Full Life Value?

[indaville]

So I have the same concerns about Leap and the claims of finding the money. Usually when I ask the users of Leap they say its a secret! I have to wonder if the practioners of Leap and other plans espousing Full Life Value isn't fallen in the same pithole as the CFP?

I understand the idea of "Found Money" as espouse by such ideas of saving lunch money, coffee money, basic 101 priorities financing. Yet life is life, and I find in todays world asking for too much pain as in rethinking the yearly vacation or bass boat is just unpratical at best. Now you have exceptions but for the most part its nothing I would want to stake my future income on.

I am not sure which LEAP users you have talked to but it is not a "secret." They might not want to share with you what they have paid to learn? LEAP absolutely helps you find the money, and it has nothing to do with asking the prospect to skip vacations, coffee, etc. You find the flaws in the way they buy their insurance, cars, home, the way they invest their money, savings, etc.

With LEAP my average life premium has jumped to almost $10,000 per case and I am not dealing with only HNW clients. LEAP helps me insure a client for full value and it costs the client nothing out of pocket.

 

[James]

So I have the same concerns about Leap and the claims of finding the money. Usually when I ask the users of Leap they say its a secret! I have to wonder if the practioners of Leap and other plans espousing Full Life Value isn't fallen in the same pithole as the CFP?

I understand the idea of "Found Money" as espouse by such ideas of saving lunch money, coffee money, basic 101 priorities financing. Yet life is life, and I find in todays world asking for too much pain as in rethinking the yearly vacation or bass boat is just unpratical at best. Now you have exceptions but for the most part its nothing I would want to stake my future income on.

I am not sure which LEAP users you have talked to but it is not a "secret." They might not want to share with you what they have paid to learn? LEAP absolutely helps you find the money, and it has nothing to do with asking the prospect to skip vacations, coffee, etc. You find the flaws in the way they buy their insurance, cars, home, the way they invest their money, savings, etc.

With LEAP my average life premium has jumped to almost $10,000 per case and I am not dealing with only HNW clients. LEAP helps me insure a client for full value and it costs the client nothing out of pocket.

Are you talking about Middle Class or even Upper Middle Class paying around ten grand a year on Life Insurance? If that is what you claiming then I would like to see what you are calling Non HNW individuals. I don't know what some call or what classifies a HNW person to differing people.

If dealing with people that hover around a 100 grand a year, which by stats I believe less then 5% of the population that is one heck of a bite out of their yearly income.

You find the flaws in the way they buy their insurance, cars, home, the way they invest their money, savings, etc.

I would have to assume, so don't get me wrong its only a guess. Are you pitching "Infinite Banking System" via Leap?

 

[Stevuke]

Full Value

James,

You are completely 100% wrong in absolutely any case.

Unless you can tell me how they will maintain their current life style, disposable spending dollars and savings with less money then you have nothing to say.

Now then, if you can do that, that would truly be miraculous financial planning. If that is the case then Bravo!!

I asked you to respond to that in my last post, you didn't.

I will therefore assume you have no response and are simply reluctant to admit you are wrong.

Though I have stated this before, I will state it again. None of what I say is to convey that it is all or nothing. I have no problem telling someone they need $3MM of coverage, they say that's a big bite and they want to start smaller. We start talking about what they would need on a minimal scale, I show them that in a worst case scenario that they could get by or even live similarly with $1.5MM, they say they want to start there, and I say, "Great, that is a wonderful start. Let's get $1.5MM in force".

As far as what you posted to Indaville,
"If dealing with people that hover around a 100 grand a year, which by stats I believe less then 5% of the population that is one heck of a bite out of their yearly income."

People with around $100K/year of income are the people for whom this is best. Sure we do it all the time with people making from $500K well into the 7-figures but the people WHO REALLY NEED IT, are the people making $100K. They get the best bang out of Leap planning. They sign up for 8-12K premiums and thank us because they really know and experience how we help them live richer lives with just more money to spend at every stage!!

And by the way James, "The Infinite Banking Concept" is a flawed LEAP knock off and a horrible abuse of some very fine LEAP concepts.

Best!!

Steven Druckman

 

[indaville]

If dealing with people that hover around a 100 grand a year, which by stats I believe less then 5% of the population that is one heck of a bite out of their yearly income.

I would have to assume, so don't get me wrong its only a guess. Are you pitching "Infinite Banking System" via Leap?

