The Complete Guide To Properly Structured Whole Life Insurance | Garrett Gunderson

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In this episode of the BetterWealth Podcast I had the pleasure of joining Garrett Gunderson in the Wealth Lab studio to discuss all things life insurance with a special focus on properly structured whole life insurance. How should the policy be designed, what are the pros and cons of this type of insurance, and how does it compare to IUL, UL, and term life insurance?
Our guest today is Garrett Gunderson, the New York Times bestselling author of, What Would The Rockefellers Do, and Killing Sacred Cows. Garrett is a wealth expert and has extensive knowledge of the life insurance industry and how to utilize whole life as an asset to amplify your portfolio.
Learn More About Overfunded Whole Life Insurance - bttr.ly/vault
Check out Garrett's channel - ‪@GarrettGundersonTV‬
Ready to protect your financial future with life insurance? - www.betterwealth.com/clickher...
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DISCLAIMER: bttr.ly/aapolicy
*This video is for entertainment purposes only and is not financial or legal advice.
Financial Advice Disclaimer: All content on this channel is for education, discussion, and illustrative purposes only and should not be construed as professional financial advice or recommendation. Should you need such advice, consult a licensed financial or tax advisor. No guarantee is given regarding the accuracy of the information on this channel. Neither host nor guests can be held responsible for any direct or incidental loss incurred by applying any of the information offered.
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Опубликовано:

19 авг 2023

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Комментарии : 98

@BetterWealth 11 месяцев назад

If you want to learn more about overfunding life insurance we have free resources here! bttr.ly/vault

@BulagariaF1rst 8 месяцев назад

Caleb, the only debt that is taxed is the canceled one, buddy.

@xxmaddog_madaraxx 5 месяцев назад

First time I've seen a RU-vid video with the intro done by the guest 🥴.. that's how you know you've found the best. When the student is ready - the master will appear 🥷🏾💪🏾💯

@cwall216 11 месяцев назад

Always love when you collaborate with Garrett Gunderson

@DenzelNapoleonRodriguez 11 месяцев назад

Just learned another thing about states having associations that’s interesting I have to learn more about that with life insurance

@briandiffily7685 8 месяцев назад

Hi guys, please address when these 100+ year old mutual companies change their models to stock models. As you know, this has happened with major AAA and AA carriers in recent-ish years - very much to the detriment of those traditional whole life holders. Your plan works if the company stays mutual, but policyholders get kicked in the shins when they don't. Now they have rigid premiums, and no respite from divs in many cases. Devil's advocate alternative is the VUL which will allow for the escape hatch for nimble premiums and at least allows you to control the levers of portfolio design and funding amounts as they see fit for the given environment. There are riders to include to allow for immediate cash value to accrue if needed. Like many things, creating a protection portfolio of BOTH designs would be ideal. Both brings pros and cons to the table, but there's no golden egg. I appreciate this discussion - its a really good one. Keep it going guys.

@tonyescobar2777 11 месяцев назад

I like the comparison chart of the different accounts and their characteristics. I would change the following about it: -Separate 401K and IRA, because technically a 401K would have some leveragability and is somewhat accessible through 401K loans. This could especially be utilized by a solopreneur who rolls an old 401K or IRA into a soloK and borrows 50% to capitalize on other opportunities. In this case, I would color code this as orange for the 401K. -I would say that Roth IRA is orange on the Easily Accessible category, only because you can withdraw principal and can utilize the 5 year rule for limited eligible distributions. Otherwise, this chart is a powerful way to show the versality of whole life!

@AnthonyBove 3 месяца назад

I love that you briefly mentioned credit cards and points, once i get my channel up and to a decent following I’ll reach out as there are some interesting parallels between “and” asset and the points and miles game with credit cards

@mcr7379 3 месяца назад

powerful information ❤

@chuchiyang7031 3 месяца назад

Ty ❤

@Seccheus 2 месяца назад

90/10 or 60/40 split? Which carrier(s)?

@franklehane8843 11 месяцев назад

How is an IUL boasting a tasty interest rate throughout that policy's life different than illustrating current dividend rate on aDPWL contract throughout that contract's life?

@vangustia 11 месяцев назад

You can also over fund an iul.

@Logan-gn6gn 10 месяцев назад

Hi thanks for making this video! Ive been looping on the life insurance thing for a while now. My question is, is there a system/calculator to compare/analyze policies? One in which I can play with the numbers and find what could work for me.

@BetterWealth 10 месяцев назад

We have an internal and external calculator for whole life you can use here! www.andasset.com/value-calculator

@grumpus1403 8 месяцев назад

I’m in the same boat as you. I converted a term policy a couple of months ago to an early cash value policy. It was scary because my agent had to be schooled on how to design it. Luckily it’s with Northwestern and he was able To get the base low enough for me to be able to accumulate early cash value. I would have gone with Guardian if I didn’t need to convert the existing Term policy to stay out of medical underwriting.

