This strategy is as old as capitalism itself and has been the catalyst for creating and maintaining wealth for generations. Any financially savoy person who has forward thinking will take advantage of this strategy.
Yes, Gary is 100% correct and this fulfills the bible principle of saving/investing for your children's children (2 generations or more). Using a term policy fulfills the principle of "the most for the least" and this video is the best explanation I've ever seen for selling insurance term policies, whereas other life insurance agents push whole life policies at the onset. This is fiduciary advice and I applaud Gary for this. Bravo! I'm enjoying your other videos on RU-vid and I like that your messages are consistent and fiduciary in nature where you put your client's best interest first. Keep up the great work!
Mr Ullah where did you get I was trying to recruit this couple in this concept video? Are you referring to something else like that fact that my company offers average people an opportunity to enhance their financial intelligence and income? Don’t hate on something you don’t understand because I got RECRUITED over 30 years ago and because of that I’ve changed my life in a positive way. When I was a low paid EMT my job recruited me too but I was never going to own it. And they paid me $5.90 an hour. Since being RECRUITED to Primerica I’ve earned over $18,000,000 in my career. So please tell me why should I stop trying to recruit people?
@@johnnycee9325that’s not what he said. The conversation had nothing to do with hiring anyone. Also every business recruits, you just call it an interview
Crank shaft static’s have proven that if parents have an intelligent conversation with their children on a quarterly basis while they are living in the same household, the rate of financial abuse from a wealth transfer is less than 2%
First of all Gary I'd like to thank God all mighty for giving us all the opportunity to live Not everyone is going to join or even understand what you just explained in depth. but man that is very very powerfully. I'm 22 years old and I'm in the process in getting my state licensed passed to educate the public to help families that are broken by the very own corporate america... Sucks and by the filthy greedy insurance company's that thrive on broken teared down families and individuals. you may not know who I am. it's not a question if but when you will meet in person. I hope you speak at the Indianapolis convention because your my idol my inspiration and the reason why I know I can't fail one quote I heard that was great. "If it's not for me I will make it for me". it's sad to say Gary but there are even close to enough people who are listening to what you are saying I mean 2,800 people that have watched this video but I'm definatly going to see and hear from you at the convention I love you thank you and....See you at the top
My concern is not death, what happens after death is very clear. My main concern is when you outlive your term. Clients need to know how exactly to invest the rest? Is there a video just like this that explains clear and concise options on that? And how you can continue on the path to generational wealth if you’ve outlived your term life policy? What if you live another 30 years? Many healthy people don’t die in their 70s. My parents outlived their term policy and were completely traumatized by learning they throw their money away. They weren’t properly advised on how to invest. They were not protected, and that breaks my heart. Most people don’t have money to throw away. Therefore, I need more clarity on how to explain this particular scenario to my clients. Please send more trainings on exactly how to handle what to do when you have outlived your term. I need that to be engrained in us agents. I feel like the training needs to focus on this more as I’m personally asking.A video just like Gary’s would be amazing! He makes things very easy to understand. Thank you for listening.
Well if you are using the principle that he’s teaching. While you are living through the term, you are already investing your money. If you already have a million saved. You may not necessarily need the extra 500k in insurance, but it damn sure doesn’t hurt to have it.
@Gary Kornegay very good eye opening video so. I have a question please. Lets say for some reason I out live a 35 year term. What happens then? Thanks again for this video.
rodd919 great question.... first off at that point in your life your need for life insurance is extremely minimized due to the fact your financial responsibilities are (in most cases) gone. But because you are thinking about the next generation you should keep renewing it for as long as you can. Most carriers will allow you to renew it without a medical exam.
Have your grown kids split the cost of the renewal rate. Its for them anyways, they should be able to afford it. Tell em stop all investments and do what ever it takes to make the payments because thats their nest egg and future retirement plan right there.
It is best to self insure by doing with your money what the insurance company would do with it.The insurance companies make money because they take in more money than they pay out.So no matter how you cut it,the insurance company is always going to have the edge.
@@shunjames3174 Self insurance can be accomplished at the middle income level.One must do what they can until one can do better.Let us all strive for perfection.
Doesn't insurance companies base how much coverage you can buy on your yearly income? How much income would I have to have to get a 3 million dollar policy?
What happens if you outlive your term and can't renew at age 75? And if you can renew, the premiums are going to be outrageous, am I wrong? Someone please explain. Thank you.
This plan is not just based on life insurance, its properly investing outside of the insurance. If you invest properly and do not deviate from the program you will create next generation wealth. The insurance is the inforcer. So please listen carefully.
And what happens to this plan if anyone lives beyond the term of the policy (e.g. 76 yrs old)? The following generation loses everything. I'm all for term policies as income replacement until investments can grow to replace lost income. But after that point, cancel the term and invest as much as you can to avoid the risk of living beyond term policy expiration.
You can renew the policy for the same value, or a lower amount, however the premium will go up at renewal based on age 😉 It will term if you don't renew or stop paying premiums!
depends on who you get your policies and coverage from. There are companies out their that will do crazy loopholes to avoid paying you. That's why we teach families and help them make the right decision on their policies.
