The EASIEST Way to Boost Sales with Transamerica (Ep. 258)

The life insurance world is full of noise, but numbers cut through it fast: Transamerica production tied to FE Express is climbing hard, and Steve Bouslog joins us to explain why. We talk real underwriting, real placement tactics, and what’s changed inside Transamerica that’s making agents pay attention again. If you sell final expense life insurance or you’re thinking about getting licensed, this is a practical breakdown of what’s actually working in the field.

We get specific on FE Express underwriting and where it shines, including health profiles that still see day one coverage, plus the simple “don’t waste your time” flags like oxygen use, dialysis, recent multi night hospital stays, and certain heart devices. We also cover the unsexy stuff that makes you money long term: persistency. Social Security billing can draft on the right pay day, Agent Home can surface missed payments early, and one well worded “save face” call can stop a cancellation before it turns into a chargeback.

Then we shift into indexed universal life insurance with Transamerica IUL Express. Steve explains caps and floors, why insurers can build option strategies individuals can’t easily replicate, and why $100,000 can be a sweet spot where cost of insurance improves. We also walk through a juvenile IUL strategy that funds early, can stop payments at 18, and leaves cash value your kids can borrow against later for real life goals. Along the way, we hit the contestability period, why clean apps matter, and how concierge benefits like Everest (moving to Empathy) add real value for families.

Transcript

SPEAKER_01 0:45

Hello everybody, Andrew Taylor here. Today we have Steve Booslog with Trans America with us. What's up, my man? Hey, how's it going? Thanks for coming in. Uh, we've been tell us a little bit about what we have been doing with Trans America.

SPEAKER_02 0:59

I mean, you guys are crushing it. Uh, you guys are number one, obviously, uh, by a lot. It uh the growth has been exponential.

SPEAKER_01 1:07

Like what? Give us some numbers.

SPEAKER_02 1:09

You know, it went from from uh submitting a million dollars back a million dollars a month in January 2025 to I think this month it'll probably be 11, 12 million dollars.

SPEAKER_01 1:21

11, 12 million dollars for the month.

SPEAKER_02 1:23

Yeah.

SPEAKER_01 1:23

What does Trans America think about that?

SPEAKER_02 1:26

I mean, they're they're ecstatic. We're we're getting we're getting emails from the top of the company.

unknown 1:31

Yeah.

SPEAKER_02 1:31

Like me and and my boss Steve Weber, right? They're just every day it's it's new records, right? Um, especially on like the Social Security billing days. Those are huge. The the first and the third, when those days hit, like everybody in the company is getting excited now.

SPEAKER_01 1:46

Okay, someone called me and they said they heard they shouldn't work with FFL because FFL is going out of business.

SPEAKER_02 1:52

It's insane. It's it's the last place that would be going out of business.

SPEAKER_01 1:56

What do you have you ever seen this before?

SPEAKER_02 2:00

I I don't think we've ever seen this as a company. Like we have larger growth right now in the brokerage life insurance space than any other division in the company.

SPEAKER_01 2:08

And what percentage of that space is us?

SPEAKER_02 2:12

A massive uh the bulk of it. Yeah, it's like 40-50 percent or more. Yeah, it's it's crazy.

SPEAKER_01 2:20

No one else is doing 12 million million a month, so it can't be 40, 50 percent.

SPEAKER_02 2:25

I mean, if you add everybody up, you know. I'd still question that it's crazy, yeah.

SPEAKER_01 2:32

Awesome. So we are growing, we are loving the product. Thank you. And we're gonna learn today a little bit about the power behind the product. Now, before we got on here, we were talking about Disneyland. You're going to Disneyland next week. Two two weeks.

SPEAKER_02 2:49

In two weeks, so not next week, the following week. So if if I take a little extra time to answer my phone, you know, cut me a little slack.

