Pro's & Con's Life Insurance In Retirement Account

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Dec 4, 2009 1:29 pm
Been approached by a few people that this is a way to get a tax deferral on whole life premiums. Others have said this is a terrible way.
 
What's the deal with that?
Dec 4, 2009 1:49 pm

NP,

  I've seen your other posts.  Are you just jerking us around?  Seriously?
Dec 6, 2009 2:21 pm

No advice?

Dec 6, 2009 2:36 pm

You aren’t getting responses because based upon your questions you don’t know what you are doing and will hurt your clients.  Stick with plain vanilla.

Dec 6, 2009 2:55 pm

Life insurance in a retirement account isn’t wreckless if setup correctly and for the right client.

Dec 6, 2009 3:11 pm

reckless.

Dec 6, 2009 3:40 pm

What’s reckless is that you are showing yourself to be an amateur doing professional work.

  Based upon your posts, I'm guessing (hoping) that you are a rookie.  As such, you are making a huge mistake to be worried about selling life insurance for anything other than a death benefit. 
Dec 6, 2009 4:07 pm

How much estate planning production do you have in for the year?

Dec 6, 2009 4:07 pm

Are we talking about 412i plans?

Dec 6, 2009 4:18 pm
BerkshireBull:

Are we talking about 412i plans?

  This type of plan could work great for sole practitioners.
Dec 6, 2009 5:12 pm

It doesn't make sense to be asking general questions and telling us that something works great.  My estate planning production for this year is eleventy kabillion.

Dec 7, 2009 9:44 am

[quote=NEVER_proprietary]

Been approached by a few people that this is a way to get a tax deferral on whole life premiums. Others have said this is a terrible way.   What's the deal with that?[/quote]   OK, if you actually WERE talking about 412i's, then say, "what do you think about 412i plans?"  They are appropriate only in special circumstances, similar to those that would be ideal for a DB plan.  If it's a business owner that just wants to shield a few extra bucks from taxes, it's definitely NOT the best idea.  Google 412i plans and read up on them.  See if your clients fit the profle.