What is "Bank on yourself"...
Is it worthwhile for anyone, and why can't the "Bank On Yourself" salespeople explain the program to me in one or two paragraphs? Why do they want 30-60 minutes of my time? Is it that complicated or is just a scam?
The radio spots that are running in my town claim that I can use it to 'get back' the money I pay in college tuition. Is that true?
Yeah, you see these adverts a lot and while it isn't really a scam, some advertisements can be rather misleading.
It basically involves buying a certain type of life insurance that you can then borrow against. So, you end up paying into your life insurance for awhile and can then use it in place of a traditional loan. This means that rather than using a bank to borrow money, you are borrowing it from yourself.
If you are interested, I would definitely recommend doing a good deal of research first. You may be able to find some information at your local library, but be very wary of ANY people that try to sell you a bank on yourself guide or request money for information. The pay for information part of it is more of the scam than bank on yourself is...
I wish I could tell you more about this program. I have heard about it but I don't know enough about it to tell you whether it is a scam or not. In my view if anything sounds to good to be true it usually is.
I would if possibly read some comments and reviews online to find out exactly what it involves and what others have seen. But be very careful where you are reading these reviews from as some companies post bogus reviews. You should also check with the BBB and other sources that rate companies to find out if there are any complaints about the company that is offering this.
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