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Lamar Jackson

BoredMarine13

BoredMarine13

Ravens Ring of Honor
Sizzle said:
Ladies and gents, we see the results of having a piss poor leader… thankfully Lamar is a great one
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All I know is my RS5 and truck are not thriving in this market. Think it’s time to bum some rides off the smug guy down the street with a Tesla :D
 
RavensMania

RavensMania

Staff Member
Administrator
rmcjacket23 said:
Right. I do the opposite. Traditional 401K, Roth IRA.

I have term life insurance, both through employer (which is obviously much cheaper) and separately. I'm aware that Whole Life is significantly better, but end of day, its the same concept as encouraging max contributions to a 401K or IRA... what's the cost?

Even a baseline Whole Life insurance policy is going to cost, what, $2-3K per year, minimum, in premiums? Easily 2-3x that if you're 40-50 years old or if significant history of medical issues.
Very much continues to have the stigma of a "rich person" asset. Plus you're got to sell it to people that I'm paying my own money so that my family can live more comfortably when I die.

I have term for about a decade while my kids are young and the home loan is still significant. 10 years from now, if I die, my wife makes sufficient income that she can bury me, keep the house, pay the bills, etc. So I'll find life insurance a waste at that point.
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The Whole Life Policies that I design are base 500.00 month and many much much more going over 100k per year. Thing is in year 4 or 5 you are putting less into the policy than the cash value is growing. It's almost like getting the life insurance for free at this point. People don't use the Whole Life policy as a death benefit, they are using it as a living benefit. Also we reduce the death benefit in these policies to lower the commission and fees to the agent while adding Paid Up Additions. A paid up addition turbo charges the cash value growth within the policies and 94% of every dollar goes directly to cash value, which is your bank in the policy. The other 6% buys more whole life. We also add term into these policies so the client can overfund the policy more if they so choose. These policies aren't for everyone but they have been around forever, since the beginning of whole life a couple hundred years ago. These plans used to be just for the wealthy, but they are available to everyone now.

I'm not a fan of term insurance, but it has it's place. Term to me is like renting while Whole Life is owning. Again it has it's place but in the end Term insurance costs more than Whole Life and I can prove it to you with an illustration. Bank On Yourself policies aren't. your traditional whole life policy. I'm going to refer you to BankOnYourself.com for more information. You can also read about the Infinite Banking Concept from Nelson Nash's book Becoming Your Own Banker and Pamela Yellen's Bank On Yourself Revolution. These are all good resources if you want to learn more. Nelson Nash was an Austrian Economist and past away a few years ago.

BTW, because these policies are for the cash value and not the death benefit it doesn't matter what age or your medical issues. They just buy the policy on a spouse or a child and as long as they own the policy they have access to the cash value. BTW, my average client is 55 years old and have them as young as college age doing bank on yourself plans.

Also, high income earners can't do a Roth IRA in their own account as the laws don't allow for it. It's the only way my wife can do it because we are above the income limits. If that's the way you do it, then that is what is best for you.

This is better for a phone conversation and not back and forth on a message board. If you'd like to learn more I'd be happy to discuss it with you won't get any sales pressure from me as I never do that. I treat my clients and prospects the way I want to be treated.
 
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rmcjacket23

rmcjacket23

Ravens Ring of Honor
RavensMania said:
The Whole Life Policies that I design are base 500.00 month and many much much more going over 100k per year. Thing is in year 4 or 5 you are putting less into the policy than the cash value is growing. It's almost like getting the life insurance for free at this point. People don't use the Whole Life policy as a death benefit, they are using it as a living benefit. Also we reduce the death benefit in these policies to lower the commission and fees to the agent while adding Paid Up Additions. A paid up addition turbo charges the cash value growth within the policies and 94% of every dollar goes directly to cash value, which is your bank in the policy. The other 6% buys more whole life. We also add term into these policies so the client can overfund the policy more if they so choose. These policies aren't for everyone but they have been around forever, since the beginning of whole life a couple hundred years ago. These plans used to be just for the wealthy, but they are available to everyone now.

