Not Your Average Financial Podcast™

Think different about your money, your economy and your future. Be curious. Be stable. Be sane.

Episode 66: The Secret Life of Whole Life Insurance

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In this episode, we ask:

  • What is the history of Whole Life Insurance?
  • Who are some notable personalities who have harnessed life insurance?
  • How far back does life insurance go?
  • What was a burial club?
  • How does this affect widows and children?
  • Who is John Graunt? What did he figure out?
  • Who is Edward Lloyds and what did he offer?
  • Why did Edmond Haley keep records on when people died? How did this affect actuarial science?
  • When was the first official life insurance company?
  • When was the first world’s mutual insurer?
  • What was happening in 1776?
  • What did Benjamin Franklin have to do with life insurance?
  • What is a fraternal benefit society?
  • What was the first product that came out in Ben Franklin’s company?
  • What did Prudential bring to the industry?
  • When did policy loans come into play?
  • In 1891, what did Leland and Jane Stanford do? What happened in 1893?
  • How did J.C. Penny develop his stores? What did he do in 1929? What is happening with JCPenny stores today?
  • In 1939, what happened with Foster Farms? What is happening with Foster Farms today?
  • In the 1950s, what did Walt Disney do? What is happening with Disney today?
  • Have you seen the movie, The Founder?
  • In 1961, what did Ray Crock do?
  • In 1980, what happened with Doris Christopher do? How much did she sell the Pampered Chef to Warren Buffet for?
  • What did Governor Romney disclose regarding his life insurance policy?
  • What did Senator McCain do with his life insurance policy?
  • Which famous race car driver is very vocal about life insurance today?
  • How many things wouldn’t exist without life insurance?
  • Would you rather be average or would you rather follow in the steps of those who have succeeded?
  • Who is life insurance for?

Episode 65: [Mythbusters] Diversification, You Keep Using That Word, I Do Not Think It Means What You Think It Means

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In this episode, we ask:

  • Do you find value in this podcast?
  • Would you like to leave us a review on iTunes?
  • Where are your eggs?
  • Where is your basket?
  • What is sophisticated diversification?
  • Should you diversify?
  • What does FINRA say about risk?
  • Where did the idea of diversification come from?
  • What does Warren Buffet say about risk / diversification?
  • What are our options?
  • How are the generations diversifying differently?
  • What does Amanda Neely have to say about it?
  • What do you have to do to be a legitimate insurance company?
  • How do insurance companies diversify?
  • Are insurance companies profitable?
  • What is a dividend?
  • What does a strong and stable business look like?
  • Are you an expert at diversification?
  • What do you think when you hear someone is “diversified”?
  • Does diversification actually protect you from risk at all?

 

Episode 64: [Mythbusters] Buy Term and Invest the Rest

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In this episode, we ask:

  • What happens when people hear the words “life insurance”?
  • How long does a death benefit last?
  • What does Whole Life Insurance provide that Term Insurance does not?
  • What is cash value?
  • What about high commissions paid to an agent?
  • Where did the slogan “Buy Term and Invest the Difference” originate?
  • Who is A.L. Williams? How was he involved with proliferating Buy Term and Invest the Rest?
  • What is the process for buying term?
  • What is Dave Ramsey’s soapbox built upon?
  • What do A.L. Williams and Dave Ramsey have to do with each other?
  • Does the stock market do 12% each year? …Mr. Ramsey?
  • What are the guarantees?
  • What legal limitations do insurance companies have with illustrations?
  • Can you compare the rate of growth on mutual funds and growth rate of life insurance?
  • What is the rate of return on a death benefit?
  • What about the tax consequences?
  • What about the market risk?
  • How is the loan feature on Whole Life Insurance different from a Term Insurance policy?
  • What does it mean to “self insure”?
  • Does self insuring make sense for you?
  • What’s the difference in cost on Term Insurance based on age?
  • What’s the increasing cost of term insurance?
  • Which type of insurance is better for you?
  • Are you really solving the same need with both insurance types?
  • What happens if you drop the term insurance and try to buy it again later?
  • Which type of policy has a “built in expiration date”?
  • How often do Term Insurance policies actually pay out claims?
  • What’s the difference between Annual Renewable Term, 10 year Term and 20 year Term?
  • How are the premiums different in Whole Life Insurance vs. Term Insurance?
  • In what vehicles did our grandparents save?
  • Who actually follows the advice of Buy Term and Invest the Rest?
  • What’s the risk of buying Term Insurance?
  • Why do people buy Term?
  • What is the idea of self insuring based upon?
  • Which method will protect our families and be there when we need it?
  • Is this myth officially busted?!

