Life Insurance Agent Reviews Bad & Great Infinite Banking Designs | Penn Mutual Case Study
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- Опубліковано 6 лют 2024
- I'm joined by our product design specialist, Alden Armstrong to review 3 different whole life insurance policies and which one is most optimal for infinite banking. One is a well-designed policy, the second is a mid-tier design, and the third is a poorly designed policy for infinite banking.
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Alden is the man!!! He is currently helping guide me through a policy setup and it's a breath of fresh air to have someone so knowledgeable yet, takes the time to listen and understand my situation first before pitching ..... Hard to find people like that these days!!! Bonus also for connecting me to a Tax Strategist that will likely end up saving me thousands in taxes!!!! This will allow more $$ to go into my first policy!!!
Love this!!!!
Which company should we focus on next? Also, everyone give Alden a proper BetterWealth UA-cam welcome!
@BetterWealth would really love to see foresters, They have been in my top 3 favorites for a while now. I tend to prefer them over Ameritas, mutual trust, and Lafayette. I like them a lot because of their very solid guarantees and also their accelerated underwriting option 3-5 days vs 3-5 weeks (which is really nice for the clients that are able to qualify and prefer to not go through full UW if at all possible.) as long as you keep total UW DB under $1mill. But I do wish they had a bit more flexibility in terms of riders such as a Lafayette life and in some cases a lower starting base. They def have their drawbacks as well like anyone they all have their pros and cons for sure but i would absolutely love to get your guys take if thats something you would be open to at some point. Thanks in advance and regardless of if you guys are able to squeeze them in I just want to take the time to say that I really appreciate everything you guys do your whole team has been instrumental in helping me become a master of my craft over the last few years and the introduction to Bobby was life changing. Also have to give a shoutout to Chris @life180 and Mr. Gunderson, all people that have shaped me as an advisor more than they will ever know and for all of the work that each and every one of you do I am sincerely and genuinely grateful more grateful than you will ever know. Thank you.
I don't know if NM would be possible since they have captured agents?
Ny life
Amazing!!! I want more of this style break down video!
More coming 😊
Great content guys! Really enjoyed the detailed overview! Keep up the great work! 😀
Thank you! Lots more of these detailed videos in the works!
Loved this content!! Great job Alden!!
He did such great job 😊
Here to learn more, thanks!!
Such valuable information! I am now a subscriber!!!
That means a lot! Thank you! Lot's more to come.
Very informative! Great video! I signed up for a Penn Mutual policy before the new changes in 2021. And it’s fun to see the differences between the current policy’s and mine. I have the 80/20 split similar to the last policy you show. If I scale to a 50K outlay to see apples to apples my cash value starts higher and grows more and my death benefits more than double with the 4% guarantees long term. Makes me glad that I pulled the trigger when I did and had the right agents to help set it up properly.
Love this!
I have my policy through Penn mutual. Pretty pleased with them so far.
Glad to hear that! Penn is great!
Great stuff! Super informative as far as getting into the specifics of a single carrier. Keep ‘em coming! Curious about your thoughts on Mass Mutual
Will be doing a Mass Mutual break down for sure!
Excited to see these for the various carriers! Side note ... I would love to see a short video that talks about convertible term. Like what the DB and CV actually look like when you convert and how much you can expect to pay in premium. I have a convertible term policy but just have it for human life value coverage. Not sure when I should convert it!
This is a great idea!
Nice job Alden!
Crushed it for his first video!
Guys!!! I really loved your analytics, I felt you guys did a fantastic job of helping describe the possibilities.
I'll be searching for the link to connect!!
Thank you! So glad this was valuable for you! We have the link tagged below! Looking forward to connecting with you!
Late to the party, but this is a banger two of my favorite people crushing it.
🔥🔥🔥
Just studying up on these policies and super excited! Does infinite banking still work when the loan rate exceeds the policy rate of return?
I would love to see a cheapest start policy. Start with a purchase to get in, front loading a premium that goes to the mutual, and every dollar you put in after that gets you more cash value, death benefit, up to the limit for untaxable. I am sure that you could find a ratio that makes it profitable for the mutual that makes enough cash value to pay for the next year, making it self funded if left alone, but every dollar put in adds to the cash value and death benefit. Say 500 to start, the load that goes to the mutual, then every dollar put in above that adds 1 to cash value and 5 to death benefit. So you could start a new policy with 501 dollars, but if left alone would continue to be self sustaining, making multiple policies easier to start eventually, but letting people get in easy so that there is less of a barrier to entry into ibc, and showing how it approaches a max funded (untaxable) asset with every additional dollar put in.
