Bank On Yourself
by Dr. Tomas McFie
Early on in my trek to developing and applying the Perpetual Wealth Code™ I was approached by a recruiter. This recruiter worked for a large marketing group that promotes the brand Bank On Yourself. The objective was to enlist me to represent Bank On Yourself as an agent instead of me remaining an independent agent working directly for my clients.
Obviously, I turned this offer down. The rest, as they say, is history. You see, I wanted to pursue a path that allowed me to provide what I believed to be the very best for each of my clients and prospective clients. Besides I didn’t want to get distracted by the ideas of some marketing group or guru about how to sell more or expand my commissions. Knowingly, I have never regretted the choice I made. And here are just a few reasons why:
- Accepting this offer would have inhibited me and the Team at Life Benefits from providing the assistance we are so well known for today. Whether it is finding the best product or company, writing articles and publishing videos, or designing the financial blueprints that our clients so greatly appreciate and benefit from, Life Benefits is about service. Belonging to a large marketing group would have restricted our ability to provide these services. In fact, at that time, one of the stipulations required of an agent to join this group was to give up the right to choose to which life insurance company their clients’ life insurance applications were submitted. That didn’t make sense to me then, and it certainly doesn’t make sense to me today. The responsibility to know what different companies offer and the art involved in finding the product that best fits our clients’ needs is very important to us at Life Benefits. That is because it makes a huge difference in how successful our clients and prospect can become.
- Speaking of design, designing the best policy for the needs of our client or prospect is something we take great pride in accomplishing here at Life Benefits. Without the right policy design unintended things can happen to the policy owner. But we’ve “got your back.” Participating whole life insurance is a great place to hold your savings while allowing you to still leverage and manage money that normally wouldn’t be under your direct control. For example, policies designed with bundled term coverage in order to hold more premium can cripple your control over the extra money paid in premiums and therefore create a financial liability, a monetary loss and even excessive taxation in the future. Life Benefits Team members typically (except in infrequent situations where it appears advantageous) stay away from these term riders, giving clients more control over their own money.
- At Life Benefits we don’t believe owning life insurance to be an investment. In fact, the U.S. Supreme Court ruled that life insurance is an asset. Several states even have laws prohibiting life insurance being sold or classified as an investment. And one of the reasons for these laws is that purchasing life insurance will NOT make you rich. Not even if you purchase multiple policies, leverage one policy to purchase another, or borrow money from your policy(s) and pay the loan(s) back with extra interest. All of these things are certainly doable and at times may even be practical, but they are not always as profitable for the policy owner of the policy as they are for the marketing group or agent(s) advocating these practices. Here are the real reasons participating whole life insurance is such a valuable financial asset:
a. It can cover your liabilities.
b. It can be part of a non-qualified tax free retirement plan.
c. It can be used to finance asset purchases.
d. It can help you to recover the cost of acquisition on things you purchase.
- These four qualities of life insurance are the reason banking corporations choose to own and use life insurance. At Life Benefits we help our clients understand how to utilize participating whole life insurance by implementing the Perpetual Wealth Code™. Joining a particular marketing group involved with a particular guru would have limited Life Benefits from referencing “banking” according to the recruiter that was attempting to recruit me. And that would have limited our ability to help you benefit from these four awesome qualities. That is unacceptable.
- Finally, everyone of us at Life Benefits are liberty loving individuals who value your rights and freedom as much as our own. We realize that violating your rights or failing to share the entire truth with clients and prospective clients destroys the foundations of the economy that this great country was built upon. Belonging to a marketing group(s) that would limit our freedom to share the entire truth simply to create a more easily marketed “uniform” product doesn’t jive with our world view.
Today Life Benefits has become one of the most sought out independent life insurance agencies in the United States because we are known for honest and straightforward opinions. And, unassumingly, everybody knows that what we offer are opinions because we don’t provide paid advice or fee-based evaluation and management services. We don’t even charge for our great service. And we never pressure you to do anything that you can’t afford to do or are uncomfortable doing because we know if it isn’t affordable you can’t do it and if its not comfortable you won’t do it. Our mission is to make sure you know ALL your options so that you can make an informed choice that is comfortable, affordable and profitable. It’s all about you, your money and your future. And that’s how it should be.
by Dr. Tomas McFie
I am a licensed life insurance agent in all 50 united states, host of the Wealth Talks podcast and author of 3 books focused on financial education: Prescription for Wealth, Winning Your Financial GAME, and Retirement Curveball.
Originally educated as a doctor I helped a lot of people and built 4 successful practices in 3 states between 1986-2009, but none of my degrees helped me understand money.
Finally I realized I should be doing what the bankers and money managers were doing with their own money, rather than what they were telling us to do. That was the key to unlock the vault for our family. In 2007 we founded Life Benefits with a focus on financial education and guarantees to help you keep more of the money you make.