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Wealth Talks

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Now displaying: Category: Life Insurance
Apr 26, 2022

High cash value life insurance policies are often referred to as banks... but is this correct? Learn about what goes into the process of starting a bank and why this is important to you. Not only are there different practices on this topic, but there are

Mar 1, 2022

What does “paying up” a policy mean? Is it a good thing? What about using a term rider instead? What does FPUA mean?

Listen in as Tom and John answer these questions and discuss some things you’ll want to be aware of if you plan on “paying up” your policy.

Dec 14, 2021

If you’ve been “around” in the insurance world, you’ve probably heard about a term rider.

It is quite common to see an insurance policy with a term rider attached, but this doesn’t mean it’s a good idea. In fact, many times, putting a term rider on a policy makes no sense at all.

Today on Wealth Talks, Tom and John discuss term riders and why they don’t often like them.

 

Resources:
Policy Class: https://www.life-benefits.com/store-detail#policy-class

Prescription for Wealth: https://www.life-benefits.com/prescription-for-wealth-book/

Oct 19, 2021

Taking a loan from a policy is easy, but there are questions that can arise.

Will taking a loan decrease my death benefit? Why does the insurance company charge interest?  When should I pay off my policy loan?

This week, Tom and John answer all these questions and many more. Listen Now on Wealth Talks.

Resources

How to Build Sustainable Wealth: https://www.life-benefits.com/store/

Aug 4, 2021

Many people want to know… should they pay extra interest to their policies? This is not a simple yes or no question. The answer will vary based on few different factors, including how the policy was designed.

On this episode Tom and John dig into policy design and whether or not paying extra in interest make sense.

Sustainable Wealth Seminar Sept 17-18th: https://www.life-benefits.com/sustainable-wealth-seminar/

May 25, 2021

Recently we’ve had a few Indexed Universal Life policy contracts come across our desk for review. As part of our review process, we calculated the cost of insurance in these policies and compared it to the cost of insurance in a Whole Life product of our design.

In today’s show, Tom and John look at how these costs match up. While Indexed Universal Life may be the trendiest type of insurance, it leaves a lot to be desired.

Resources:

Order How to Build Sustainable Wealth : https://www.life-benefits.com/store/

May 19, 2021

With possible changes to the tax code looming, it is likely life insurance will become an even more important planning tool for people who want to build and sustain generational wealth.

But there is a lot of negativity surrounding life insurance and those who sell it. Public opinion of life insurance salesmen is low, coming in just above that of used car salesmen.

But on today’s episode, Tom and John talk about celebrities who have much better opinions of life insurance. Some were even life insurance salesmen! Their names may surprise you!

Apr 6, 2021

There are two categories into which all Life Insurance products fall: Temporary and Permanent. In general, term products are classified as temporary insurance, while whole life and universal life products are classified as permanent.

It is important to understand how these different types of policies work when you wish to purchase the best type of Insurance.

Today on Wealth Talks, Tom and John break down how different policies perform so you can see what type of insurance is the best to own.

Listen Now.

Mar 23, 2021

Some people firmly believe in financing every expense in life with a policy loan. Others believe in financing only the larger expenses, and many don’t know what to believe. This is a controversial subject with an endless number of opinions.

While it is easy to be confused by the barrage of information available, following certain steps and keeping certain ideas in mind can simplify the decision process amazingly.

Today on WealthTalks, Tom and John discuss things you will want to be aware of when financing with a policy loan and some tips to deciding when a policy loan makes sense.

Listen Now

Jan 27, 2021

Morbid as it sounds, to get the greatest rate of return from a life insurance policy, you could pay the first premium and then die. 

While we certainly don’t suggest this course of action, this method will undoubtably give you the greatest rate of return.

Put this way, the whole concept of “rate of return” seems a little silly. However, it’s easy to get caught up in the “what’s your rate of return” game.

Today on Wealth Talks, Tom and John talk about the benefits of Whole life Insurance, and why the “rate of return” is not top priority.

Nov 10, 2020

Recently a poplar investment and financial website ran an article about Life Insurance, but the article was inaccurate and not true.

We responded with a new article on the subject, bringing much needed clarity to how Cash Value Life Insurance works.

Today on Wealth Talks, John and Ben talk about the different types of Life Insurance available, and how you can use your cash value life insurance as a financial tool.

There are multiple types of life insurance, each kind created for a specific purpose. Some accumulate cash value, some are just pure death benefit, still others have an investment option.

Listen in and learn about the different types of life insurance, and why life insurance is called the 4th pillar of Americanism.

Resources: 5 Ways to Use Whole Life Insurance Cash Value: https://www.life-benefits.com/5-ways-obtain-whole-life-insurance-cash-value/

Aug 19, 2020

Only 59% of Americans own life insurance and 50% of these people are still under-insured. Why don’t people own more life insurance?

