Posts by Bonk

2023 0705 – BetterWealth – Expert Reviews Whole Life Insurance, IUL’s, and Annuities – [Bobby Samuelson] – YouTube

• 2023 0705 – BetterWealth – Expert Reviews Whole Life Insurance, IUL’s, and Annuities – [Bobby Samuelson]  —  [BonkNote]  —  [VIDEO-YouTube-01:14:13]

• 5 – 1st job – NFP
• Ohio National Life Company
• Dom
• 6 – 2009-? – Blog – White Paper – IUL
  • vaccuum of insurance writers, no Consumer Reports, CNET for life insurance
• 2013-2017 – MetLife
• 9 – can’t just google this stuff
• 10 – Bobby – I’m the only one writing about this stuff 
• 10 – Dom – Where to find information?
  • Statutory
  • older people in field aren’t available
• 10 – Bobby – Getting info from older people. Example – 1980s – General American Actuary – I don’t have stuff to read. people will take my call and answer my weird questions.
• 11 – Dom: Where do you find research.
• 12-13 – Bobby – I don’t have stuff to read, but I do have people to talk to. UL in the 1980s. New money vs. Portfolio money. final Expense Market.
• 15 – Not a big social Media person – 
• 17 – Bobby – Word of Mouth guy
• Why do you do this? – Bobby – Curiosity, sink my teeth into, South Africa, Russian History, “I find Life Insurance and Annuities endlessly fascinating.”  “I’m just working out my curiosity.”
• 19 – Morgan Stanley, Merrill Lynch
• 20 – Bobby – 2007 – Peak of STOLI, Misrepresentations – harm being caused, STOLI, AIG 10%, “fighting against ridiculous IUL Illustrations.” My Calling. BS. IUL Illustrations rate. Morality. Truth. Call and Curiosity has kept me going for 20 years. 
• 22 – Dom – Millenial Space, 
• 23 – Bobby – Social Media. Battle Ground. Going to be a lot of. tiktok. my jaw drops. [lirps], customer complaints, 
• 25 – Caleb – Infinite Banking, Tax-Free Income, Where do we even beginning. History… people are shocked that they are buying life insurance, say / not say.
•  26 – Bobby – Best Book – 1907 – Book – The Story of Life Insurance, by Burton J. Hendrick – 307p
  • Shenanigans – Same, Same, Same,  — 2 things – 1) Insurance being Sold as an Investment, 2) Absurd Illustrations, Promises of returns, Assumptions, Tontine Dividends, Semi-tontine Dividends, Vanishing Premium in Whole Life, VUL, not comparable to Whole Life, Guaranteed UL, STOLI, IUL since 2009, promotion – investment, no risk, absurd illustrations, assumptions, Toxic Mix, 
• 29 – Dom – What has the Journey been like? IUL History, AG49
• 30 – Bobby – Agnostic on Product.  Product vs Illustration.  Story – IUL Sales History, What is good IUL? Before, later….no rules for illustrating IUL.. Helped create AG49. LoopHole…PACLife, Illustration Wars, Whatever Illustrations the best, Long-term Performance, Reasonable Expectaions, perform the worst, illustrate the best… they knew… shameless, Product vs Illustration, one huge game,
  • amerus, etc.
  • 2006 – AIG, Securian, Penn Mutual 
  • PacLife PDC
  •  
•  Dom – Gives me the Chills, Makes me sick, Companies know what is going on. What is the Solution?
•  35 – Bobby – tiktok, Fatal Addiction to Illustrations, same goes for Whole Life, they are going to be wrong… current dividends vs, historical look back..
  • Actuarial Task Force – Late 1990s [Bonk: Early 1990s – Type A vs Type B] – 1991-1992 – SOA – Final Report* of the Task Force for Research on Life Insurance Sales Illustrations, Society of Actuaries  —  [BonkNote]  —  142p
    • Irony – Illustratioo Doesn’t Explain the Product at all.
    • Policy Charge page isn’t used.
    • only used for projection purposes.
    • Cold Turkey, Explanatory Documents, not projections, Avoiding the Investment thought process, change Illustrations, Open up Illustrations Model Regulation.  Everybody recognizes the problem.
•  – Dom – just IUL or all Illustrations..
• 39 – – IUL First, including Whole
• 39 – Caleb – Overfund .. Base, PUA, Questions, Don’t Illustrate income – WL not an investment,
•  Bobby – #1 problem is Illustrating Income, [Cash Flow Mechanics] – Policy View, Charges, Premiums, Performance, Charges are the focus….Explain how the products work, Games in Illustrations – mostly happen after the first 20 years. Gimmecktry, Blood Bath on big companies on how to deal with the question
• 42 – Caleb – Specific Person Example – [Bonk: Who? – Curtis Ray – MPI-?] – no chance things will happen.  Maybe he doesn’t know what he’s doing?
• 42 – Bobby – Probability of things working. Volatility.  – [Bonk: Who? – Curtis Ray – MPI-?] – 0% chance of these working.   I can’t blame that. it’s not in the illustration.  [Bonk: Richard Weber]
• 44 – Caleb – Caps, companies can change Levers, Is that a problem? Will companies in 20 years….. Demutualize … 
• 45 – Bobby – Companies getting sold, mergers, run-offs.  But, that’s not the biggest problem.   Illustrations – Actuaries – Illustrations are fuzzy math, grey area. Guardians at the company. Whole Life, dividends, Non-Guaranteed Elements (NGE’s), Actuaries, rate setting – 
• 48 – Dom – Ohio National – What was the main reason why Ohio National failed.  Demutualization.
• 48 – Bobby – Cheapest and Best Illustrating – Can’t coexist. Sold too many Variable Annuities with Guaranteed Benefits. Reinsurance, Grand Caymans, Constellation stepped in.  Closed Blocks of Business.  Ohio National Dividends – Adverse to Policyholders. Closed blocks,
• 53 – Dom – Penn Mutual – Cheapest and Best Currently. Can they do this long term. Is something going to have to change?
• 54 – Bobby – GUL – Lincoln, Write downs.  MassMutual, 
• 57 – Caleb – PUAs, Cash Value, Dividends, Base, Is there downside for massively overfunding, front loads, 
• 59 – Bobby – MassMutual 10-pay (great), overfubding, Downside – 1990s – Term Blends – underfunding – WL is 95% as flexible as UL. 
• 1:00 – Dom – Infinite Banking – once a year conference – MEC
• 1:01 – Bobby – Necessary Premium Test – Asteroid, 
• 1:03 – Caleb – people hate life insurance, scum of the earth, TikTok, What is the one thing you would get across to people. we are horrible at communicating. Core mission. people should be insured. We don’t want to be hiding 30 years from now.
• 1:04 – Bobby – 1) there is no substitute for life insurance. Period. Everybodl is going to die. Contingent Capital.  Income Replacement. Life Happens, Estate Planning, Business Planning, Buy-sell agreements, high net-worth. Cure. Disease. How does it actually work. Simple. Cash Flow Mechanics. Asset Class, Company Investments, Cash Value only goes up [Bonk – ?} – What always endures? Protect Family, Preserve Capital, Provide Stability. That’s it. Unique. No Substitute. I own a ton of this stuff. my wife has no idea why. 
• 1:07 – Bobby – Cash Flow – Policy Mechanics – P1P2 – Power of Permanent Life Insurance.
• 1:09 – Caleb – Diversification – Overfunding – Bonds – Retirement – F
• 1:09 – Bobby – 60/40 – Bonds – risks – CMBS – MetLife – Fixed income allocation, 
• 1:11 – Bobby – WL, VUL, LTC, – 500 Subscribers –