Having a life insurance in force for life is for me a great milestone. Because I don’t regret in losing money as long as it’s for my loveones don’t lose money if I die.
REAL SECRET: Less than 2% of all TERM life policies ever pay out. Why? Expiring TERM limits cause premiums to skyrocket causing the ill-informed life insurance "cheap term life" consumer to DROP the policy resulting in a 100% profit to the insurer.
is like having a illness and tell the people "get rid of the doctor" is a silly suggestion, the right one is get a really a professional that work in your benefit not in theirs!
Actually, with permanent Life insurance policies they almost always increase in cash and death benefit level as time goes on. No, you don't have to die to win. Permanent life insurance if designed correctly will yield more cash than any other type of investment and do so without the risk of losses in the market and avoid loss due to taxes. Contact me and I'll prove it with a side by comparison.
Easier said than done, to keep your life insurance in force when you die. Of course that's what everyone wants and intends to do when they buy in. But when a financial catastrophe strikes you, what do you do? You have to drop the insurance. When it comes down to food on the table or life insurance, the food is gonna come first. And that's why insurance companies sell their insurance, no? Because they know they will win most of the time. It's not easy keeping afloat in this day and age. Yes, even the 'affordable' ones become unaffordable when you lose your job. The reason the wealthy can keep theirs intact when they die is because just that, they are wealthy enough to do so. It's not that the regular folks are dumb.
Yeah, but are insurance agents typically willing to sell you policies that are favorable to you? I'm assuming if it's favorable to the insured, it is unfavorable to the agent, eg lower commission.
Sunahama you're missing something. If instead of buying from an Insurance agent, you buy from a full financial advisor who has multiple financial federal licenses (insurance and investments), then they are supposed to guide you on how to eliminate debt faster without paying more monthly, and how to prepare for 6 months of unexpected unemployment or any other emergency, with a short-term emergency fund saving account. This is an account where you slowly save monthly money until you have 3 to 6 months of your current income. The insurance premium, savings accounts and retire should be paid with only 50% of the money you're already wasting. You should always save first and then spend the rest. If you have a negative balance by the end of each month, you should lower expenses or increase income. Is that simple, math doesn't fail. For example, If you buy at a fast-food, don't buy a combo, just the main food and drink water at home. Sacrifice any luxury which is not needed to survive, until you pay all your debts. Pay the debt with higher interests first, then when focusing in the next debt, act like if you never paid off the 1st one, and sum it to the 2nd one. A total debt that should last 20 years can be paid in 9 years like this, saving hundreds of thousands in interests.
You could say the same of auto insurance...average cost of auto insurance is $110 per mo x 70 (average lifespan)=$92,400 that you never get back...Your mindset on insurance is too bias. People die every day, and those who have a solid insurance policy in place do well by their loved ones...
@@SIMDICK they may give a few dollars cashback, but you still pay way more than what they give back. Do they really give back or are the premiums a little cheaper?
i guess the word buy should change into the word have..since life insurance is a sort of investment. so the client is not paying anything, client is investing money not paying.... so word buying is not an insurance word.
Your rate of return doesn't take into account lost opportunity cost and inflation. Figure 2-4% lost opportunity cost and 3% inflation and this soon becomes no real return over the decades of paying the premiums.
Thank you, Byron for telling it like it is...I can tell by the comments in this thread..."Business people included"...that many remain to be ignorant! "I" know the truth because I was an agent..."you" know the truth because you are one who opts to divulge it. I support you, you are doing the consumer a HUGE service while the financial industry does a total "disservice". In fact, they ought to rename it as the: "Financial Disservice" industry. Bankers...Life Insurance Agents...they're all liars!
Absolutely. Any time I hear someone with grandiose ideas of how they could help me with my money, I hear: "How much of your hard earned, after tax money can you hand over for my next Vegas vacation?"
cheapy100 You’d need to be insurable and ask someone to run quotes for you. There are options for people trying to enhance their retirement and options to have a large death benefit.
Analogy fail; You can avoid a car accident by driving well and getting a little lucky, but the only way to never die is to never be born. If everyone was guaranteed to total their car some day, car insurance would be a lot more expensive. And in that scenario, would you buy an auto policy that only paid if you totaled your vehicle in the first 18 months, for example? Maybe, some people can self insure that. On and on the argument goes, but make no mistake, the probability of your death is... ONE. So now you want to talk about how you don't care if you leave anything. Bad news, you're leaving EVERYTHING, whatever it might be. So why don't you make intelligent decisions about what "everything" looks like, whenever that might be.