 

 

Episode 63: Black Friday Ninjas

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In this episode, we ask:

  • Who do you know who would find value in this podcast?
  • What is Madison Avenue known for?
  • What are the stats for Black Friday?
    • How much do people actually spend on Black Friday?
    • Is the Black Friday revenue increasing?
  • Are you shopping on Black Friday?
  • Are people really shopping for gifts on Black Friday?
  • What is Single’s Day in China?
  • How many people will be buying items for themselves this Black Friday?
  • What if you had a chance to turn the tables on Black Friday?
  • How can you put an extra $1000 bucks in your account?
  • How can you navigate Black Friday well?
  • How do wishlists delay unnecessary purchases?
  • What are some creative alternatives to Black Friday?
  • How might an experience be the best gift?
  • Do you have a gift for Do It Yourself (DIY)?
  • What are some ideas for meaningful gifts?
  • What are some successful Black Friday strategies?
    • What about saving in advance for Black Friday?
    • What do you do with credit cards?
    • What about spreadsheets?
    • How can compare prices easily?
    • How do timers help?
  • How do most people shop for Black Friday?
  • What about naps?
  • What about meditation?
  • What about deep breathing?
  • What about a good night’s sleep?
  • How can you limit your expenses based on AGI?
  • How does your income affect your Black Friday?
  • What should you watch for on Black Friday?
  • How do you make Black Friday work for you?

Episode 62: #FIRE Extinguishers with Brandon and Amanda Neely

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In this episode, we ask:

  • Who are Brandon and Amanda Neely?
  • Grandma’s Wealth Wisdom Podcast
  • What is the F.I.R.E. strategy?
  • What does F.I.R.E. stand for?
  • How does one know they’re F.I.R.E.d?
  • How do you calculate your freedom number?
  • What are the pros of people going for this strategy?
  • What are the downsides of F.I.R.E. ?
  • What things do the F.I.R.E. people take off the table?
  • If someone was trying to retire early, how does one avoid the pitfalls?
  • What are the F.I.R.E. extinguishers?
    • Have you considered Tax Deferred Plan penalties?
    • Have you considered the Stock Market risks?
    • Have you considered the possibility of tax increases?
    • Have you considered the possibility of rising inflation?
    • Have you considered the fees?
    • Have you considered future medical expenses?
    • Have you considered Long Term Care expenses?
    • Have you considered unexpected large expenses?
    • Have you considered opportunity cost?
  • What are the perfect matches – the F.I.R.E. starters?
    • Bank on Yourself type life insurance policies
    • Access the money without penalty
    • Uninterrupted compound growth
    • No double tax payments
    • Hedge against inflation
    • Pay fees up front
    • Coverage for Long Term Care
    • Can make large purchases
    • Have growth continuing while you use the money for expenditures
  • What are other options?
    • Why is access without penalty crucial?
    • What did Brandon and Amanda do with their dividend paying whole life insurance policy?
    • How did this put them in a really good position?
    • What would Grandma say about this concept?
    • Did a single Grandma own a 401(k)?
    • What does retirement look like?
    • Contact Brandon and Amanda and subscribe to the Grandma’s Wealth Wisdom podcast at GrandmasWealthWisdom.com

    Amanda and Brandon Neely are small business and financial professionals.  They founded and ran Overflow Coffee Bar, L3C from 2008 through 2018.  Now, they share their experiential knowledge through podcasting and through developing personalized financial strategies for individuals and couples.  Their goal is to help people build wealth – the sort of wealth that would make their Grandma proud.  Subscribe to hear more at Grandma’s Wealth Wisdom podcast or wherever great podcasts are found. 

    Episode 61: Help! My Universal Life Has Fallen, and It Can’t Get Up!

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    In this episode, we ask:

    • Where do we start?
    • Do you have one of these policies?
    • What should you think through?
    • Who to call?
    • What are the questions to ask?
      • 1. What are my current fees?
      • 2. What are the maximum fees you can charge me?
      • 3. Are there caps? Are the caps changeable?
      • 4. How do loans work on this? Are the loans direct or non direct recognition loans?
      • 5. What are the interest rates on the loan?
      • 6. What is the current crediting rate? How often are you given that credit?
      • 7. What happens to the guarantees if the premium is late, missed or changed?
      • 8. What about the cost of insurance, can it go up in the future? What is the current rate of that cost?
      • 9. May I have an in-force illustration of what my cash value performance would look like with the actual performance average (i.e. an optimistic 3.6%)?
      • 10. Is there a no-lapse guarantee? Is there any sort of guarantee that my policy won’t lapse if I take income out at retirement?
      • Can the customer service people answer these questions?
      • What steps will you have to take to keep the policy from lapsing?
      • Who is Debbie Wilder?
      • What did Debbie find out about Indexed Universal Life?
      • What happened when Debbie and her client called the Insurance company?
      • What is a Guarantee Rider (to age 121)?
      • What is the difference between the Guaranteed and Non-Guaranteed side of the illustration?
      • What are the charges?
      • What are the guaranteed downsides?
      • What dirty details did Debbie discover?
      • How are Universal Life policies like a bell curve?
      • What did Debbie’s client decide to do?
      • How does Whole Life insurance stack up to Indexed Universal Life?
      • Can you compare the two on equal footing?
      • How much might Debbie be saving her client over her lifetime?
      • Are there options for transitioning away from IUL?
        • What is a 1035 exchange?
        • What is a withdrawal?
        • What is a loan?
      • How do you know what’s right in your situation?
      • Need a second set of eyes? Book A Meeting with Us
      Debbie Wilder is a Bank on Yourself Authorized Advisor; prior to this she was a Systems Analyst for 20 years.  Financially, she and her husband did everything they were told to do – 401(k)s, IRAs, 529’s for their kids, paid their mortgage down faster, and so on.  And where did it get them?  On the stock market rollercoaster, losing 40% of their assets in 1999, and even more in the early 2000’s.  In 2005, Debbie learned about the Bank on Yourself method using specialized whole life insurance, and she never looked back.  It stopped the slide of their retirement assets, it created predictability for their future, her husband stopped watching the daily tickertape, and most importantly, it saved their marriage.  After opening 13 whole life insurance policies, she decided to help spread the word and become an Authorized Advisor.  She always wondered why this was not taught in high school or college, so she’s passionate about educating others about it.
      Debbie lives in West Hartford, CT with her husband Drew, two children (Bonnie and Sam), and dog (Snowflake). When Debbie is not working, you may find her taxiing her children around, coaching basketball, working out at the gym, or reading the newspaper.In order to provide her clients the level they expect and deserve, Debbie accepts only a small number of new clients each month who are committed to achieving lifetime financial security. 

      Episode 60: The Top 10 Reasons NOT to Own Universal Life

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      In this episode, we ask:

      • Should you keep or buy a Universal Life (UL) insurance policy?
      • What are Universal Life (UL) insurance policies?
      • What are the variations of Universal Life (UL)?
      • Are Universal Life (UL) illustrated values over optimistic and misleading?
      • What are the guarantees on the guaranteed illustration on the UL?
      • How long is the track record for UL policies?
      • How likely do you think it is that the market indices will increase by the exact same percentage ever single year?
      • What’s the difference between the average rate of return and a cumulative rate of return — and why does it matter?
      • What are the costs and charges on a Universal Life (UL) policy?
      • Why do some UL surrender charges last 10 or 15 years?
      • How are Bank on Yourself type policies different from UL policies?
      • Can you anticipate what your cash value is going to be with a UL?
      • What is the most rigid and punishing of all of the life insurance products available?
      • What is a mortality table?
      • What is Annual Renewable Term (ART) insurance?
      • Do carriers reserve the right to increase mortality costs and expenses over time on a UL?
      • What are the guarantees on a Universal Life product?
      • Are you going to pay for the term insurance increases?
      • How do late payments affect the guarantees in a UL policy?
      • How are dividends applied to Indexed Universal Life (IUL) policies?
      • What is the real return (CAGR) without dividends applied?
      • Is an UL illustration fictional?
      • What is a no lapse guarantee?
      • What happens with an IUL policy if you reduce or miss premium payments?
      • Can you reduce pay up an IUL policy?
      • Will your income be increasing as you age?
      • Do loans have risk with UL policies?
      • Why are there so many class action lawsuits against the carriers offering UL policies?
      • How is the customer service on IUL policies?
      • Why don’t we choose to write UL policies?
      • What happens when the industry moves on from the UL and you haven’t?
      • How are Whole Life policies different from Universal Life policies?
      • With Universal Life and all of its variants, who burdens the risk?
      • Why would anyone consider buying a Universal Life insurance policy?
      • Why bundle risk and insurance together?
      • What are the additional risks?

       

      Episode 59: You think your Whole Life is great? Mine’s Universal!

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      In this episode, we ask:

      • Are you ready for a new way of thinking about your life and your money?
      • What if there was a relatively new life insurance product that lets you share in a portion of the gains in the market and protects you from the market when it tanks?
      • What is Indexed Universal Life insurance?
      • What is permanent life insurance?
      • What’s the difference between permanent life insurance and term insurance?
      • What is the sampling of permanent life insurance?
      • What are their abbreviations?
      • What is Whole Life?
      • What is Universal Life or UL?
      • What are the benefits of UL?
      • How is the Universal Life product built?
      • Why did the companies create Universal Life?
      • What are the subtypes of UL?
        • What is Variable Universal Life (VUL)?
        • How is it like a mutual fund?
        • What is a sub account or separate account?
        • What’s the difference between a Whole Life Insurance policy and a Universal Life policy?
        • What is the general fund of the life insurance company?
        • How is the general fund allocated?
        • What about IUL? Indexed Universal Life?
        • What indexes do IULs use?
        • How is an IUL different from a VUL?
      • How did we end up with these various products?
      • What is the history of these products?
      • When did UL pop up?
      • What happened to the pensions?
      • How did the 401(k) affect employees?
      • What is the idea behind life insurance?
      • Who were the key players who brought this into fruition?
      • Who is E.F. Hutton?
      • What were the illustrations like on Universal Life policies in the early 80s?
      • What happens with term insurance products?
      • What is Annual Renewable Term (ART) insurance?
      • What happens to the term component in an IUL policy?
      • How was UL marketed?
      • What did Ralph Nader suggest?
      • What concerns has NY state expressed regarding selling UL policies?
      • What does DALBAR say the average equity investor is doing?
      • Why would someone want an IUL?
      • What are the upsides?
      • Is an IUL a good fit for cash accumulation?
      • Can you use IUL for Bank on Yourself?
      • Is a UL policy a good fit for you?
      • Why should you be much more cautious with a UL?
      • What are your goals?
      • Should a higher rate of return on cash value be a driver in the decision?

      Episode 58: How to Be An Amazon Legend and Bank on Yourself

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      In this episode, we ask:

      • What are people saying?
      • How can being your own source of financing make you more competitive?
      • Who is Danny Stock?
      • What is Danny’s story?
      • What challenges did Danny overcome?
      • What happened when Danny met Mark?
      • Who is going to control the banking function?
      • What is the Bank on Yourself concept and how does it help you?
      • Can you imagine your life and your business if you have a contingency pool of capital?
      • What characteristics would this contingency pool of capital need?
      • What could you use your contingency pool of capital for?
      • How does this create flexibility?
      • Do you need to be an ultra-high net worth individual?
      • How can you build a permanent line of credit for your business?
      • How can you use this for inventory?
      • How to get velocity with your cash?
      • How do life insurance policies work? Hear Episode 32
      • Where is the best place to keep your money?
      • When will your income stop?
      • How can you pay off debts?
      • Should you pay off your debts before doing a Bank on Yourself type policy?
      • How does Danny use Bank on Yourself for his business?
      • How does this strategy affect Danny’s family?
      • Who can help you navigate your specific circumstances?

      Danny Stock launched his thriving Amazon business 3 years ago during the Q4 sessions. He has a knack for finding profitable and replenish-able products using retail and online arbitrage. Being a veteran, he served in the Army and now brings his heart of service to e-commerce by being a mentor to many other successful online sellers. See Danny’s website at https://www.amzlegends.com.

      Episode 57: Business Owners! You Are Already In the Banking Business

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      In this episode, we ask:

      • What are people saying?
      • What are the realities of the modern day business owner?
      • How do entrepreneurs affect our economy?
      • Who drives the innovations and the revolutions that we take for granted?
      • What does Mark love about business owners?
      • What’s the difference between a thermometer and a thermostat?
      • What’s the book by Paul Poirot, The Pension Idea?
      • Based on this book, where is the source of security to be found?
      • What has happened to personal freedom?
      • In 1940, how much did Americans save?
      • In 2018, how much do Americans save?
      • What about debt?
      • What if time is money?
      • What if 1/3 of your day is going to servicing debt?
      • What if 20-30% is going to taxes?
      • Does this mean you have to save less?
      • Does this mean you need to invest at higher rates?
      • Where does true security lie?
      • Why do we revere the self made billionaires?
      • Why do people go into working for themselves and starting their own businesses?
      • What do you do with the last 1/3 of your day?
      • Are you really working for yourself?
      • Are you working the bank?
      • Are most business owners risky or conservative with their portfolios?
      • What about banks and high interest debt?
      • How do business owners use debt?
      • What about student loan debt?
      • What is the solution?
      • Why is banking the most profitable business in the history of mankind?
      • What does the bank do with your money?
      • What is fractional reserve banking?
      • How is it possible that the banks make so much and small business owners are failing?
      • What about the rate of return?
      • What’s an infinite rate of return?
      • Who’s profiting? Who’s taking on the risk to grow your business?
      • Does the bank care if you have a bad month selling inventory?
      • Does the bank care if you have a family emergency or a health crisis?
      • Has much changed since King Solomon said “the borrower is slave to the lender”?
      • How is this like Neo in the Matrix?
      • Are you loaded up with debt?
      • Are you paying cash for everything?
      • Are you financing everything you buy?
      • What is opportunity cost?
      • How do we unplug ourselves from the banking system? …Is it even possible?
      • How can you use the banking strategy to your advantage?
      • What if you could set your own terms?
      • What if you could avoid the pain of bank financing?