@grumpus1403 8 месяцев назад

@@BetterWealthI looked at your calculator and I don’t think that’s what me or Logan are asking. I would like to be able to do my own illustrations but I suppose I would need to have acces to the software of a particular company…..or become a life insurance salesman.

@tazluvsbit590 6 месяцев назад

Stop interrupting Geesh

@ChicoDaUno 8 месяцев назад

so is he saying it was better to buy a car with cash or through the loan with the cash value?

@vangustia 11 месяцев назад

Caleb have you seen an actual iul statement? How about a 15 year iul policy? Garrett you cant illustrate 12% anymore.

@HumbleStudent-pt2qy 7 месяцев назад

Full dis closer ... i love saying that ... haven't watched this ... can I add an LTC rider to my max funded WL policy?

@DenzelNapoleonRodriguez 11 месяцев назад

I just learned something new watching this video. The point about avoiding an a life insurance company that also does P&C and the part about the renewable term costs being more expensive in a IUL.

@BetterWealth 11 месяцев назад

Love it bro! Thanks so much for watching man!

@vangustia 11 месяцев назад

The increasing term in an iul is not as bad as whole only guys represent. You have to understand the NetvAmountvat Risk.

@vangustia 9 месяцев назад

It’s not expensive. They don’t talk about net amount at risk. That argument has been whole life only agents keep harping about iul’s.

@DenzelNapoleonRodriguez 9 месяцев назад

@@vangustia are we assuming in a whole life we keep an increasing term for the life of the policy? Or do we eventually cut off the term costs in whole life? If you cut the term in a whole life then you can show the term being cheaper than a term on an IUL for the life of the policy. It would be interesting to do a case study that shows the term costs year by year on a whole life and an IUL. I haven’t seen that video yet anywhere but it would be good content

@vangustia 9 месяцев назад

⁠@@DenzelNapoleonRodriguez you don’t need a term rider or n a whole life unless it becomes a modified endowment contract, meaning it becomes a taxable account.

@digeiash Месяц назад

although the discussion about WLI is helpful and entertaining, the title is misleading - for a "complete Guide"

@BetterWealth Месяц назад

Thanks for the feedback! We’ll take that into consideration and review the content!

@leofer5577 11 месяцев назад

Is that a 20 base 80 PUA?

@Seccheus 2 месяца назад

The best WL structure is the best an Annual Renewal Term IUL design.

@dontfighttheriptide4091 7 месяцев назад

I like the Control Cost chart at 52:53 but two things not taken into consideration are inflation and velocity. Outstanding loan to invest acts as a hedge against inflation and reduces the breakeven return requirement on the investment - especially these days, there is an inflation arbitrage. Leverage obviously cuts both ways, but considering inflationary hedge allows for assuming a lower risk investment since breakeven rate becomes a lower #. As for velocity, having outstanding loan balance allows for a productive place for incoming cash to be swept… resulting in lower daily balance of loan and therefore increased ROI with the lowering denominator

@franklehane8843 11 месяцев назад

We love to boast about the unilateral solidity of life contract guarantees, but what prevents the insurer from "making changes" under-the-radar within the contract i.e raising policy costs, fees thereby eroding cash values?

@LIFE180 11 месяцев назад

Those are all viable concerns with IUL, but not whole life

@AndAsset 11 месяцев назад

Love this video! Total 🔥🔥🔥

@sharonlima8913 10 месяцев назад

I was talking to a chat box in a life insurance website ME: So, in the calculator I have put $30 Mil as the coverage amount for 20 years and the yearly comes to around $11k So would you mean that this is the most expensive ever? avatar Mike 01:30 That is a pretty high amount for insurance, some companies will not do that. But some will! If there is too much cash value in any one policy the government considers it an investment tool and you lose your tax benefits. They call it a Modified Endowment Contract, or MEC Could this be a problem like Mike told me?

@HumbleStudent-pt2qy 7 месяцев назад

I sold 10 year RnC term years ago ... without having a clue as to what it was ... I've learned it means that the insured has a GI right to convert to a WL policy before that 10 years is up ... BUT ... they won't know what the new WL rate will be correct? I'm thinking that is an out for the insurer because if the person is compromised medically, the insurer can JACK the rate to avoid having to insure on the new WL policy? Do I have that right?

@diondion2020 6 месяцев назад

Example, I know Transamerica offers a conversion from term to WL. And yes the rates are higher but it is a guaranteed conversion. Also, just using Transamerica as an example. You can convert your plan up to the age if 75 or before your term policy ends.