Perhaps it’s because they:

  • Have been told it’s a bad investment?
  • Have heard misunderstandings about life insurance
  • Had an experience with a bad policy (or a bad agent)

Or maybe they think:

  • Group life insurance is enough
  • Life insurance is “just for the next guy”
  • The insurance they would like to have would be too expensive
  • Or maybe they don’t want to think about it.

There are many benefits to owning the right kind of life insurance policies in the 2020 economic environment and beyond. Today Tom and John discuss some of these benefits and reveal common mistakes around life insurance.

Resources:

How to Build Sustainable Wealth - Preorder (delivery in September): https://ao160.infusionsoft.app/app/orderForms/Fire-Your-Financial-Planner-Preorder

Jul 1, 2020

Universal Life Insurance and especially Indexed Universal Life Insurance (IUL) is a relatively new type of insurance, and one which has created a lot of controversy. Some almost swear by it, others just as vehemently oppose it. Some like it because they say it allows them to still dabble in the market, while retaining a death benefit. Others detest it because it shifts the risk away from the insurance company onto the policyholder.

Today on Wealth Talks, Tom and John take a look at some common arguments for Indexed Universal Life Insurance. Does the case for IUL have a leg to stand on? Listen Now!

Resources:

Indexed Universal Life Insurance (IUL): How It Works And What You Need To Know: https://www.life-benefits.com/podcasts/indexed-universal-life-insurance-iul-how-it-works-and-what-you-need-to-know/

Do You Have A Friend Selling Indexed Universal Life Insurance: https://www.life-benefits.com/podcasts/do-you-have-a-friend-selling-indexed-universal-life-insurance/

Jun 9, 2020

A brilliant Chemist once said he enjoyed going back and teaching Chemistry 101. Why would he enjoy teaching something that was obviously elementary for him? The answer was simple. Going back to the basics for a time helped him be more creative when he went back to his other chemistry work.

Today on Wealth Talks, Tom and John go back to the basics, Insurance 101 if you will. Not only is this a great staring point for newbies, but, just like Chemistry 101, its a great refresh for those who are advanced. Listen Now

 

Resources:

 

Winning Your Financial GAME & Study Guide: https://www.life-benefits.com/store/

Prescription for Wealth ebook & audiobook: https://www.life-benefits.com/prescription-for-wealth-book/

Financial Class Recording: https://lifebenefits.lpages.co/financial-class-05192020-recording/

Jun 2, 2020

Recently a few articles have made their way into the news about Insurance Companies turning down would be purchasers due to the COVID19 Pandemic. Perhaps the Wall Street Journal put it best stating “Some Americans are being turned away trying to buy Life Insurance”.

Today, Dan Foley, Senior Vice President of Marketing Technology with Security Mutual Life, joins the show to talk about what exactly is happening with the Insurance companies.

Security Mutual started in 1886 in New York. Now they sell insurance in all fifty states, the District of Columbia, and the US Virgin Islands. 38 years ago, Dan Foley joined them, starting work in the company’s actuarial science department. Dan Foley really knows his stuff! You do not want to miss this interview.

Mar 10, 2020

Today on Wealth Talks Michele joins Tom and John… and so does Mr. Higgins! Well, sort of.  Poor Mr. Higgins lives in a book and has a clock but cannot tell if it is on time! Mr. Higgins buys another clock only to discover that neither clock displays the same time.

Now Mr. Higgins is in despair! He can’t tell which clock is correct! Is Mr. Higgins doing the same thing with clocks that some people do with life insurance? Listen Now to find out, not only what some people do with life insurance, but also what Mr. Higgins does to fix his problem.

Dec 24, 2019

What are people talking about when you hear the term “Investment Grade Life Insurance”? Answer: It can be just about any type of life insurance under the sun because the “Investment Grade” part is marketing fluff.

The Supreme court has ruled that life insurance is not an investment but rather an asset, so what you really want to know is how the underlying life insurance works and how it would fit into your portfolio.

This podcast show makes it easy to understand the value of guarantees from WHOLE life insurance in your portfolio, and why it pays to be wary of any other type of risk management scheme contrived within a UNIVERSAL life insurance contract. When you know what’s really happening, you’ll know what to do.

Resources:

Get the Tool: Internal Rate of Return (IRR) for Policy Values

Register for the: Jan 18th Workshop in Las Vegas

Dec 18, 2019

Should you rely only on Group Life Insurance through your employer? Or does it make sense to combine your group coverage with individual coverage? What option(s) will cost the least over time? What else should you know of when it comes to Group Life Insurance? Find out now.

Hear the pros and cons of Group Life Insurance and how it compares (or can work together) with personal Term Life Insurance and Participating Whole Life insurance to get you the best coverage.

Resources:

Get a Quote for Term or Participating Whole Life Insurance here

Dec 11, 2019

Stories from the Plymouth Pilgrim colony and the modern Farming community help to explore the way Socialism differs from Mutual Assistance, Mutual Organizations or acts of Charity in a community. Ask yourself, what model will best protect wealth? And discover how you can you participate in a mutual framework to protect the wealth you create.

