Bank On Yourself by Pamela Yellen

Author:Pamela Yellen
Language: eng
Format: epub
Publisher: CDS Books / Vanguard Press
Published: 2010-03-17T04:00:00+00:00

Though the trip to Paris was the experience of a lifetime for Katie and Paul, coming back to Denver didn’t turn out to be as happy. They’d been back less than two weeks when Katie’s father, in Minneapolis, took a bad fall and had to be moved into an assisted-living facility. Katie flew back home twice to help her sister sort through the lifetime collection of items and decide what to dispose of. The cost of the trips, and the additional time away from work, put an unexpected crunch on their cash flow.

She and Paul discussed the situation with Jack. “It’s at times like this that the flexibility you have with Bank On Yourself plans can be a real lifesaver,” he told them. “You have several options you can fall back on to get through a cash-flow crunch like this.”

Katie relaxed into her chair as Jack continued, “You could skip paying back the policy loan you took for your trip to Paris for a while, or you could take another policy loan from your plan or Paul’s plan and not count on repaying it right away. Or you could scale back or skip the paid-up additions rider portion of your premium payment for a while. Or you could do a combination.”

Jack explained that he had set up their B.O.Y. policies with a company that offered a very flexible paid-up additions rider. “You’re allowed to put in all, some, or none of the full amount of the rider every year. I know you’re committed to putting in the full amount so your plan will grow as fast as possible, but when cash flow is a problem, the company allows you to make up the difference in future years.”

If an emergency comes up or you have

a cash-flow crunch, a B.O.Y. plan gives

you flexibility to skip some loan

repayments. Some companies offer

a flexible PUAR, which allows you to

put in all, some, or none of the full

amount of the rider each year.

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