I am about to join life180 and extremely excited about it because you focus on educating the agent which ultimately helps the client and their financial well being for the future, is this training in the skool training?
I don't think this one is in the Skool agent training portal. We keep most of the videos in there specifically for higher level training for agents contracted with us. Welcome aboard!!!
My financial advisor has suggested that I convert an inherited IRA into a IUL policy for retirement income, LTC rider, and wealth transfer. Are there are any pitfalls I need to be aware of or specific questions I need to ask?
Wow, there is a lot to say about this. Here is a playlist to educate yourself with: Indexed Universal Life (IUL) 2023: th-cam.com/play/PLrRnvQl4pMjiL5rhDp-eAIG9S-Fj3LLnh.html
So you’ll most likely want to convert it to a Roth over a few years so the taxes you’ll have to pay not be so much. Then fund a life policy but maybe not an IUL. Contact me for guidance if you want to do it the right way
I heard that with life insurance in general and IUL specifically if you are sued it can't be taken and if you divorce as long as it isn't set up to be split up then it can't be forced into a settlement. Is that true?
This is coming from myself who chose to become an IUL specialist and can work with 50+ companies and have called carriers to learn from, spent countless hours illustrating scenarios that were outside of the box and I have thought of this as well. Example would be instead of an FIA, do exactly this and intentionally MEC a policy to “turn pennys into dollars” and I must say thank you for this. I’ve actually done deep research as well on this and have been trying to see how to add this strategy to my skill set. What I’m getting on my illustration system for a 70 year old with return of premium and surrender enhancement rider is if I did a $100,000 lump sum with a $200,000 DB, it lapses in 17 years. Wouldn’t it be wiser to find a LTC specific product to turn that $100k into a $303,000 LTC benefit if activated after 6 years?
Different companies allow this MEC strategy better than others. Most don't perform great. You have to find low COI products that are more designed for legacy and not cash growth. We also have access to over 50 IUL carriers....we just choose not to sell them 99.9% of the time because typically, whole life is the better fit. This, however, can be an area where IUL works. That said, this is a strict legacy play. This only works perfectly if they are fairly certain they will never need access to the cash. Granted it's there if they do need it, but it's not the most efficient play if they think they will need to. FIA's are great for income. An IUL will never compete with an annuity from a distribution perspective. They may illustrate like they will due to Regulation AG 49-A, because it allows positive Arbitrage to be illustrated, which bumps up income projections. In reality, that's not how it works....that's why they are amending that regulation this year and illustrated income will be dropping a lot on these illustrations.
You can also get a whole life policy with a LTC feature attached. We work with a company that does that the best and most affordable way. It is great leverage, for sure. Ultimately, it seems like you are a critical thinker, which is awesome. Happy to connect and help if I can.
I was hoping he was going to illustrate how to do it. I'm gettinnt started selling IUL coming from Term only and would've loved for him to show how to do it.
You also have to make sure you are using the right insurance company. Not all IUL companies offer the features. I can connect you with Danny if you want
@@LIFE180 He has a point. You look at any videos on YT that call BS on IULs, you’ll then see agents come in and comment - “if structured properly” Do insurance companies not train agents properly?
I am 66 years old and never had a life insurance plan. Have been thinking about a whole life plan that I could set up as an infinite bank. I am currently working as a truck driver because I just can't afford to retire and make about 40K a year(plus or minus). I am collecting S.S.I. which helps a great deal .I receive the maximum amount because of my oil field background and have a decent pension that l will receiving very soon. Could you please recommend a type of policy that would get me started in the right direction. I saw one of your videos where you talked briefly about a premium dump to get to a point that would allow me to borrow against the policy in a shorter period of time, if need be. Because of my age, would that be a feasible route to take? the max,
I would say to email Chris@LIFE180.com and I will connect you with someone who can guide you in the right direction. There is a lot more info needed before any real guidance could or should be given....happy to help point you in the right direction if you email me.
