![]() ![]() Even Dave Ramsey says so.īest wishes, Bob This entry was posted in Questions For Bob. In fact, you should avoid whole life policies altogether. And if you miss your payment, the policy can be canceled and you lose what you have paid in. However, unlike a bank, you cannot simply withdraw your money from a whole life policy without incurring a heavy fee. Request Options formatquote Citation Checking for availability. It is not new that money can be borrowed tax-free from whole life insurance policies and that the interest paid on the loan goes into the policy rather to a lending institution. The Bob Livingston letter Journals, Magazines, Newspapers. The 770 comes from IRS code 7702 which governs life insurance contracts. It turns out the 770 account is simply an attempt by nefarious salespeople seeking to defraud you of your money or sell you a whole life insurance policy under another name. I have been asked this question a number of times lately, so I decided to explore it. Do you know of something called a 770 account which keeps your funds safe from the government?
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