I skimmed the entire 5 pages of this thread, so if it was said I apologize for missing it. But at retirement, you can literally take 6 figures a year in income via policy loans, pay ZERO income taxes, and still qualify for food stamps and welfare if you wanted to be a jerk. Plus your social security will not be taxed unless you are taking earned income from other sources that put you over the threshold.
The MEC was created because the government realized if they didn't do something, then people would keep putting their money into life insurance. It's no coincidence that qualified plans (401k, IRA, etc) came about around the same time the MEC was introduced. In fact, they want to tax your money so bad they TELL you that you have to take a certain amount at a certain age out of your qualified plan.
It all starts with the 8th wonder of the world. Compounding interest. When you understand that, you will understand why IBC can help you. Most people save years 1-5, and then spend, thus setting themselves back at 0 never allowing compounding to truly take place. That is another topic for another day.
Other people get hung up on the rate of return which is irrelevant. I can show you how you can average 25% over 4 years and not earn a single penny. Again, another topic for another day.
When you can have your money work for you, be liquid, and put it to work for you in other vehicles such as real estate, you can't get much better than that!
Not only do I use my policy to purchase real estate but I also enjoy lending it for transactional funding.
You cant save your way to being rich!