Not INB just LEAP and my experience.

Most of my clients are around $75k-200k. With LEAP you do not take any bite out of their income. You can use a variety of ways including other non-preforming assets to fund the policy. I just closed a deal yesterday with a client that has $80,000 a year in household income and their LI premuim is going to be $52,000 per year. We are using others assets they have accumulated to pay for the policy, they end up with more money to spend in the future and it does not cost them anything today from a cash flow perspective. I LOVE LEAP!!!!

 

[James]

And by the way James, "The Infinite Banking Concept" is a flawed LEAP knock off and a horrible abuse of some very fine LEAP concepts.

I thought that was the case so that is what perked my curiosity. As far as your other points about me not making my case I think I did.

As in most two income families one check goes to pay taxes and the other the bills. Eliminate one check and eliminate the bills (the big debt ones) and lessen the tax bite and then add in SS checks of about 1.200 to 1,400 on two kids and you pretty much at the original life style if not above it. Simplification of a 80-100 grand two income family with two kids. No way is this suppose to cross the t's and dot the i's but just a quick tutorial that I'm sure you'll disagree with. Dang I'm good!

So explain me this statement by the other poster: You find the flaws in the way they buy their insurance, cars, home, the way they invest their money, savings, etc. exactly what does that mean? Investment, savings, Auto and Home Debt is central to relearning? So I'm assuming you are dealing with people that don't know how to use debt/financing? And of course the spouse is an airhead!

 

[James]

If dealing with people that hover around a 100 grand a year, which by stats I believe less then 5% of the population that is one heck of a bite out of their yearly income.

I would have to assume, so don't get me wrong its only a guess. Are you pitching "Infinite Banking System" via Leap?

Not INB just LEAP and my experience.

Most of my clients are around $75k-200k. With LEAP you do not take any bite out of their income. You can use a variety of ways including other non-preforming assets to fund the policy. I just closed a deal yesterday with a client that has $80,000 a year in household income and their LI premuim is going to be $52,000 per year. We are using others assets they have accumulated to pay for the policy, they end up with more money to spend in the future and it does not cost them anything today from a cash flow perspective. I LOVE LEAP!!!!

So the accumulated assets, exactly which ones are you talking about? Since we know that 75-200 grand is more then likely less then 5% of the population now lets add in the fact we know Americans are saving at now a negative rate! So are we talking about 401 money (Retirement) or Home Equity?

 

[James]

If dealing with people that hover around a 100 grand a year, which by stats I believe less then 5% of the population that is one heck of a bite out of their yearly income.

I would have to assume, so don't get me wrong its only a guess. Are you pitching "Infinite Banking System" via Leap?

Not INB just LEAP and my experience.

Most of my clients are around $75k-200k. With LEAP you do not take any bite out of their income. You can use a variety of ways including other non-preforming assets to fund the policy. I just closed a deal yesterday with a client that has $80,000 a year in household income and their LI premuim is going to be $52,000 per year. We are using others assets they have accumulated to pay for the policy, they end up with more money to spend in the future and it does not cost them anything today from a cash flow perspective. I LOVE LEAP!!!!

Plus just how many 80 grand a year people have assets to fund a 52 grand premium?

 

[Stevuke]

Eliminate one check and eliminate the bills (the big debt ones) and lessen the tax bite and then add in SS checks of about 1.200 to 1,400 on two kids and you pretty much at the original life style if not above it.

That's just Ludicrous!

You saying that since we loose income we reduce our tax liability.
I'm with ya there

reduced tax liability + the reduced debt liability + SS = the gross lost income.
Or
reduced debt liability + SS = net income

Ya lost me. That's absurd!


Steven Druckman

 

[indaville]

Plus just how many 80 grand a year people have assets to fund a 52 grand premium?

Lots if they have been saving. These clients are 60 so they have had a lot of years of saving/investing.

 

[indaville]

So the accumulated assets, exactly which ones are you talking about? Since we know that 75-200 grand is more then likely less then 5% of the population now lets add in the fact we know Americans are saving at now a negative rate! So are we talking about 401 money (Retirement) or Home Equity?

This particular case was a bit complex (lots of moves). We are using a combination of paying down their CD's and part of their savings. They have also made changes to how much they are putting into their 401k's due to $0 company match. They adjusted their P&C premiums. They have also re-financed their home to buy a vacation home in FL that is going to provide them rental income.