I'm not a fan of term insurance, but it has it's place. Term to me is like renting while Whole Life is owning. Again it has it's place but in the end Term insurance costs more than Whole Life and I can prove it to you with an illustration. Bank On Yourself policies aren't. your traditional whole life policy. I'm going to refer you to BankOnYourself.com for more information. You can also read about the Infinite Banking Concept from Nelson Nash's book Becoming Your Own Banker and Pamela Yellen's Bank On Yourself Revolution. These are all good resources if you want to learn more. Nelson Nash was an Austrian Economist and past away a few years ago.

BTW, because these policies are for the cash value and not the death benefit it doesn't matter what age or your medical issues. They just buy the policy on a spouse or a child and as long as they own the policy they have access to the cash value. BTW, my average client is 55 years old and have them as young as college age doing bank on yourself plans.

Also, high income earners can't do a Roth IRA in their own account as the laws don't allow for it. It's the only way my wife can do it because we are above the income limits. If that's the way you do it, then that is what is best for you.
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Right. So put another way... what percentage of people who buy Whole Life insurance policies have annual income of less than, say, $250K a year?
I would bet its tiny, or close to, zero.
 
RavensMania

RavensMania

Staff Member
Administrator
rmcjacket23 said:
Right. So put another way... what percentage of people who buy Whole Life insurance policies have annual income of less than, say, $250K a year?
I would bet its tiny, or close to, zero.
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most of my clients have annual income less than 250k per year and many have incomes less than 75k per yr buying these types of policies. You really need to stop comparing these policies to a regular whole life policy.

your lack of knowledge in this subject is showing and is best not to be on these boards. I've given you a few resources if you want to learn more about it.
 
rmcjacket23

rmcjacket23

Ravens Ring of Honor
RavensMania said:
most of my clients have annual income less than 250k per year and many have incomes less than 75k per yr buying these types of policies. You really need to stop comparing these policies to a regular whole life policy.

your lack of knowledge in this subject is showing and is best not to be on these boards. I've given you a few resources if you want to learn more about it.
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lol ok. I'm doing a bit of disguised trolling on this, mostly because I've dealt with financial advisors in the past, and I wasn't overly impressed. Mostly because, as you suggested, much of the information I would need to make these decisions myself is readily available, for free, on the internet.
 
BoredMarine13

BoredMarine13

Ravens Ring of Honor
RavensMania

RavensMania

Staff Member
Administrator
rmcjacket23 said:
lol ok. I'm doing a bit of disguised trolling on this, mostly because I've dealt with financial advisors in the past, and I wasn't overly impressed. Mostly because, as you suggested, much of the information I would need to make these decisions myself is readily available, for free, on the internet.
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so do you believe everything you read on the internet. You don't need to answer this because I know the answer. Unfortunately there is too much information on the internet and a lot of it is totally incorrect. My prospects are informed and many of them come to me after reading the necessary material, the others are on referral and I purchase the material for them to get informed.

BTW, I agree there are a lot of financial advisors that are really bad and really uninformed.
 
BoredMarine13

BoredMarine13

Ravens Ring of Honor
RavensMania said:
so do you believe everything you read on the internet. You don't need to answer this because I know the answer. Unfortunately there is too much information on the internet and a lot of it is totally incorrect. My prospects are informed and many of them come to me after reading the necessary material, the others are on referral and I purchase the material for them to get informed.

BTW, I agree there are a lot of financial advisors that are really bad and really uninformed.
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I think he was just messing with you brother. You seem well informed and more importantly, truly care about your clients.
 
BoredMarine13

BoredMarine13

Ravens Ring of Honor
Gotta admit Lamar really pulls off that visor. Kids across the country are scraping together some funds to match that look
 
JAAM

JAAM

Hall of Famer
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