If the initial goal is to guarantee the initial death benefit at death with premium payment as a priority why not consider a Guaranteed Universal Life Policy? One can basically dial in a Guaranteed period and transfer the funds at death tax free.
A few things that are not taken into consideration, 1) what if he lives longer than 75 yrs old, what will the premium be? And of course no one knows how much longer he could live, if he does. A big concern given potential life expectancy increases. 2) if he dies before his wife, which is typical (80% of men die married/ 80% of women die single) who pays the premium? Since women live longer on average, what will her premium be after 40 yrs? Lastly, what if one or both of them end up in an assisted living facility? The generational wealth could take a big hit. Makes you go hmmm.... I'd rather not gamble and maybe have some permanent in addition to term. Inquiring minds wonder.
What's wrong with that, either business man or salesman is that supposed to be a bad thing? He could have been a bad man out here robbing and jacking people but he's working hard for his money the legal way and nobody can take that from him haters or not.
Lies. You can't simply say give me a 10million dollar policy. Plus the face amount and age determine your rate. Most people can barely afford a bare min policy let alone additional coverage. Whole life is better if you understand the concept set up as a family banking strategy and have the right amount I've coverage.
@@KR-ln5qw i sold myself.. on a properly structured Perticipating WL policy, based off of MY particular goals and current finacial snap shot. Why do you care?
@@razor_5521 don't invest into whole life's or iul...i had family who,invested,into,products like that and they were getting screwed big time...term is better bro and invest the difference
I realized started late, I didnt know what I want. Here's my definition: doing what I want, at anytime I choose and then eating out focusing on the left side instead of the right side of the dinner menu. I'm not there yet but getting close.
@@iraholder7852 The plan IS to outlive my policy. I dont want to die in 35 years. Im on track to have 750k to 910k in combined investment/savings/assets in 13 years. If I dont make it.. well then, I thank God for the journey.
@@Cho-denki-rabbit Ok let's just say for arguments sake you have your investments. Your ready to retire and the market has a crash. The tax rates are higher over 35 years . Then what ? Not a one size fits all solution to Financial freedom. Not to mention if you have children you want to leave money to and Estate Taxes. All the growth on your investments are taxed at a higher rate than today. If you found a way to beat the system then I'm all ears. Just trying to understand how if you out live your Million dollar insurance. Where if you had for instance a whole life and it's value grew to 1.8 million Cash value 1 million tax free how is $910,000 Taxed money coming out better ?
Only problem is, don’t you think everyone would have long ago figured this out and be doing this if it as so slam dunk? Term life insurance has been around for decades and is a commodity product. Get a clue people, get educated, use some critical thinking. Problems with this simpleton sales pitch (and these are just the ones I can think of off hand): 1). There is a good chance you will outlive the term, and if not, you are likely rated accordingly and paying a higher premium. You say to this, then I won another way.... but what if you only live another 3-5 years beyond yet spent all that money.... yeah, it may be renewable, but the new rates won’t make it practical to do unless you know you will very soon be dying. 2) Most insurers will not give you such huge policies unless your income and assets seem inline with the coverage AND you are in amazing health. Also, remember, you can’t just try to get around coverage limits because all the insurance companies both ask you how much you already have on the application AND check the industry MIB database to see what you already have + other info. 3). If the company is mismanaged and it goes bankrupt decades from now, you will only get pennies on the dollar.... and remember, even the most generous state guarantee funds only back up about 500k in coverage, but most don’t go over 300k. Certainly many other holes in this sales pitch, but these are some of the major ones. I don’t have a problem with term insurance, but this is just painting an overly wonderful picture like it is some genius no-brainer plan.... if it was, almost everyone would be doing it. The truth is, it’s a ~50/50 crap shoot whether the insurance company wins or you win... if you win, it’s an outsize win, but if you don’t, it’s still a heck of a lot of money and opportunity cost lost. It’s fine to take this bet, but certainly not genius by any measure.
Nishiki Term insurance is always the best choice if one is looking to transfer wealth to the next generation through a guaranteed source without any Gotcha's. Yes term insurance has to be renewed as all insurance does (Auto, Health, Homeowner etc.) but with a level term (10, 15, 20, 30 & 35 year plans) you can manage the rising cost better when you know the renewal rates 30+ years in advance. I personally have out lived my first 20 year term policy plan and have renewed it for a new 35 year level plan. To my surprise my cost per thousand actually went down because the national life expectancy has changed for the better since I initially purchased it back in 1987. By the way...ALL INSURANCE IS "TERM INSURANCE" even "WHOLE LIFE" because whole life matures at age 100. What's crazy is people don't realize that if you make it to age 100 your beneficiary (children) in most cases are most likely in their 70's. Now tell me what 70 year old child is going to suffer financially from the loss of a 100 year old parent? Thats why term insurance make more sense. It covers you when you need it most and you can get 10 times more coverage for the same cost a cash value/whole life and then reduce it as your responsibilities decline. Example: $500,000 of a 35 level term only cost $50.35 a month versus a $500,000 Index Universal Life Policy cost of $250.17 a month. Take the same $250 and you can increase your term plan to $2.5 Million (of course you have to qualify based on health, age and income) but thats with any company or plan. By the way.... how the heck is it a 50/50 chance when death is 100% for all living creatures. Just keep the policy active and keep living until you die (Lol)