@HumbleStudent-pt2qy 6 месяцев назад

Without knowing the new rate before hand ... kinda useless no ..?@@diondion2020

@xxmaddog_madaraxx 5 месяцев назад

54:17 what does *Immersion* mean in this example 😵‍💫😵‍💫

@thomasflewellyn4848 Месяц назад

bottom line is these two guys combined have a lot more understanding than most of us riding on here. that's why you're on here. listening and not out there setting these policies up for people. stay on here for a while. learn what you can and be thankful that you learn who cares about who interrupted who. dumbasses making that comment sound like cry babies watching a boxing match and the boxing match is a greatest fight ever and it's an even match and then complain that they heard the ref blow a whistle like shut up and learn. that's all you can get. every time they open their mouth. it was knowledge straight knowledge. that's it. keep it up guys. keep up the great work. I'm a fan of both of you. you've helped me immensely. do great work for my clients as well as Chris Kirkpatrick. it's enhanced my life insurance career immensely!! and I have everyone's book and have read them. I'm on my second read except the and asset. I'll be honest that's my next one. haven't done that. I'll do it on the plane this weekend lol

@vangustia 11 месяцев назад

You guys know that IUL's have max illustrated rates now. You cant illustrate 10% or 11% today. However, i have seen 20% returns in an iul.

@crazypaintballer6477 3 месяца назад

How with most companies having a cap of 10%?

@vangustia 3 месяца назад

Only on the S&P crediting strategies. Have you not seen other crediting strategies?

@Businessmadebetter 11 месяцев назад

Let’s go!

@rnarzu 6 месяцев назад

Still didn't get to undetstamd " How to properly structure a whole life policy"

@bze5629 Месяц назад

Sit down and watch again but this time grasp it dont just hear it

@pastoralgp Месяц назад

Let him talk, he is making sense. You need to be humble older man.

@BaileyZLeone 6 месяцев назад

Im confused.

@markf.2050 10 месяцев назад

A properly structured whole life policy is one that pays the most commission and fees to the salesman and insurance company. A properly structured life insurance and investment strategy is one that includes a term policy and a good high ROI fund. That way you get all the insurance you need and an investment whose "cash value" is all yours or your heirs. Why do whole life salesmen want you to over fund your policy? Because they (the insurance company) gets to keep "your" cash value when you die and they only pay out the death benefit.

@necromancer74 8 месяцев назад

That’s not at all how whole life policy works. Properly setup it’s a plus premium so your beneficiaries get 100 percent. And again missed point this is not a one strategy only thing it’s a part of the whole.

@markf.2050 8 месяцев назад

@@necromancer74 What are you trying to say with that word salad?

@vangustia 3 месяца назад

Wtf? Spoken like an uninformed individual.

@markf.2050 3 месяца назад

@vangustia Wtf? Spoken like a true WL salesman. No real facts, just spewed talking points.

@bze5629 Месяц назад

Lol practice your due dilligence before talkin out your ass 🤔

@lisacampbell1532 5 месяцев назад

You still never named the INS companies that you recommend??

@BetterWealth 5 месяцев назад

Here's a list of some of our favorite companies that we did on our second channel - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-B4ykGTzreJs.htmlsi=Wr2Z2thpLeTmhE3N

@INFINITI071 8 дней назад

Haha Sta-te farm or any P&C Iykyk People keep on getting them bundle prices smh 🤦

@rnarzu 8 месяцев назад

I can listen to this better without the high pitch voice versus the Deep low voice it's it's better than by one or the other, but both of you you're you're speaking over each other and you're both saying the same thing😢

@luvtribe 11 месяцев назад

Yeoooo

@raverrostinnett7731 6 месяцев назад

🤐why is this dude interrupting EVERY sentence... and before he gets a chance to finish important points? Dude is hilarious! 🤣🤣🤣

@crazypaintballer6477 3 месяца назад

Holy crap could you not interupt every freaking senetence!? The minute young dude started making a point older dude literally cut him off almost every time. Why do these shows if ypu dont let anyone finish a sentence uninterrupted????

@apollosankofa87 6 месяцев назад

Does the host ever stop talking king enough for the guest to complete a sentence?

@CapitalWorksPro 6 месяцев назад

Garrett is a con artist. He used to call this an investment btw. He used to make videos where he would directly compare what he wanted to sell you to the S&P500 and he was VERY misleading about the return you'd get in the S&P

@JocobsComments 4 месяца назад

Sorry. Once you save money, it’s an investment.

@stevem5580 11 месяцев назад

I would VERY MUCH APPRECIATE an episode that focuses on Whole Life, but comes at the entire conversation of the massive monetary deflation that is escalating. Currency Bond holders are screwed and real monetary deflation will be >20% for MANY years. So the illustration IN THE VIDEO of cash flow positive in 12 years … maybe in nominal terms (the $s amounts shown are they really Argentine Peso fiat?) is not real in the future purchasing value/power of those dollars!!!! MassMutual owns >$100M in bitcoin. WHEN will whole life insurers have policies that accumulate not just in dollars, but also in real assets (ex: gold via Monetary Metals, bitcoin, and other real assets, ..) that will appreciate????

