Has anyone ever heard of buying a Universal Life Insurance policy in order to have retirement money?
I was recently told of a practice that is supposed to work better than simply saving back money for retirement age.
You buy a policy for the sole intent of dumping money into it, and borrowing from it, and paying the money back with a higher rate of interest in order to “build your own bank” so that you can have retirement money.
Is this a common practice? Anybody know anything about it?