Good stuff! Review One America next please.
Will do One America for sure!
How do i learn more and possibly write my own policies?
Ameritas please
So what if you hit the lottery and have 500k to put in??? How does that work for banking
Do you reasonably think Penn could run into problems for having a higher projected dividend performance while still being very competitive on costs? I once heard, "You can't be the cheapest and the best and last forever." This seems to be the case with Ohio National. We have a few clients with ON policies. At one point, they looked stellar on the illustrations. Now, the dividend has been reduced to 4% (gross), and it's okay... but not great. Is that something that worries you with any of these popular companies you mentioned (Penn, Lafayette, Ameritas, Mass, Guardian, OneAmerica)?
Bobby Samuelson actually said this, he is a genius with this stuff. He wrote it in his blog life product review. We also had Bobby on the channel and have asked him this question to elaborate around it and what he shared was what will happen is at some point Penn will just come back down to earth eventually. They may be the cheapest and best now but they will just adjust and just be more competitive with the rest of the market instead of crushing it above everyone else. He doesn't have any concern at all that Penn will be a Ohio National Scenario.
@TheAndAsset yes! That was who, I remember now! Thank you for sharing. I think that's very reasonable, and I'm happy to hear that he doesn't think Penn would run into similar troubles that Ohio National did.
@@DallinBunnell Of Course! And You and me both! haha 😅
New York life please
I’ve been in the industry for 3 years and I’ve had no one educate me on how to do a policy design. I’m having trouble understanding how you do base 40% PÚA 60% or the 90% 10% …
It's going to depend on the product and the illustrator you're using. What product are you using?
Im using WL with NLG and or Lafayette life
Does being an American citizen allow me to take out a whole life policy despite living abroad and not resident in the US?
The short answer is yes it can be done. If you are interested in learning more please email me and I can connect you with someone on our team who can give you more info caleb@betterwealth.com
Thank you@@BetterWealth
Is this $50k per month or per year?
Per year for this example.
Is One America good company? Who is better?
One America is a great company. Dom and I did a breakdown on your question in this video ua-cam.com/video/ov1ueSuxZx8/v-deo.html
The key thing is to make sure you're with the right company for your goals. If you want us to review your policy or help in any way please set up a time with this link www.betterwealth.com/clickhere-life-insurance
IUL also goes down in cost if structured correctly. I think it's important not to missinform ppl. The fact that you don't like IUL does not give u the right to missreprrsent the product
How does it go down in cost?
@luketomlinson5842 you want to make sure your cash value is very close to the death benefit by the time you start distributing the money. That way the cash value can comfortably be bigger than the cost of insurance. You want to pay for as little insurance as possible towards the end of the policy.
This was solid all around
Thanks so much, brother!
I think your cash value IRR number is wrong. I have that by year 10 your IRR would be 1.4% on the last policy. You show 2.38%.
((Total policy value - policy cost) / (policy cost)) / (years invested X percent) = IRR
(($570,273-$500,000)/(500,000))/(10years X 100%) = 1.4%
Easy way to verify this, take 50k on a future value calculator and and do it for 10 years. Plug in 1.4% and then try 2.38% on the FV calculator. At that 10th year what is the number? Does the Cash value in the example equal that 1.4 or 2.38 number in the future value calculator.
That's not the calculation for IRR. The definition of IRR is the discount rate at which the Net Present Value of a series of cash flows equals 0. NPV is a discounting analysis, but a way to think about it is the rate at which a sum of independent cash flows are compounding to reach a final future value. So, your first 10,000 compounded at X rate for 20 years, plus the next 10k compounding at the same X rate for 19 years, 18.... etc equals final future value.
@@DallinBunnell Booooommmm!!! 🔥🔥🔥🔥🔥🔥🔥
@@AndAsset I just used a future value calculator and did the math that way and even the 1.4 IRR was high looking at that method.
@@DallinBunnell so you really have to do a series calculation to get the correct IRR? Is that what they use in the spreadsheet? I’ve been trying to figure out how they do this math for a while.
Yay! More UA-camrs using the Rockefeller story to sell you something
Appreciate you taking the time to comment. It’s good feedback to hear