Not Your Average Financial Podcast™

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In this episode, we ask:

• What are the biases with insurance?
• What misunderstandings exist?
• What’s the truth?
• Why does anyone have a bias against anything?
• Where do we hear information?
• Is this information in line with reality?
• What about my family member’s experience?
• How many mutual funds are out there?
• Why do people have completely different experiences with the same vehicle?
• How can life insurance help you while you’re alive?
• How is a whole life insurance policy more than just a death benefit?
• Why is old fashioned whole life a terrible place to save money?
• Is a model T car a terrible way to drive across the country?
• Is an airplane an effective way to get to the grocery store?
• Is this an investment?
• Should insurance compete with a mutual fund?
• How will you feel when the market crashes to the depths of the ocean?
• When do you want your money growing the fastest?
• When do you want your money in a competitive position?
• Why is whole life insurance so expensive?
• Why is term life insurance so cheap?
• Is term really cheaper?
• What’s a better deal?
• When would you want to buy term?
• Why is term insurance designed to become too expensive?
• Have you seen your term premium quadruple yet?
• What do you have to show for a dropped term policy?
• Do you want to buy term?
• How are the benefits in whole life stronger than term?
• What guarantees do you have with whole life insurance?
• What guarantees do you have with term life insurance?
• How many term policies actually ever pay a claim?
• What’s the difference between buying a house and renting?
• Which one will provide the greatest value to you and your value?
• How is this unlike most whole life insurance that most people have heard about?
• How much of a pay cut do advisors take?
• How quickly can you use the cash value?
• What are the benefits?
• Would you like tax free access to cash?
• Would you like guaranteed growth every year?
• Would you like the ability to leave your family more than you could ever save?
• Do you need to finance a big purchase?
• Why aren’t insurance companies letting everyone know about this?
• Why are there entire cable channels dedicated to Wall Street?
• Why aren’t we hearing a whole lot about this?
• Where did the term buy term and invest the difference come from?
• How are high net worth clients and leaders allocating their assets?
• What’s too good to be true?
• Is whole life premium payments only for the affluent?
• What if someone can’t afford the premium?
• What about getting “locked” into a premium payment?
• What happens if I miss a premium payment on a whole life insurance policy?
• What flexibility exists?
• Who decides how much goes into premium?
• What happens if I lose my income temporarily?
• Is life insurance a safe place to put money?
• Is a life insurance policy safer than the banks?
• Are life insurance companies FDIC insured?
• What is FDIC insurance?
• What safeguards are on the insurance companies?
• What third parties are involved?
• What happens if a life insurance company goes down?
• What about AIG in 2008?
• What happened to the life insurance subsidiary of AIG?
• Does the FDIC have enough money to cover all of the nation’s banks?
• What percentage of our money is backed up by FDIC?
• In 2008, how much did the FDIC ask for in bailout money?
• Who pays for the bailout?
• If the FDIC raises limits to 1 million, what happens?
• Are banks legally required to keep safe assets?
• How much life insurance do the banks have to purchase themselves?
• What is BOLI?
• What did Nelson Nash say?
• What happens when you change the way you see things?

Podcast: Play in new window | Download

Subscribe: Apple Podcasts | Android | RSS

In this episode, we ask:

• Do you have a question on every single page of a new policy?
• How many pages are in your contract?
• What is the guaranteed values table on a life insurance contract?
• Wait, so you’re saying there are zero dollars in cash value the first five years?!
• What’s going on here?
• Why the shock?
• What’s the whole story?
• What’s a paid up additions rider?
• How does that affect the data table?
• What parts of the design are in the paragraphs? What parts of the design are in the guaranteed tables?
• What information in the contract describes the actual performance?
• Are you in awe?
• What do we know about the track record of each company?
• How does the company’s track record affect the data table?
• Has the company already declared their dividend?
• What’s the worst case scenario?
• Why is there a difference in an illustration and a contract’s data table?
• What is it like when you pay your first premium?
• How do you manage your cash flow adjustment?
• What does behavioral economist Richard Thaler say about forced savings?
• How is a premium payment a source of savings vs. a bill?
• What is it like to login and see your cash value online?
• What does it mean to see expenses come out in year one on a life insurance policy?
• Am I better off doing something else?
• Do you have the patience for a long term strategy?
• What is the cost?
• When does the cost come out?
• What does Nelson Nash say about thinking long range?
• Why is there a cost?
• What does the cost buy?
• What happens on Day 1 of a policy?
• When does your death benefit go into effect?
• How much is your death benefit?
• What happens as you continuously check on your cash value?
• Will your policy ever decline in value?
• Which is more affordable – a life insurance policy or an account with a 1% assets under management fee (like a ETFs, a mutual fund, 401(k) or IRA)?
• When do you want your money growing the fastest?
• When are you ever not going to need this cash?
• What are the contractual guarantees?
• What are you in awe of?
• What is it like to request a policy loan?
• How much do you want? Where do you want the insurance company to send it?
• Is taking a Bank on Yourself life insurance policy loan easy?
• Are there any limits on taking a policy loan?
• Why is 80-90% (or higher) of the cash value available as collateral for a policy loan?
• Why shouldn’t you drain your checking account down to the last penny?
• When should you set up a loan repayment plan?
• Who decides what the payment amount is going to be?
• Who can help you decide how to structure the loan payback?
• What’s the APR on the loan payback?
• Who decides what the timeline on that payment will be?
• Can I have my loan repayment coupled with the premium payment, so it’s one draft a month?
• Do you have to know all of the technical details?
• What happens the first year?
• Does your annual statement look like it was written in hieroglyphs?
• What do the numbers behind the numbers mean?
• Are you feeling angry / frustrated / jipped?
• Who can help you navigate your annual report?
• What about when there is a market correction or when the market takes a nose dive? How are policy holders affected?
• Why is the annual statement full of jargon?
• What is it like when you get that first dividend?
• What happens when the benefits outweigh the cost?
• Do you have the patience to see money grow over time?
• Do you have a question? Schedule a quick call with us here.
• Do you feel relieved?
• What happens when you get your first dividend?
• What happens when your cash value exceeds what you put in?
• How huge are the rewards?