Could the loans be tax free for a MEC if the loaning agent is a bank or their party that uses one’s policy as collateral?Essentially a cash value line of credit from a their party and not the insurance company.
My answer to that is, I would use Single Pay MEC with whole life. But not every company has a good single pay MEC contract... The point of me making this video is to show that it is an area that I can see IUL having some merit... Although my personal leaning would be with one of our preferred WL companies still.
Great Question. Both have indexing components, however one is life insurance and one is an annuity. The single premium IUL is a life insurance policy. They are just different products. It would be a great topic for another video!
Supportive is a HUGE stretch. There is a place it works. Single pay MEC WITHOUT using it for income...only using it for legacy planning. Pretty much the opposite of how people sell it.
@@LIFE180 there is a velocity banking strategy that lowers the cost of the 1M NLG product to 400.00 a year. That is the best legacy strategy I have seen.
Not that it can't be used during accumulation at all, but if you use it during accumulation stage, you lose the tax benefits of the policy because it is a MEC policy. So for accumulation, that rules it out.
@danny I would love to fly to AZ and meet,I live in Florida! I'm a struggling agent and would love to get a deeper knowledge and understanding about IUL'S. How can I get in contact with you sir?
The better and more educated question is, "compared to what?". If you're using it for guaranteed life insurance forever as a tax free pass on to the next generation, cash value life insurance is the only way. Anytime someone like you says never do something as a blanket statement, that's the real problem. Statements like that are based in emotion and not fact. You have your own life experience that has you feeling that way. Have you ever paused to consider the other side?
Broke college kid here… taking care of a sick grandmother living off of a fixed income and SS. I was forced to quit my jobs to take care of her with no help in any aspect. I need some clarification, advice, and basically a dumbed down explanation of how can i use Whole Life or an IUL to my advantage given my age and low income to maximize my future. Everyone is leveraging an IUL and then others say an IUL isn’t good on Tik Tok and TH-cam so what am i suppose to do if nobody is actually explaining it in detail?
First off, way to go taking care of your grandmother! Second, there is a lot of noise out there about life insurance and finances. I was just scrolling around and it’s overwhelming. It’s a great question but the answer really is, it depends. It may not be the right time to try and leverage life insurance. Once you get clarity on your mission and goals then it’s easy to reverse engineer solutions that will help you move towards them. Have you sat with a agent to really discuss what you’re trying to accomplish?
@@dannyrondberg1890 I’ve actually tried several contacting the highest rated companies but haven’t had any luck with a response and it’s been 3 weeks now. Then i stumbled across several information videos including Life180. Now I’m waiting on Policy Genius and Life180 phone calls tomorrow. I’m just frustrated that it’s so difficult to find information or help from anybody without jumping through “unknown” hoops
This was focused around folks in their 60s 70s and 80s…? Why? Most folks at that age already have things figured out. Why don’t we do another video for those in their 30s and 40s in reference to weather an IUL has any benefits at all?
I focused on those ages because that is where it works best. People who have figured it out for retirement, to now figure out how to pass wealth in the best way to the next generation. I have lots of other videos talking about the 30's - 50's. IUL doesn't work for them as well, because it is sold as a tax free accumulation and income vehicle. In that respect, it is the most misrepresented and misunderstood product in the financial industry.
Chris! Thank you for having me on the channel! What you’re doing is so important for the industry! I really appreciate you being objective on this topic. I think you’re really bringing true value to this space.
Do you set up your IULs for California residents? If so, what is the best way to contact you? I like the IUL concept of annual money once retired. WL is cool, but a guaranteed annual supplemental income is my goal
“If you don’t have a plan for long term care you don’t have a retirement plan” that blew my mind. So true… If the likelihood of needing LTC is 73% for an individual then the likelihood that at least one of a married couple will need LTC is 92%. Thanks for driving that point home 🙏
Hi Danny, thanks for all your input. Could you tell me what are the carriers that offered the return of premium and waiver of surrender charge riders on their IUL plans?
