and potential financial liabilities. The article also mentions that while leveraging policies and repaying loans with additional interest can be practical, it may not always be profitable for the policy owner.
“Bank On Yourself” is likened to other financial philosophies such as Infinite Banking, Private Family Banking, and the 770 account. However, criticisms of the concept include a perceived lack of focus on individual client success and restrictions on agents’ choice of life insurance companies for their clients.
Key Takeaways:
- Dr. Tomas McFie uses the “Bank On Yourself” strategy, which involves using life insurance policies as a savings and self-financing tool, but declined to become a Bank On Yourself agent due to concerns about the program’s focus on individual client success.
- McFie views life insurance as an asset rather than an investment, and emphasizes the importance of creating the right policy for each client to avoid unexpected financial liabilities.
- While the “Bank On Yourself” strategy can be practical, leveraging policies and repaying loans with additional interest may not always be profitable for the policy owner.
“The author, Dr. Tomas McFie, explains that while he leverages this principle in his work, he declined an offer to become a Bank On Yourself agent because he believes some of these programs fail to prioritize individual client success. He prefers to remain an independent agent, focusing on finding the best product and strategy to suit his clients’ needs, rather than being restricted by a large marketing group.”
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