Pro's & Con's Life Insurance In Retirement Account
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.
Life insurance in a retirement account isn’t wreckless if setup correctly and for the right client.
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.
This type of plan could work great for sole practitioners.
Are we talking about 412i plans?
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.
[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.