I am about to join life180 and extremely excited about it because you focus on educating the agent which ultimately helps the client and their financial well being for the future, is this training in the skool training?
I don't think this one is in the Skool agent training portal. We keep most of the videos in there specifically for higher level training for agents contracted with us.
Welcome aboard!!!
My financial advisor has suggested that I convert an inherited IRA into a IUL policy for retirement income, LTC rider, and wealth transfer. Are there are any pitfalls I need to be aware of or specific questions I need to ask?
Wow, there is a lot to say about this. Here is a playlist to educate yourself with:
Indexed Universal Life (IUL) 2023: th-cam.com/play/PLrRnvQl4pMjiL5rhDp-eAIG9S-Fj3LLnh.html
So you’ll most likely want to convert it to a Roth over a few years so the taxes you’ll have to pay not be so much. Then fund a life policy but maybe not an IUL. Contact me for guidance if you want to do it the right way
So what IUL carriers have the return of premium?
When is the training coming?
What is the name of the carrier with the return of premium?
Email Chris@life180.com and I'll connect you with Danny so he can tell you
ask Danny how many companies offer return of premium waiver even during the surrender period please.
I heard that with life insurance in general and IUL specifically if you are sued it can't be taken and if you divorce as long as it isn't set up to be split up then it can't be forced into a settlement. Is that true?
It is protected against creditors and lawsuits in most states. However, the protection from divorce isn't so clean.
Im so confused .I need help to learn this 😢
What do you need the most help with?
This is coming from myself who chose to become an IUL specialist and can work with 50+ companies and have called carriers to learn from, spent countless hours illustrating scenarios that were outside of the box and I have thought of this as well.
Example would be instead of an FIA, do exactly this and intentionally MEC a policy to “turn pennys into dollars”
and I must say thank you for this. I’ve actually done deep research as well on this and have been trying to see how to add this strategy to my skill set.
What I’m getting on my illustration system for a 70 year old with return of premium and surrender enhancement rider is if I did a $100,000 lump sum with a $200,000 DB, it lapses in 17 years.
Wouldn’t it be wiser to find a LTC specific product to turn that $100k into a $303,000 LTC benefit if activated after 6 years?
Different companies allow this MEC strategy better than others. Most don't perform great. You have to find low COI products that are more designed for legacy and not cash growth. We also have access to over 50 IUL carriers....we just choose not to sell them 99.9% of the time because typically, whole life is the better fit. This, however, can be an area where IUL works.
That said, this is a strict legacy play. This only works perfectly if they are fairly certain they will never need access to the cash. Granted it's there if they do need it, but it's not the most efficient play if they think they will need to.
FIA's are great for income. An IUL will never compete with an annuity from a distribution perspective. They may illustrate like they will due to Regulation AG 49-A, because it allows positive Arbitrage to be illustrated, which bumps up income projections. In reality, that's not how it works....that's why they are amending that regulation this year and illustrated income will be dropping a lot on these illustrations.
You can also get a whole life policy with a LTC feature attached. We work with a company that does that the best and most affordable way. It is great leverage, for sure.
Ultimately, it seems like you are a critical thinker, which is awesome. Happy to connect and help if I can.
What is the typical range for the single premium policy? Is there a minimum? Does it still work at the minimum amount?
That is a good questions for Danny!
I was hoping he was going to illustrate how to do it. I'm gettinnt started selling IUL coming from Term only and would've loved for him to show how to do it.
I will ask if he can show an illustration, but I doubt he will show it being made. in the software due to compliance and public videos
@@LIFE180 I've seen videos before where they show it. that's why I asked.
@@maribelgonzalez4555 yeah, sometimes people do it....not supposed to show the illustration software on public client facing content....
@@LIFE180 they create a fake name but that’s ok if you guys don’t show it that’s fine
@@maribelgonzalez4555 showing an illustration is okay....showing the software is not.
I'd like to learn how to structure these policies.
