4 Lies Life Insurance Agents use to sell Indexed Universal Life

4 Lies Life Insurance Agents us to sell Indexed Universal Life
#LifeInsurance #IndexedUniversalLife #IUL

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0:00 Indexed Universal Life Insurance intro
1:00 Why I stopped selling Indexed Universal Life Insurance
2:00 Lie #1 The Guarantee Column doesn't matter in an IUL illustration
8:15 Lie #2 The illustration for an indexed universal life policy is dependable
11:20 Lie #3 Guaranteed Income for life with your IUL
15:00 Lie #4 Indexed Universal Life Insurance is better for Infinite Banking
18:00 please like and subscribe to get notified

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4 Lies Life Insurance Agents us to sell Indexed Universal Life

[LIFE]

IUL has evolved since filming this video...so have the lies used to sell it. Check out the newer, updated version:
6 Lies Used To Sell IUL In 2024

[sailingonasummerbreeze]

Thank you for this video. I had a smooth talking non-fiduciary 'Financial Planner' try to convince me to buy this product to fund college for my kids. A little voice in my head kept whispering to me - "Not so fast". His big selling point was the 'safety' angle of having so much insurance. Glad I came across your video!

[alexhvass]

First, I want to say that I appreciate several of the pieces of information in your videos, especially the sunsetting of lucrative bonds putting pressure on the insurance companies to chase the return.

That said, I believe your broad-brushing and generalisation of IULs borderlines "straw-manning", where you don't apply the same intellectual consistency and nuance when discussing IULs as you do when you discuss WLs. This in turn undermines your overall credibility. Here's how:

When you're breaking down and explaining whole life policies you show illustrations, and you show "the good, the bad and the ugly" among different whole life policies. You're allowing yourself to be nuanced by explaining that a whole life policy needs to be PROPERLY structured, and then you show examples in some of your videos, ranging from "bad" to "best". This is great, and is in line with my own experience comparing multiple policies from multiple companies before I landed on our current whole life policies (Big believer in whole life here). In my personal experience the State Farm policy wouldn't break even until year 30 (horribly structured), Northwestern Mutual's wouldn't break even until year 15 (better but still too pricey), whereas Penn Mutual would break even in year 5 (very well structured policy, mirroring closely the optimal whole life policies you've shown, shoutout to Jaden Zubal!).

When Dave Ramsey and others criticise whole life, you'll allow yourself to point to those bad policies and say: "yeah, if this was the policy, I would AGREE with Dave Ramsey that THAT whole life policy is bad". But then you would say: "Here's how to do it PROPERLY" and show how.

You wouldn't appreciate the broad brush generalisations using a bad whole life policy to justify that ALL whole life policies are bad. You want nuance, show the gray, show the good policies and the bad ones, and why they're different.

Yet, you do the exact same as Dave Ramsey and others criticising whole life when you discuss IULs. Just like there's a broad range of whole life policy variations, there's the same for IULs.

And yes, there are some pretty bad ones out there. And yes, there are some agents out there to line their own pockets. But there are some IULs designed with the same approach you recommend for whole life.

In my view it would be intellectually honest and consistent of you to attempt to STEEL-MAN IULs by not letting the BAD products speak for ALL IUL policies the same way Dave Ramsey and others speak of whole life.

You said this about Curtis Ray yesterday: Ray are 2 of the most dangerous people when it comes to your personal finances….”.

Yes, you're meeting with him to discuss, and hopefully both of you will benefit from the conversation by having truly open minds, allowing the facts to decide, but I think it's "sensationalist" and unproductive of you to conclude publicly about Curtis Ray before even having had that in-depth conversation with him.

My advice?

You roll your eyes when Dave Ramsey and others take a "State Farm whole life policy" as "the golden example of what whole life is" and use that as a straw man to say that ALL whole life is bad.

Don't "Dave Ramsey" your approach to IULs by cherrypicking the bad IULs without having ALSO first given the people that PROPERLY structure IULs the chance to give you the details, the performance that matches the illustrations.

