Step 1: Get connected with your Smart Saving Plan agent (who is a life insurance agent with advanced training in this concept). The agent can answer all your questions and help you identify your key short-term and long-term personal and financial goals.

Step 2: The agent will create a personalized solution that match your primary goals. Each policy is a custom designed and there is no one-size-fits-all policy.

Step 3: The agent will run illustrations to help you determine how much you’ll fund your policy, and where to fund it. The illustration also show you the accumulation of the cash value with each year.

Step 4: Identify who should be the owner of the policy and who should be the insured. Note: As long as you are the owner of the policy, you control the policy and the money in the policy.

Step 5: Complete and submit the insurance company’s application.

Step 6: Your application goes to the insurance company’s underwriting department, which will, in most cases, require the proposed insured take a medical exam. The exam is often done in the privacy and convenience of the insured’s home or office. Policy approval takes an average of 30 days, however, in some cases, it can take up to 60 days.

Step 7: When the policy is issued, your agent will review it with you and you’ll have a “free look” period (which varies by state) to accept or reject the policy.

Step 8: Premium payments begin on the schedule you’ve chosen (monthly, quarterly, semi-annual or annually).

Step 9: Plan to meet semi-annually with your financial adviser to review your policy, track your progress, and make any adjustments dictated by changes in your situation.

Keeping track Of Progress
Step 10: Typically 1-3 years after starting the policy, you can start using your policy to become your own source of financing. Make sure you pay your loans back just as you would be required to by a traditional financial institution.

Step 11: If you have enough cash value, you can open up a new policy periodically to assist you in achieving even more and bigger goals.

Step 12: Once your retirement goals have been reached, start taking a retirement income you can predict and count on. Your financial adviser can assist you in structuring the way you take your income so that you do it with minimal or no tax liability (according to current tax laws).

Step 13: Nothing is certain except death and taxes, but at least you can minimize your taxes. Your death benefit (less any outstanding loans) passes income tax-free (under current tax laws) to your loved ones, favorite charities or other beneficiaries. This is how you transferred your wealth to your generation.

Fund your smart saving plan

1) Pay off your debt
2) Reduce funding of your retirement accounts
3) Tab in your Savings
4) If you have old life insurance, you can use a 1033 Exchange to convert to the IUL