Objections We Hear About Whole Life Insurance

Objections around the banking concept and whole life insurance, high cash value life insurance. So I've been in this business for a while. I'm in my 10th year. I can't believe that sometimes. Nine full years in year 10. But I have heard a lot of objections, seen a lot of great stuff happen with cash value life insurance. And then some people say it is the worst thing ever. Not those that we worked with. So objections we've heard around it that always intrigue me. You know, I was at a an event once. A guy had sold his company for 150 million dollars and he's coaching me and a couple of members from my company with other businesses. And after the event ends, it concludes, I go up to him and I hand him a copy of a book. And before I even say anything he goes, yeah, you know, I've sat through a hundred of these presentations and they're all the same. You know, typically the sales guys are old school. They're trying to sell policy. It's just not a fit for me. And I'm talking to him. He was presented a basic traditional whole life insurance policy made with a blend where he had 50 or 60 percent cash value available up front in equity and took seven or eight years to break even. Didn't like it because of that. You know, on another occasion, I was at an event with a good friend, Dr. Ace, talking about a banking concept, high cash value life insurance, and I was not the first one to talk to his group about that. And a younger gentleman rose his hand and he goes, yeah, you know, I was pitched on this idea before. I was looking at putting a hundred grand per year into the policy, but I looked at the statement, the illustration, and it took me seven years just to get my money back. Yeah, I'm not doing that. He didn't care how great the concept was, the idea of using his money. He didn't want to wait seven years and take a 40 percent hit on his 100k right off the bat. So, and this is something I was always exposed to over the years, the objection of, I'm not going to put my money into a policy or any product for that matter and take a huge hit on it. People work hard for their money. Yeah, I don't want to take a hit on it either. So, where I'm going with this is where these individuals all of a sudden became intrigued with the idea of high cash value life insurance and said, okay, that I'm interested in. Why did I not see that before? Is when you take the same policy, many times from the exact same insurance company, and you design it differently. All we do when we pay a dollar in, we put less towards the insurance premium and more into riders that accelerate the cash value growth. So, just like the example you see up here on the screen, here's a policy with an individual paying 100 grand into the policy for 10 years. Doesn't take him seven years to break even. That's why he didn't do it the first time. Takes him between three and four years to break even. World of difference. And that's the thing. So, I can take a policy and set it up however I want. All I know is when we work with big banks, corporations, wealthy individuals, they have cash rich policies. Cash rich from day one. So, we try and set up policies for individuals in the exact same manner. Optimizing the cash value typically enlightens one or makes them say, hey, I like this idea of cash value. It kind of eliminates the reasons I didn't do it or didn't want to do it in the past. So, the question is, how do I maximize the cash value of a life insurance policy? Well, you put more money towards the riders that accelerate the cash value and reduce the underlying insurance premium. Hey guys, Steve Parisi here. If you enjoyed the content you just saw, please subscribe, like, and hit the notification bell for future videos. If you'd like more information or to see some custom policies for yourself, feel free to call or email our offices at the contact information below.