[sgtfata]

Glad I saw this video. I used to work for a company that sold IULs. They pushed them heavily on the employees to the point I’m fairly certain I was the only person working there without one. I always had a feeling that the math wasn’t adding up, but the way everyone was so pro-IUL there made me feel like I was wrong. Glad to know my instincts were right and I didn’t buy into their lies

[joshlennert]

When structured correctly, agents earn much less commissions on this product. You reference agents contracted commission structure, not what they make on this particular product which is based on target commission. Many of these policies outperform illustrations. You need to address the real problem with this product, which is structure and funding...

[Seccheus]

14:20 to 14:22. You just said it. If the policy is not structured correctly or if your agent doesn't know what he is doing....
So if it is structured correctly and the agent does know what they are doing the opposite is true.

[AlphaEntInc]

Great video. Just educated me more on all the reading I've done regarding IUL's. It sounded like "The Goose That Laid the Golden Eggs" and I thought, I need to have one myself its so good.
That being said, thanks for your honesty about "hey if I didn't know I would too." Yep what you described about "Whole Life" being the only way to GUARANTEE what you want happens happens and then the "controlling the variables" part and not complicating your "Life Insurance" was the most to the point part about the risk of IUL and it just NOT performing.
Thanks for the video and will be studying and looking into the Whole Life side of things

[williamrobinson]

Thank you! Extremely valuable information. Wow, ...so much they don't tell you. So many ways to get scammed it seems. What's the reputation of Banker's Life universal index life plan? I think they tried to get me! Please advise, thanks.

[andrewshantz]

To answer your question at 5:40, they can do all of that by generating more returns via indexing. IULs use the market. The market mostly goes up. Not participating in the market is like turning down a free bus ride and saying no thanks I’ll walk.

[Natasha-tcoq]

I myself am researching IUL before I purchase or even should I purchase it. ty fur the info

[ktessentialstv]

Thank you for making this video. A MLM person has been trying to get me to buy Transamerica IUL for several weeks now; including trying to get me to sell it with them. I never invest in something that I don't understand. To date she has not been able to answer my questions about guaranteed income, who makes fees, what amount and when and the overall expenses and constraints/flexibility of the policy. She sends me snapshots of illustrations with $11M death benefit after I have explained repeatedly that I do not want a large death benefit (no kids do far). I just want another income stream in retirement. Your video has confirmed that my hesitation was the right thing to do.

[bfine]

Great video. I have an agent/advisor trying to sell me indexed universal life and the illustration shows me over funding in first 5 years and then him borrowing the cash value out of it and plowing that money back in as premiums to even further accelerate the growth. In the end it looks like the loan and interest due eat up the cash value and leave me with a small death benefit. He bases it on a 5% growth rate but says he has to show that but really manages it to get way more growth. All sounds great but not for me. Especially after this video.

[michaelh]

What about PPLI ? can you please do a video on it ?

[richardcaridi]

One thing he doesn't mention is that the cost of insurance with a standard WL policy is higher than those in an IUL. Next he says "The policies never perform as they will." Well, I've told my clients that it's a guestimate & nobody knows what cash will be there in 20-30 yrs. And if he believes that they don't perform then he should tell that to one of my clients that had a premium of $300/mo, & paid for 9 yrs & has $41, 000 in CV, after expenses & I recall seeing the numbers that the S&P was ZERO for at least 2 yrs. Maybe I should call the insurance company & tell them they made a mistake & the client doesn't really have that amount. It's always nice to make decisions based on theory but I'm making comments based on facts.

[cmack]

Thank you brother. I sell whole life for infinite banking purposes

[artventurespro]

Is there a way to cancel an existing IUL to whole life without penalty ? Say the IUL has only been started 3 months (3 monthly payment so far) .can we transfer the face value or part of the premium payments to a whole life?

[TheBawseKreator]

Thank You so much for this. We had a conference call with someone last week and decided to do our due diligence and research and came upon your informative video. Again thank you for your honesty and knowledge.

[angelbinakingcheung-qywr]

This is so helpful, answers all my questions, thank you so much

[dw]

What’s your assessment of Foresters Smart UL product? Not marketed as an IULE. Thanks.

[agever]

I just got a call from the lady, she works at Columbus life insurance she said. Is that real company?