FortNikitaBullion Why Health, Auto & Home insurance don't accumulate cash value?. I sell my home and auto and never put in a claim, do I get back what I insured my home or auto amounts?????
FortNikitaBullion He talked about tax free savings, but if I save $8k to $10k a year in a compound interest account @ 8 to 12%. would I save less or equal on the return on a WL policy??
Insurance is for suckers. ONLY have insurance for catastrophic events, with the highest deductible possible. Fire. . Im using these vids to explain to a group how to avoid the insurance hamster wheel as a youth. Invest the money instead of paying premiums. No one to deny your claim. No one to go bankrupt. No one to spend your premium money on bonuses, salaries, rents, advertising, stock options, christmas parties, company cars, telephones etc etc. Keep your money where it belongs, going directly to the event where its needed without all those pathetic, wastefull expenses. . You know its true, but wont say, as this is your business. We get it.
What if in the future we find a way to transfer our being into a different body like that in the show altered carbon. In theory your death benefit may be a way for you to buy a new sleeve.....Anyone else seen this show?
How does one factor in inflation? Is there a formula? In the example, 43 years the money won't be worth the same. Is there a way to have a more accurate comparison?
Lol term policies are only offer in terms, and they usually TERMinate while you're still alive. The longest term available out there is 40 years. If you are still alive at that point good luck getting affordable life insurance.
stop worrying about life.when will people understand that we cannot prepare on something and we cannot predict what will happen to us or out family.we have to go through tough times dont be afraid cause we move on and overcome everything
Do you actually have a level premium whole life policy that costs $10k a year for a 55 year-old getting $1,000,000 in coverage??? I think the number is closer to $30,000 a year.
Term Insurance is agreement between Insurer and Insured, that for certain period if anything happens. Insurer take responsibility of Financial Liabilities. Choose wisely your period, I guess most of us not have financial Liabilities at the age of 80.
Not all term are created equal. I know companies that offer Guaranteed renewability feature. Funny that you mentioned life insurances but only expend most of your talk on whole life.
They are attractive products. People will buy them. It gives them capital to invest which they but primarily invest into bond and morgage markets, smaller portion goes in to stock/equity, and about 10% into derivative instruments to hedge risk. Its all about risk management and actuaries use risk caculations to determine what premiums would need to be for the company to have enough money to be able to cover that risk with the type of returns they are getting. With life insurance, mortality tables are used, which calculate life expectancies and mortality rates over a given period of time. Even though a life insurance payout is usually a windfall for the insured, insurance companies have to maintain a financial position that allows them to remain solvent over time. Term life insurance policy premiums are aslo a huge profit center for these companies since they are pure insurance and 100% of the premiums go towards the cost of insurance. Term is traditional insurance like most other types of insurance policies. Once a term is over the life insurance company pockets that money. That helps with solvency as well. These companies, like banks also have to keep reserves of capital to cover losses as well. Premiums vary depending on risk and thats why not everyone is insurable - they carry to much risk. For example COVID-19 fucked up mortality tables so now life insurance companies are starting to include pandemic clauses to protect themselves. Many companies will not insure you if you have gotten COVID -19 since there is no vaccine for it. If too many people die at once, they may not be able to sustain the losses. Get your damn life insurance while you're young.
Im 62 and have never had life insurance. My son now wants 250,000 on me , so he'll be set up for life. I instantly felt like he wanted to use my death for profit. How would this make you feel? Anyone?
Oh man, this video is only focusing on WHOLE Life insurance. Whole Life insurance is the ago old dinosaur insurance policy that still exists today. Life insurance has evolved over the years that now you do not have to DIE to be able to touch your money, live a wonderious life before you DIE.
This is incorrectly titled as the only thing life insurance companies don't want you to know is: Life Settlements. You can sell your life insurance policy and no consumer knows it. He is correct in that life insurance companies make money off all the lapsed/cancelled policies. Life settlements aren't a great return on your money (for the most part), but something is better than nothing.
He said that if you get permanent Insurance they company doesn't make any money. Lol. And that's all these joker's sell is permanent insurance.. so I guess these joker's are a NON PROFIT 😂😂😂😂
Lol tax free. Tax free because it's not an investment!!! Where does the IRS recogniz a life insurance policy as and an investment? Wow. Total miss leading. You want some real knowledge call me I'll show you where to find the real answers ..2094500242
its as clear as day of coarse if you allow your courage to lapse you lose your money, how dumb can one be not to see that, you are just looking for attention you cant do anyone more favor that any other company all that you said is common sense
This guy is NOT the CEO of an insurance company. He is the CEO of an insurance CONSULTANT company. His company will help you choose the most optimum policy from any insurance company based on your needs & financial situation.
