HOW TO OPEN A 770 ACCOUNT?

[Janine]

PLEASE TELL ME HOW TO OPEN A 770 ACCOUNT

[Edgar]

Before telling you how to open this "770 account", let me tell you what it is: This "770 account" is not more than Permanent Life Insurance with a twist – it maximizes the Life Benefit and not the Death Benefit. There are many factors that need to be in place before the life insurance policy can turn into a “770 account.” It has to be from a Mutual Insurance company (Participating Whole Life Insurance), it needs to have a paid up additions rider, you will need to be on the MEC line (Modified Endowment Contract) of the policy , and it works better with non-direct recognition companies. When structured correctly (as a 770 account), you will get the following: No risk, guarantees, no penalties, liquidity use and control of your money, protected from creditors, leverage, tax deferred growth, tax free distributions, competitive rate of return, collateral, disability benefits (optional) until age 65, and a Death Benefit that will go to the heirs tax free.

Having said that (and going back to your question): There are many insurance companies that can do it, but in my experience, there are just about 7 companies in the USA that are the best for what you want to accomplish. You can't go directly with the companies, but you will need to find a broker that is connected with those companies. If he/she is a good broker, he will spend some time reviewing your case and comparing results with all 5 companies to make sure you will get the best policy or "770 account" for you. You need to be careful because very few life insurance agents know how to do these "770 accounts.” You need special riders etc. Most importantly, the federal government put a restriction on these accounts in the 80’s because they were losing too much money on taxes! So now the government sets the maximum amount of money you can put in these accounts based on the Death Benefit you are purchasing. So you want to be right there on the maximum amount you can put to maximize your life benefits (not your death benefit). But if you pass the maximum amount line, then it becomes a MEC or a “modified endowment contract,” which means that you lose the tax-free privilege.

So if you are interested, I can guide you in opening a 770 account. I am located in Nashville, TN but I am licensed to do business in most states; I could talk with you over the phone and design the right plan based on your age, income, needs, plans, etc. Then you can see some illustrations that explain exactly how it will work for you.

If you have an agent that you trust, you can also talk with him about it; once he prepares a plan for you, I could double check it and give you an unbiased opinion – free of charge.

If you have any more questions, feel free to send me an email: edgar@arceofinancial.com
God bless you!
Edgar Arceo

[Robert1952]

No risk means little upside.

[Steve T]

if someone wants to "help" you set up an account that means they get a comission and then disappear when u discover the false promises

[?]

sounds too good to be true

[Mike]

Is it just a Universal Life program. I am still licensed to sell, but I am not currently contracted. It reminds me alot of one of my Universal Lifle products

[john]

The good mutual companies are Equitable Life Assurance, Mass. Mutual, Northwestern, New York Life, and Met Life

[Cheryl]

My husband and I are interested in more information on the 770 account. I spoke to a friend that is in the insurance field and he doesn't know about this, but after telling a little of what I found online through you he said there is a policy called SLURP. I don't know if this is the same. If he maps out a plan, from what you have said below, you could look at it and give advice for free. Is this true? We are in the Dallas area vs your location.

Regards,
Cheryl

[Luke]

lf you wants to lose it, let Mr. Meathead look at it for nothing. I'm sure his hand is in the cookie jar say he has a hundred people to take him up on it, do you know how long that would take him. no one is going to work for free

[Gambardella]

I have 2 of these accounts now and am very happy with them. Tax free interest, tax free death benefit to my kids and tax free dividends when I retire. They have been around for 100+ years and are very safe. You can get a broker certified to write these types of policies with the paid-up additions rider (which is like a bank account attached to the whole life insurance policy) by going to bankonyourself.com. Pamela Yellen has not written 2 books on this type of policy/account. You can find out a lot more about them at this site.