You also have to make sure you are using the right insurance company. Not all IUL companies offer the features. I can connect you with Danny if you want
"If structured properly" whatever that means.
Would you like to know or are you just being difficult?
@@LIFE180 how so u structure it properly?
@@LIFE180
He has a point. You look at any videos on YT that call BS on IULs, you’ll then see agents come in and comment - “if structured properly”
Do insurance companies not train agents properly?
Which books are he referencing?
Tom Hegna - “Don’t Worry Retire Happy.”
how can i get in toch with this gentlemen for training i really love
Email Operations@LIFE180.com
Thanks😊
Welcome 😊
I am 66 years old and never had a life insurance plan. Have been thinking about a whole life plan that I could set up as an infinite bank. I am currently working as a truck driver because I just can't afford to retire and make about 40K a year(plus or minus). I am collecting S.S.I. which helps a great deal .I receive the maximum amount because of my oil field background and have a decent pension that l will receiving very soon. Could you please recommend a type of policy that would get me started in the right direction. I saw one of your videos where you talked briefly about a premium dump to get to a point that would allow me to borrow against the policy in a shorter period of time, if need be. Because of my age, would that be a feasible route to take?
the max,
I would say to email Chris@LIFE180.com and I will connect you with someone who can guide you in the right direction. There is a lot more info needed before any real guidance could or should be given....happy to help point you in the right direction if you email me.
Could the loans be tax free for a MEC if the loaning agent is a bank or their party that uses one’s policy as collateral?Essentially a cash value line of credit from a their party and not the insurance company.
Yes 👍🏻 using a CVLOC you can get tax free access. They may reduce the percentage of the LOC a bit to manage the tax risk, but it’s possible.
That’s a great question! Also, a very interesting point! I don’t use it but I really think that’s an innovative idea! Great input!
I just want to know what carriers you recommend for the spiul and other products here
Carriers vary by case. I don't ever recommend specific carriers in comments without knowing scenarios and then connecting you with my team. Sorry
Why not use whole life in this instance?
My answer to that is, I would use Single Pay MEC with whole life. But not every company has a good single pay MEC contract... The point of me making this video is to show that it is an area that I can see IUL having some merit... Although my personal leaning would be with one of our preferred WL companies still.
I use both depending on the needs and goals of the client. WL can work really well in a lot of these situations.
Ok so this seems great for someone in their 60s, so in what situation what it make sense for someone in their 30s?
Then I would STAY AWAY from IUL and go with a whole life policy and use it like I coach in my book - www.CashflowHackingBook.com
Im asking this early in the video but what are the differences between a single premium IUL and a fixed indexed annuity?
Great Question. Both have indexing components, however one is life insurance and one is an annuity. The single premium IUL is a life insurance policy. They are just different products. It would be a great topic for another video!
The major differences are in the guarantees, variable costs, and insurance benefit
IUL, finally listening the real purpose of it, it’s also a good tool depending on client needs.
So you are supportive of the IUL. This is the video I was referring to. From the one sided conversation and title.
Supportive is a HUGE stretch. There is a place it works. Single pay MEC WITHOUT using it for income...only using it for legacy planning. Pretty much the opposite of how people sell it.
@@LIFE180 there is a velocity banking strategy that lowers the cost of the 1M NLG product to 400.00 a year. That is the best legacy strategy I have seen.
Eye-opening! Great stuff.
Thanks Patrick
Thank you so much!
Why this strategy can only be useful at 60+ and not during accumulation stage?
Not that it can't be used during accumulation at all, but if you use it during accumulation stage, you lose the tax benefits of the policy because it is a MEC policy. So for accumulation, that rules it out.
@danny I would love to fly to AZ and meet,I live in Florida! I'm a struggling agent and would love to get a deeper knowledge and understanding about IUL'S. How can I get in contact with you sir?
Email me - chris@life180.com and I will connect you to Danny.
@Chris I sent a reply to the email provided. I got a failure to send... I did resend again though.
@@quenteznelson chris@life180.com gave an error?