Having a life insurance in force for life is for me a great milestone. Because I don’t regret in losing money as long as it’s for my loveones don’t lose money if I die.
REAL SECRET: Less than 2% of all TERM life policies ever pay out. Why? Expiring TERM limits cause premiums to skyrocket causing the ill-informed life insurance "cheap term life" consumer to DROP the policy resulting in a 100% profit to the insurer.
so i need to die to win.. that makes me think
Have you figured out an alternative to dying some day?
Randy Densmore Getting rid of Life Insurance is a start.
Not if you buy a policy that has "Living Benefits" ... a policy you don't have to die to use...
You can enjoy the benefits of Indexed Universal Life Insurance even when you are alive.
is like having a illness and tell the people "get rid of the doctor" is a silly suggestion, the right one is get a really a professional that work in your benefit not in theirs!
Actually, with permanent Life insurance policies they almost always increase in cash and death benefit level as time goes on.
No, you don't have to die to win. Permanent life insurance if designed correctly will yield more cash than any other type of investment and do so without the risk of losses in the market and avoid loss due to taxes. Contact me and I'll prove it with a side by comparison.
2:20 "...For those who are smart enough to die with their policy in force..." 🤔🤧!
Lol yeah I had to run that back 🤣🤣
Hard to do because higher premiums and collapsing dollar as inflation destroys fixed income dependents?
Who is paying that much per year for their policy? The point is good, but the math is WAY off.
Life insurance is basically giving money to ur family
Easier said than done, to keep your life insurance in force when you die. Of course that's what everyone wants and intends to do when they buy in. But when a financial catastrophe strikes you, what do you do? You have to drop the insurance. When it comes down to food on the table or life insurance, the food is gonna come first. And that's why insurance companies sell their insurance, no? Because they know they will win most of the time. It's not easy keeping afloat in this day and age. Yes, even the 'affordable' ones become unaffordable when you lose your job. The reason the wealthy can keep theirs intact when they die is because just that, they are wealthy enough to do so. It's not that the regular folks are dumb.
Yeah, but are insurance agents typically willing to sell you policies that are favorable to you? I'm assuming if it's favorable to the insured, it is unfavorable to the agent, eg lower commission.
Sunahama Nagai yes we are, we don't want cancellations!
Sunahama you're missing something. If instead of buying from an Insurance agent, you buy from a full financial advisor who has multiple financial federal licenses (insurance and investments), then they are supposed to guide you on how to eliminate debt faster without paying more monthly, and how to prepare for 6 months of unexpected unemployment or any other emergency, with a short-term emergency fund saving account. This is an account where you slowly save monthly money until you have 3 to 6 months of your current income. The insurance premium, savings accounts and retire should be paid with only 50% of the money you're already wasting. You should always save first and then spend the rest. If you have a negative balance by the end of each month, you should lower expenses or increase income. Is that simple, math doesn't fail. For example, If you buy at a fast-food, don't buy a combo, just the main food and drink water at home. Sacrifice any luxury which is not needed to survive, until you pay all your debts. Pay the debt with higher interests first, then when focusing in the next debt, act like if you never paid off the 1st one, and sum it to the 2nd one. A total debt that should last 20 years can be paid in 9 years like this, saving hundreds of thousands in interests.
bi
Great presentation! the percentage of clients I meet, that have heard about the UL policies before is nearly 0.
UL?
You could say the same of auto insurance...average cost of auto insurance is $110 per mo x 70 (average lifespan)=$92,400 that you never get back...Your mindset on insurance is too bias. People die every day, and those who have a solid insurance policy in place do well by their loved ones...
Not true, auto insurance companies give "cash back" now if u don't claim and even give "cash back" for driving properly...
@@SIMDICK list company. I may switch careers.
@@SIMDICK they may give a few dollars cashback, but you still pay way more than what they give back. Do they really give back or are the premiums a little cheaper?
What if someone takes a mature insurance policy for me to someone else without you knowing
i guess the word buy should change into the word have..since life insurance is a sort of investment. so the client is not paying anything, client is investing money not paying.... so word buying is not an insurance word.