Obviously, charity is important, while greed is destructive. The right method and attitude for creating and protecting your wealth follows the same guidelines. Do this right and you will experience a wealthier life beyond just the money you accumulate in the process.

This show also includes some fun facts on life insurance…how much life insurance was in-force in 1930 compared to 2018? Listen and find out.

Resources:
2018 Life Insurance Stats - Statista.com

Nov 12, 2019

Did you know, that a withdrawal from any type of Universal life insurance policy, is substantially different than a withdrawal from a Whole life insurance policy? Policy loans may also affect universal life insurance and whole life insurance products differently. On this show you’ll hear what you need to know about policy loans and withdrawals.

It doesn’t matter whether a universal product is called Indexed Universal Life (tied to a market index), Variable Universal Life (tied to various stock accounts), or plain Universal Life (usually tied to an interest rate).

Withdrawals from any type of life insurance policy can easily be taxable. Loans are usually not taxable but can become taxable if you borrow too much and cannot pay the interest. Don’t lose money. Discover what you need to know to keep more of the money you make.

You will also hear guidelines on when it makes sense to take a policy loan and when it makes sense to use other money.

Call Life Benefits for specific guidance 702-660-7000

Oct 16, 2019

🗞Everything you need to know, and probably more than you’ll ever need to know, about Indexed Universal Life Insurance (IUL). Universal Life Insurance has been promoted since the 1970’s. IUL insurance is even more recent, but still based on the same idea of buying term insurance and investing the difference.

 

If you like risk, fees, a possibility of greater gain when the market goes up (never when it goes down), an ever increasing cost of insurance, and a thick contract that obviously protects the insurance company over the policy owner…you might want IUL.

 

Yes, we’re biased toward good traditional Whole Life insurance, and you’ll understand why as you listen. Complexity is not your friend when it comes to IUL.

 

Resources:

If you already have an IUL policy contact Life Benefits for a review: 702-660-7000

How Indexed Universal Life Insurance Works: https://www.life-benefits.com/how-indexed-universal-life-insurance-works-iul/

Oct 8, 2019

Best known as a billionaire tycoon and a hostile corporate takeover entrepreneur, T. Boone Pickens was an amazing person with great financial sense.

But in 2008 one of his ideas crashed. Pickens had helped Oklahoma State University buy life insurance through Premium Financing. After the 2008 crash T. Boone Pickens stepped in personally to bailout OSU and they still lost the life insurance.

Today you’ll see a lot of people encouraging premium financing on the internet or in seminars. Unless you have deep pockets or a rich benefactor like T. Boone Pickens it’s much better to stick with a “comfortable and affordable” strategy for funding your life insurance assets. If Premium Financing was a wildcard for T. Boone Pickens, what makes you think it could be different for you?

 

Resources:

Premium Financed Life Insurance: A Risky Endeavor

Sep 24, 2019

How do you maximize growth in your policies (and outside your policies) with strategies like the Infinite Banking, Bank On Yourself or The Perpetual Wealth Code™?

 

This can depend partly on how your policies are designed. If you have a policy that is “maxed out” under the Modified Endowment Contract rules you might not be able to maximize the policy much more. What then?

 

When your policy growth and guarantees are maximized it’s time to look to your money management for the optimal growth opportunities. Listen for details on the balance to make this all work for you so you can stop losing money and keep more of the money you make.

 

Celebrate #InternationalPodcastDay this week by sharing your Favorite Podcast Shows and entering to win a set a Beats Headphones on September 30th:

Enter to Win here - #InternationalPodcastDay

Jul 23, 2019

In this episode:

Life Insurance Companies are updating their products for the latest 2017 CSO Mortality tables (CSO = Commissioners Standard Ordinary). The previous major CSO tables were assembled in 2001. There are some changes that will affect new policy values because people are living longer now. Listen to hear what these changes mean for you.

Special history on the Apollo 11 astronauts! (timecode: 4min 37sec)  🚀 As we celebrate their achievement with the Moon landing 🌙 and their safe return to earth 🌎 50 years ago this week, it’s a great time to reflect on how the astronauts planned for their families just-in-case they did not make it home alive.

These 3 heroes could not qualify for Life Insurance, but they did have the brilliant values to protect their families before they left on the dangerous and historic trip to the Moon.

Jun 18, 2019

Catch this Special Interview with Alex. Alex contacted our office for some policy reviews after his agent told him “let policy loans pay your premiums.”  This started in the 90’s.  20+ years later results are plaintive.

These were (and still are) good policies, but the funding strategy backfired. Policy loans can enable you to take great financial opportunities without giving up guaranteed growth + dividends on your money, and like any good strategy this can be taken too far.

Good rule of thumb for Policy Loans = Make sure you’re always making or saving more money than the interest when you take a policy loan.

Can you use a policy loan to pay a premium if you’re in a cash flow crunch? Of course, just don’t make this your long-term habit. DO make sure you’re always aware of the interest on any and all policy loans that you take.

Plan to review your strategy regularly - about 1x year is a good idea. Contact Life Benefits for a complimentary policy review.

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