@travisbeyerl 9 месяцев назад

Great idea Steve. So would these policies that accumulate in other assets like crypto or commodities simply show columns in the form of unit quantities? So death benefit of 5 bit coin let’s say? Or 5,000 Satoshies? Then the premium is 60?

@rnarzu 8 месяцев назад

Its That Ben Shapiro pitch. Slow it down and get a white board

@vangustia 11 месяцев назад

You guys all sound like Dave Ramsey.

@ChicoDaUno 8 месяцев назад

lol

@MineshBaxiYT 5 месяцев назад

Who recommends whole life? Only slimy whole life sales people.

@rnarzu 6 месяцев назад

Too much banter

@conniegonzales2321 5 месяцев назад

Why does he kept on interrupting! So annoying

@patrickmoore4712 11 месяцев назад

Health insurance is awful😂😂😂😂

@mindofmikedre 9 месяцев назад

These policies have no equity, cash value is just your money. They only grow from overpayment for insurance. Not really assets at all, then you pay to borrow your own money back at 5% interest and then it is taken out of your death benefit when you die. If you leave any cash value the insurance company keeps it and not your heirs. Good ideas but the wrong tool for the job.

@jordanperrault5039 9 месяцев назад

You do not have a good understanding of it. WL is basically like insuring yourself. Ex. If I get a 100k WL policy. I build up the cash value to say 50k.. I am ONLY paying for the Extra 50k to get to get to 100k. If I structured the policy to have cash value increase super fast then there is less and less insurance that I am paying for. If I hit a certain threshold in the cash value by law they have to increase the death benefit as there needs to be a gap between the CV and the insurance. Now as for the loan part. Think of it as taking a HELOC out on your home... or how Bill Gates, Elon Musk, Jeff Bezos, etc fund their life. Get paid in stock options, leverage a portion of the value of the stock (let's say 40%) then they use the tax free cash to make more investments, buy the yachts, land, lifestyle, etc.. then just make interest only payments. Same with CV in the policy. You leverage your CV to borrow from the Death Benefit at 5% simple interest... use the money for what you need/want. Can make interest only payments every year or pay it off in increments. Or can pay it off before the year is up before they tag it with the 5% interest... It's all how you structure it all.. Also.. rather 5% simple interest every month instead of variable interest rate on credit card of 15-30% Or a loan from the bank All time constraints really suck. Insurance is all about safety, control, access, time, etc.

@adrummondrocks 6 месяцев назад

You haven't talked about MEC from overfunding

@JohnPatrick-mylifecademy 6 месяцев назад

Paid up additions tackle that@@adrummondrocks

@luzbaron2977 6 месяцев назад

That's not truth, it's what Ramsey say mostly. They just don't explain it in in detail or the way most people would understand. Watch or look for the Money Multiplier Be your own bank you'll understand or at least open up your mind set.

@apollosankofa87 6 месяцев назад

What’s the point of having a guest on the show if the host is going to finish every sentence? Could have just interviewed yourself man.

@BetterWealth 6 месяцев назад

lol I love Garrett and I think he would be the first to say that he’s not the world best interviewer. When you have a lot of good insights it’s hard not to share 😊. We’re going to do more videos together and I think our on camera chemistry will only get better!

@apollosankofa87 6 месяцев назад

@@BetterWealth Hey man great video, great information. I’ve watched a lot of your other videos excellent presentation. But I’m sorry man lol I was on the verge on blowing my brains out during this interview. He’d answer his own question to you for you and that’s just hella annoying. Hopefully it’ll get better cause he does seem like he’s also knowledgeable as well.

@sharonlima8913 10 месяцев назад

Any Indian watching this, please, is this replicable in India?

@vangustia 11 месяцев назад

Iul works. I have policies for 15 years and it works. You guys have not been in the business long enough to see an iul long term. You guys are just parroting old whole life scare tactics. There are no riders for guarantees in an iul.

@jeremy.geronimo 4 месяца назад

That’s like saying “I have a car for 15 years that still works. Cars never break down.” It all depends on the car, the driver, the maintenance, etc. The unfortunate thing about IUL is that Carriers can make changes to the contract and alter Cap Rates, Loan Rates, Participation Rates, etc and can put policies at risk of lapsing in the future. Especially with the Cost Of Insurance increasing every year.

@vangustia 3 месяца назад

Lol. All the iul haters say that iul will break down. If structured correctly it won't. Most of these iul haters have not been in the business long enough. They just parrot what their spline has told them. 😊