Your rate of return doesn't take into account lost opportunity cost and inflation. Figure 2-4% lost opportunity cost and 3% inflation and this soon becomes no real return over the decades of paying the premiums.
Thank you, Byron for telling it like it is...I can tell by the comments in this thread..."Business people included"...that many remain to be ignorant! "I" know the truth because I was an agent..."you" know the truth because you are one who opts to divulge it. I support you, you are doing the consumer a HUGE service while the financial industry does a total "disservice". In fact, they ought to rename it as the: "Financial Disservice" industry. Bankers...Life Insurance Agents...they're all liars!
Absolutely. Any time I hear someone with grandiose ideas of how they could help me with my money, I hear: "How much of your hard earned, after tax money can you hand over for my next Vegas vacation?"
WRONG! Life insurance has saved many families and if you invest properly, your money is returned much better than any other investment around.
Will there any policy with $2500 annually at the age of 43 with the death benefit of $500k? Seems impossible
cheapy100 You’d need to be insurable and ask someone to run quotes for you. There are options for people trying to enhance their retirement and options to have a large death benefit.
So do you lose the game of car insurance if you never have an accident? Is this a joke?
Analogy fail; You can avoid a car accident by driving well and getting a little lucky, but the only way to never die is to never be born. If everyone was guaranteed to total their car some day, car insurance would be a lot more expensive. And in that scenario, would you buy an auto policy that only paid if you totaled your vehicle in the first 18 months, for example? Maybe, some people can self insure that. On and on the argument goes, but make no mistake, the probability of your death is... ONE.
So now you want to talk about how you don't care if you leave anything. Bad news, you're leaving EVERYTHING, whatever it might be. So why don't you make intelligent decisions about what "everything" looks like, whenever that might be.
You can leave something to your heirs without any life insurance.
FortNikitaBullion Why Health, Auto & Home insurance don't accumulate cash value?. I sell my home and auto and never put in a claim, do I get back what I insured my home or auto amounts?????
Insurance was never meant to insure a certainty --- like death. The purpose of life insurance is to protect your family against an *untimely* death.
FortNikitaBullion He talked about tax free savings, but if I save $8k to $10k a year in a compound interest account @ 8 to 12%. would I save less or equal on the return on a WL policy??
Insurance is for suckers. ONLY have insurance for catastrophic events, with the highest deductible possible. Fire.
.
Im using these vids to explain to a group how to avoid the insurance hamster wheel as a youth. Invest the money instead of paying premiums. No one to deny your claim. No one to go bankrupt. No one to spend your premium money on bonuses, salaries, rents, advertising, stock options, christmas parties, company cars, telephones etc etc. Keep your money where it belongs, going directly to the event where its needed without all those pathetic, wastefull expenses.
.
You know its true, but wont say, as this is your business. We get it.
What if in the future we find a way to transfer our being into a different body like that in the show altered carbon. In theory your death benefit may be a way for you to buy a new sleeve.....Anyone else seen this show?
Thank you so much . I learn a lot ❤️❤️❤️
How does one factor in inflation? Is there a formula? In the example, 43 years the money won't be worth the same. Is there a way to have a more accurate comparison?
So take a term insurance policy for as long as 99 years, its as simple as that!!👍
Lol term policies are only offer in terms, and they usually TERMinate while you're still alive. The longest term available out there is 40 years. If you are still alive at that point good luck getting affordable life insurance.
So life insurance is for when you die
So death insurance must be for the living.
Wonderful Video, thank you!
stop worrying about life.when will people understand that we cannot prepare on something and we cannot predict what will happen to us or out family.we have to go through tough times dont be afraid cause we move on and overcome everything
SF S We'll die trying...
Don’t forget to write that on your will for your family to read as they try to figure out how to pay for your funeral expenses
Do you actually have a level premium whole life policy that costs $10k a year for a 55 year-old getting $1,000,000 in coverage??? I think the number is closer to $30,000 a year.
I agree! But they may have one out there! I am not doubting there plan but I know that it is higher than term.
Lmao!!!!! I'm DYING laughing at this! 😆😅😂🤣💀☠️
Term Insurance is agreement between Insurer and Insured, that for certain period if anything happens. Insurer take responsibility of Financial Liabilities.
Choose wisely your period, I guess most of us not have financial Liabilities at the age of 80.
That's not true! They don't inflate the price THAT much and you dont lose a permanent life insurance policy unless you quit.
