written by reader what is a 770 account?

By silverfox77, September 16, 2013

Travis;
This is being touted as a teaser for subscibing to The Palm Beach Letter. Have you researched this before or do you have any info on this item? Thanks . Carl Wright

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Travis Johnson, Stock Gumshoe
September 16, 2013 5:49 pm

Hi Carl, yes, we had a pretty thorough discussion of that a few months ago here, folks are still adding on to the discussion thread:

http://stockgumshoe.com/reviews/palm-beach-letter/secret-770-account-or-the-presidents-account-explained/

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Edgar
Member
November 11, 2013 4:42 pm

I already answered that question on the other discussion, but just to summarize:
This “770 account” is not more than Permanent Life Insurance with a twist – maximizing your Life Benefit and not your Death Benefit. There are many factors that need to be in place before the life insurance policy can turn into a β€œ770 account.” It needs to be from a Mutual Insurance company, it needs a paid up additions rider, you will need to be on the MEC line of the policy (I will explain later), and it works better with non-direct recognition, etc.

When structured correctly, you will get the following benefits: 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 (until age 65), and Death Benefit that will go to the heirs tax free. (I won’t go over every benefit on this letter, but if you need explanation of any of these terms, let me know)

Also, when getting this type of life insurance policy, you are doing this for the LIFE benefit (tax deferred growth, tax free distributions, protection against creditors, liquidity, etc.), not for the death benefit. So you will want to get the minimal death benefit you can for the monthly/yearly premium you can put in. (We have had clients that put as little as $5,000 a year and as much as $500,000+ a year). When you get the minimal death benefit possible for your money, then you are maximizing your cash value and your LIVING benefits. As opposed to buying a life insurance policy with the maximum death benefit you can get, where you will see a ZERO cash value on your policy for the first 3-5 years. This is what the average insurance agent wants you to get, because that will maximize his incentive.

But if anybody needs more information, send me an email: edgar@arceofinancial.com

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Kenneth Lombardo
Member
Kenneth Lombardo
November 12, 2013 7:47 am

Please supply contact info for the Insurance Companies? Thanks you.

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Faye
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Faye
November 19, 2013 3:27 pm

I just started looking at this today, so any information would be helpful

Crys
Guest
Crys
May 25, 2014 11:22 am

very helpful, thanks!!

RC Hanna
Guest
RC Hanna
June 28, 2014 9:16 am

Can you please forward names of companies or persons that can actually
help me in getting my own 770 account. Thanks.
R.C.H.
MDPS EMPLOYEE

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