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    Factors Considered by a Bank On Yourself Professional When Designing Your Plan

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    So you have finally made up your mind to settle for the bank on yourself strategy. This is a step in the right direction if the numerous benefits that this strategy has to offer are anything to go by. From using your money without liquidating your assets to quick access to your money, you are never going to regret your decision.

    Just in case you do not know, bank on yourself-type policies are based on a dividend-paying whole life insurance policy chassis. Before prioritizing this strategy, you ought to understand the factors considered by a bank on yourself professional when designing your plan. Read on to find out more.

    Size of Your Policy

    We all have different needs and things are not that different when it comes to designing your plan. Keep in mind bank on yourself-type policies are custom-designed explaining why your professional will factor in the of life insurance policy that best meets your needs.

    The good news is the size in not limited by any government regulation or rule, but rather by your personal financial situation. As for the upper limit, it is determined by the insurance company based on your income and assets.

    Health Condition

    Aside from the size of your policy, the bank on yourself professional will factor in the health of the person you want to insure. If health is an issue, then you may choose to insure someone else as you continue to own the policy. Through this action, you’ll have full control of the policy, and decide who should receive the death benefit. This is regardless of whether or not you are uninsurable.  Either way, do not rule yourself out as the insured without having a word with your bank on yourself professional.

    Final Thoughts

    There are so many factors that come into play when your bank on yourself professional is designing your plan. Be sure to spend some time understanding these factors before moving on to the next step. It is then that you’ll have an idea of the plan you are entitled to.

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