It's the dollar sign it's a lie /one bar through the dollar SIGN means negative equity,... yes the numbers don't lie
Not all term are created equal. I know companies that offer Guaranteed renewability feature. Funny that you mentioned life insurances but only expend most of your talk on whole life.
The best insurance is saving money for yourself
True but you have to beat inflation so keeping it in a savings account will not do you justice
so wrong! You cannot just say "Net Gain" when you do not consider the possible returns you can get with the premium you paid by investing it.
i worked in one of the biggest life insurance in the Philippines and i dont used the word buy instead i use the word investment...
You get the cash value if you lapse the policy
if they're guaranteed to lose, why are they still selling those products?
They are attractive products. People will buy them. It gives them capital to invest which they but primarily invest into bond and morgage markets, smaller portion goes in to stock/equity, and about 10% into derivative instruments to hedge risk. Its all about risk management and actuaries use risk caculations to determine what premiums would need to be for the company to have enough money to be able to cover that risk with the type of returns they are getting. With life insurance, mortality tables are used, which calculate life expectancies and mortality rates over a given period of time. Even though a life insurance payout is usually a windfall for the insured, insurance companies have to maintain a financial position that allows them to remain solvent over time. Term life insurance policy premiums are aslo a huge profit center for these companies since they are pure insurance and 100% of the premiums go towards the cost of insurance. Term is traditional insurance like most other types of insurance policies. Once a term is over the life insurance company pockets that money. That helps with solvency as well. These companies, like banks also have to keep reserves of capital to cover losses as well. Premiums vary depending on risk and thats why not everyone is insurable - they carry to much risk. For example COVID-19 fucked up mortality tables so now life insurance companies are starting to include pandemic clauses to protect themselves. Many companies will not insure you if you have gotten COVID -19 since there is no vaccine for it. If too many people die at once, they may not be able to sustain the losses. Get your damn life insurance while you're young.
It is different than my opinion.
This guy is bogus, he grossly inflates these issues just to sell his product.
What specifically did he inflate
I don't consider dying a win
Im 62 and have never had life insurance. My son now wants 250,000 on me , so he'll be set up for life. I instantly felt like he wanted to use my death for profit. How would this make you feel? Anyone?
Oh man, this video is only focusing on WHOLE Life insurance. Whole Life insurance is the ago old dinosaur insurance policy that still exists today. Life insurance has evolved over the years that now you do not have to DIE to be able to touch your money, live a wonderious life before you DIE.
He forgets to subtract inflation, so its not 7%
Permanent insurance doesn't work that way
This is incorrectly titled as the only thing life insurance companies don't want you to know is: Life Settlements. You can sell your life insurance policy and no consumer knows it. He is correct in that life insurance companies make money off all the lapsed/cancelled policies. Life settlements aren't a great return on your money (for the most part), but something is better than nothing.
How does a life settlement work?
Is this legal
Nice
Not everyone die in a day
$8,000 in annual premiums? Is that just an extreme case or??
cheesball96 no, smart people that want to invest for their families do that. I've seen policies as much as $1M annual premium
Depends on the person health.
He said that if you get permanent Insurance they company doesn't make any money. Lol. And that's all these joker's sell is permanent insurance.. so I guess these joker's are a NON PROFIT 😂😂😂😂
Lol tax free. Tax free because it's not an investment!!! Where does the IRS recogniz a life insurance policy as and an investment? Wow. Total miss leading. You want some real knowledge call me I'll show you where to find the real answers ..2094500242
leo suarez jr it is an investment and it is taxable of you don't know what you're doing . But there are ways to access it tax free
its as clear as day of coarse if you allow your courage to lapse you lose your money, how dumb can one be not to see that, you are just looking for attention you cant do anyone more favor that any other company all that you said is common sense
Lol omggg terrible video.... what about the cashvalue on the permanent policy so much money on the table you left out!!!!!
Great video
This great video alot people dont do they research.
hey
Spoken like a true life insurance agent 😂😂😂 one of the worst videos I EVER seen 💯💯💯
WHY IS HE TELLING US. Isn't he a CEO? Giving this information would hurt his business would it not?
This guy is NOT the CEO of an insurance company. He is the CEO of an insurance CONSULTANT company. His company will help you choose the most optimum policy from any insurance company based on your needs & financial situation.
Give me a call
Youre comparing dollar on dollar. The insurance company has been collecting more valuable dollars from you 45 years ago due to inflation.
Thanks, captain obvious! This was the least informative "informative" video I've ever watched!
DIE DIE DIE DIE DIE ... WTF... Taklu...