401 (k) Plan I 702s Plan

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Lifetime Tax-Free Distribution                                                               No                                Yes

Unlimited Contributions                                                                            No                                Yes

Protection from Stock Market Declines                                           No                               Yes

Access to Distribution                                                                               After 59.5                 After year 1

Living Benefits                                                                                                 No                                Yes

Estate Benefit                                                                                                  No                                Yes

Income tax due upon distribution                                                      Yes                               No

Loans must be paid back within 5 years                                          Yes                              At death

Early Distribution penalty                                                                       Yes                               No 

Annual gains locked in                                                                                No                                Yes

Provides Safety of Principal                                                                   No                                Yes

Wealth Transfer to heirs tax-free                                                       No                                Yes

The plan is portable take it whereever you go                            No                                Yes​

Employer Contributions Allowed                                                       Yes                               Yes

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The 401(k) plan was introduced in 1978 as part of the U.S. Revenue Act, providing a way for employees to contribute pre-tax income toward retirement savings, often with employer matching.

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In contrast, the 702s Plan was introduced in 2023 by William H. Steiner. This plan modernizes previous versions of similar insurance-based strategies, which have been in existence since the early 1900s, offering tax advantages and wealth-building opportunities within a life insurance framework.

While the 401(k) is widely known as a retirement savings vehicle, the 702s Plan combines elements of insurance and investment, providing a broader wealth management strategy.

Unlike the opportunity to represent David Allen Capital, sharing the WH Steiner 702s Plan and other financial options requires an insurance license.  Getting licensed is a challenge and your state will charge a fee.  Many people find the investment is worthwhile. Already Licensed? Read on...

First know this:

The sad news from the insurance industry is the high rate of FAILURE!

• A survey of former insurance agents found that approximately 11% quit within the first three months, approximately 19% within the first three to six months, 17% within the first 7 to 12 months, about 18% within the first one to two years, (11+19+17+18 = 65% QUIT) and of the remainder, around 35%, quit more than 2+ years after they first began.

Most Agents think of their work as SALES = lots of contacting strangers and talking about insurance or worse yet, death expenses. This creates a LOT of rejection and disappointment. Add that to very little income for a few months and >>> they QUIT!

Leads or prospects, is always the number one answer - we know people who need insurance products are everywhere SO the problem is actually to find prospects that are receptive to your message. 

There are many ways to FAIL in our business and more than one way to succeed.  Some brokers attract large numbers of Agents and train them to buy Leads by the thousands, call hundreds and work from early to late selling people the quick qualify Term and no para-med policies that pay the Agent quickly.

This works pretty well for the Company and the VERY few that can keep up that grueling pace.

It may or may not be the best option for the Consumer - they will only see what's shown.

Finding prospects that are receptive to Our Message is easy.  We engage with top real estate agents and help them plan for a tax-free income. Our Agents also join a local Chamber of Commerce, a group of business owners that want to do more business. We contact our fellow Members and offer information about the 702s Plan to Employers and to their Employees.

WH Steiner Agents receive tools and support (at no charge) that make it simple to follow up with these receptive prospects and help them create a 702s Plan.  As an Employee Benefit. we offer a way to Attract-Retain and Motivate employees. 

W.H. STEINER 3297 East Oakland Park Blvd. Fort Lauderdale, FL  info@whsteiner.com | 888-229-0947 EXT 118 Bruce Lee Inman