Life Insurance used as a bank account

[Christopher Middleton]

I was listening to some old podcasts from "The Real Estate Guys" today. They had a special guest speaking about using life insurance as a better bank account for REI's.

Has anyone used Whole Life Insurance as a bank account? What has your experience been? Any lessons learned?

[Bill Gulley]

He probably sold life insurance....
Advantages...can't be attached by creditors, exempt from bankruptcy, proceeds tax free if properly drawn, loans from cash value at low rates but reduce death benfits, can be pledged and assigned .
Cons, dificult to add additional amounts to account, premiums required to keep current, low very low ROI, but OK if you need life insurance too, might be hard to get to cash quickly, fees for transactions may apply.
Off the top....don't think it's a good idea just for a bank account....IMO.