Yes sir. It happened on my 2nd attempt as well
@Quentez Nelson ummmmm.... that makes no sense....everything seems to be working fine on my end.
Try operations@life180.com
So wait, what do you recommend for a 43 y/o?
Depends on your goals and objectives for the policy. How do you plan to use it?
For a 43 year old I recommend a 29 year old
@ 9:50 he says massive fee’s in an IUL… he tells you point blank. Do not ever get involved in any type of cash value life insurance
The better and more educated question is, "compared to what?". If you're using it for guaranteed life insurance forever as a tax free pass on to the next generation, cash value life insurance is the only way.
Anytime someone like you says never do something as a blanket statement, that's the real problem. Statements like that are based in emotion and not fact. You have your own life experience that has you feeling that way. Have you ever paused to consider the other side?
Broke college kid here… taking care of a sick grandmother living off of a fixed income and SS. I was forced to quit my jobs to take care of her with no help in any aspect. I need some clarification, advice, and basically a dumbed down explanation of how can i use Whole Life or an IUL to my advantage given my age and low income to maximize my future. Everyone is leveraging an IUL and then others say an IUL isn’t good on Tik Tok and TH-cam so what am i suppose to do if nobody is actually explaining it in detail?
Check out the IUL training Playlist on my youtube page. I have a lot of videos that hreak it down in detail
First off, way to go taking care of your grandmother! Second, there is a lot of noise out there about life insurance and finances. I was just scrolling around and it’s overwhelming. It’s a great question but the answer really is, it depends. It may not be the right time to try and leverage life insurance. Once you get clarity on your mission and goals then it’s easy to reverse engineer solutions that will help you move towards them. Have you sat with a agent to really discuss what you’re trying to accomplish?
@@dannyrondberg1890 I’ve actually tried several contacting the highest rated companies but haven’t had any luck with a response and it’s been 3 weeks now. Then i stumbled across several information videos including Life180. Now I’m waiting on Policy Genius and Life180 phone calls tomorrow. I’m just frustrated that it’s so difficult to find information or help from anybody without jumping through “unknown” hoops
Biden has money to help illegals coming across the boarders...not you.. wake up America vote trump😅
Hi@@xLopez210x
Wow awesome video great to have Danny on your Life180 team . Great information and service to viewers . Have a blessed day you guys
Thank you so much!!
This was focused around folks in their 60s 70s and 80s…? Why? Most folks at that age already have things figured out. Why don’t we do another video for those in their 30s and 40s in reference to weather an IUL has any benefits at all?
I focused on those ages because that is where it works best. People who have figured it out for retirement, to now figure out how to pass wealth in the best way to the next generation.
I have lots of other videos talking about the 30's - 50's. IUL doesn't work for them as well, because it is sold as a tax free accumulation and income vehicle. In that respect, it is the most misrepresented and misunderstood product in the financial industry.
I would encourage you to check out my IUL playlist. You can find on my channel home page.
I’ve never even considered this! Great 😮
Thank you!
i think an IUL is great if income tax is 80%.
This use case really doesn't have much to do with income tax rates. IUL for long term income planning is never a solid plan
Chris! Thank you for having me on the channel! What you’re doing is so important for the industry! I really appreciate you being objective on this topic. I think you’re really bringing true value to this space.
Do you set up your IULs for California residents? If so, what is the best way to contact you? I like the IUL concept of annual money once retired. WL is cool, but a guaranteed annual supplemental income is my goal
“If you don’t have a plan for long term care you don’t have a retirement plan” that blew my mind. So true…
If the likelihood of needing LTC is 73% for an individual then the likelihood that at least one of a married couple will need LTC is 92%. Thanks for driving that point home 🙏
Hi Danny, thanks for all your input. Could you tell me what are the carriers that offered the return of premium and waiver of surrender charge riders on their IUL plans?
When someone says “I am going to be transparent” or “to be honest” you can guarantee a lie is soon to follow.