10 - Policyholders and agents don't understand statements
15 - Proprietary Indexes / No Caps / Spread
19 - It's all smoke and mirrors
19 - Moving Parts - Caps - New Contracts vs Old Contracts
21 - People don't understand, Agents don't understand, what is going to perform better IUL or WL, Risk, You can never lose your money to market loss, but you can... ,
23 - Bobby Samuelson - Lottery Winner
24 - COI - ART
24 - Class Action, Midland National - COI Increase
24 - Performance, Net Amount at Risk,
25 - WL - Black Box, IRRs on Guarantees, Upside, Downside, can you live with that.
26 - little box, we're going to stick it to you at some point and time.
WL with a mutually owned company is guaranteed to grow. Can't lose money.
Bank accounts vs Life Insurance
Creditor Protection
Solvency
Run
LI Companies - Can only lend what they have in the General Account. Companies through crisis. Government Bailouts, Solvency, Profit, Mutual companies share profits with you, borrow against your cash value, arbitrage,
10:30 - Caleb -
⇒ 11:30 - Caleb - I don't know if I would be into WL if you couldn't use it to leverage, ie. just put your money to sit there.
Efficiency,
12:50 - Mr. Br - we look at it the same way and differently
13:00 - Mr. B - Banking Concept
[Bonk: COP - Warren / Geithner - Life Insurance Companies are not banks]
13:30 - Mr. Br - his story, bankrupt, $300. Daughter, moved in with friend.
15:30 - Mr. Br - OneAmerica. Example
16:30 - Caleb - People's IQ will increase, question things
using Death Benefit as collateral, unstructured loan - no repayment terms while you are alive.
19 - Mr. Br - Home Equity Line of Credit, Mutual Company - You own a part of the company.
23 - Why Don't more people know about this?
⇒ 24 - Caleb -Life Insurance isn't sexy. Not fun and exciting. Life insurance is the most misunderstood of all time. The people who are peddling it, who own, it. They all misunderstand it in. Faceplant, Embarrassed,
26:30 - Mr. Br - Commissions - WL - Base.
27 - Mr. Br - we get paid like 0.2% Commission on them so one the agent
28 - hard to make a living as a life insurance agent.
[Bonk: Connect:
The most profitable policy for the Life insurance is term. Only pays out 1% of the time.
[Bonk: Connect: 1985 - GOV -
30:30 - Caleb - it's super misunderstood and as a result people there's a lot of life insurance that you and I would not be a part of at all it's like you and I are not an apologetics for the insurance industry.
⇒ Quite frankly there's majority of people selling life insurance and ... it are making their clients worse off
34 - Caleb - Paid Up Addition Rider
35:30 - Caleb - Some people think that the Life insurance company takes your money [Bonk: Reserve / SIV] When you die.
36 - Mr. Brr - Don't get Cash Value and the Death Benefit.
[Bonk: Connect: Anna Rappaport, A.L. Williams, Primerica]
39 - Term Insurance
Caleb - I like it
Mr. Brrr - I don't. Rockefeller Example
[Bonk: Connect: Garrett Gunderson]
1988 - Government Stepped in.
[Bonk: Connect:
45 - Mr. Brr - His life example, Chris Naugle, mistakes can be made. Work with someone who understands what is going on, otherwise it can implode.
46 - Caleb - Start small, people over hype it. I would like to sit across from someone who is adamantly against life insurance. at the end we would find a lot of common ground. Ex. Dave Ramsey.
48 - Caleb - The fact that you have an opinion is amazing. Seek first to understand. No Egos involved. Thank you Steven Covey, Hearing different perspectives... what a beautiful thing.
48 - Mr. Brr - EGO - Edging God out. God first before anything.
50 - Mr. Brr- his policy example. 125k per year for 10 years, then 50k. bought at 34yo. Corridor.
52 - Mr Brr - 1st policy - 1700s, 1913 - Tax, Policy = Contract, Best Foundational. Car Example - take a loan
54 - Caleb - go to bank / Credit union. Control / Liquidity / Opportunity Cost -
55 - Caleb - I'm trying to save as much money in Life Insurance as I can.
Sitting on cash, somebody else may make a different decision.
57 - Mr Br - Infinite Banking at it's core is just about making a spread on your money.