SPEAKER_01 2:56

I just got back from Disneyland. I don't think I'm ever going again. It was so chaotic and insane. Um, dude, I felt bad, man. I a lot of people I think pay a lot of money to go and they couldn't get on rides. It was absolutely nuts. So yeah, I'm wishing you luck on your trip to Disneyland. But for now, we are going to get into actual you brought a slideshow. Yeah, we're gonna get into the product, why it's powerful, why people like it. And and I do want to say we appreciate your partnership and we love working with Trans America.

SPEAKER_02 3:34

So yeah, we're growing. I mean, we got a ton of stuff we're building out right now, too. It's not just you know what I'm gonna go over today, it's we have stuff in the future. I mean, with with all the sales that we're seeing coming from you guys, we can afford to build new products, we can afford to expand everything. And and uh I mean, you're gonna see Trans America's we're we're a different company than we were two years ago. In two years from now, we're gonna be completely different too. Everything's gonna be different. The the back office, the products, it's you know, we're putting everything into this right now. And it's because of you guys.

SPEAKER_01 4:05

Yeah, now that when I started, was it Monumental Life?

SPEAKER_02 4:10

Yeah, so we uh Trans America purchased Monumental Life.

Disneyland Detour And What’s Ahead

SPEAKER_01 4:13

Okay, because I was selling Monumental Life like crazy when I started.

SPEAKER_02 4:16

Who was Monumental Life invented the final expense space, we bought them, so that's why I said on our at your your event, I was like Trans America invented final expense. Got it, right? Yeah, and you're like, I don't know.

SPEAKER_01 4:31

Yeah, but it was a good product then, and then trans kind of like fell off.

SPEAKER_02 4:35

Yeah, for sure. We we pulled back, um, we lost a lot of our senior leadership and brokerage, right? And uh they just they kind of forgot about the final expense marketplace, right? We had this old paper application, yeah, and it it was a waterfall. I'm sure you used to write that waterfall app. Yep, had no height weight chart, so people which I loved.

SPEAKER_01 4:55

They love to give us these. They took COPD on standard.

SPEAKER_02 4:58

Yep, exactly. We still do, yeah. Uh, and then we changed that application. We we came out with this like 30-page application, paper application. This is 20 2020, and sales just plummeted. And I think that's when they finally took notice. We didn't have any wholesalers final expense then, right? It was I was working there, we were just covering term IUL. And then they they gave us final expense, and that's when we met you guys. And that love it. It's kind of just then we we got started getting brought in on conversations. They would say, Hey, what's this market want? And we'd bring it to you guys, and that's I mean, FE Express, when it first came out, I mean, I I'm not sure if you were on any of those calls. We had one I know with Zach, and uh we were trying to get clients to enter in their banking information on the application.

SPEAKER_01 5:46

Like we send them a link, like I remember it was an app, and you had to download the app and all that.

SPEAKER_02 5:50

Yeah, and it it's like if you do online gambling, how how you enter in your you have to link your checking your banking account, dude. That's what they wanted. And we're like, no, you cannot, we will not get sales in.

SPEAKER_03 5:59

Yeah.

SPEAKER_02 6:00

And so we've slowly been working, and then then text a pen, right? We it wasn't where we wanted it to be. Weber and I got that fixed, and so we're just gonna keep fixing the things that you guys asked for. Yeah, so keep bringing me stuff. If if you if you have a question, if you have something that you see on the app you don't like, tell me about it. I I we don't know necessarily. You guys are out in the field, we want to hear your feedback so we can make this thing the best thing possible.

SPEAKER_01 6:25

Love it. Well, if you're watching this and you're selling trans, drop some feedback in the comments and we will follow up with you. Um, all right. So let's get what'd you make what'd you make for us to teach everybody about this product?

SPEAKER_02 6:38

Yeah, so first I want to talk about our convention, right? It's coming up in a couple weeks uh for Cabo. We got one next next year. It's Montage Big Sky. Uh, I'm not rich enough to afford to go to Montage on my own dime, but they are some of the nicest hotels in the country.

SPEAKER_01 6:52

Well, you're going to be with our account.

SPEAKER_02 6:54

I'm hoping so.

How Transamerica Rebuilt Final Expense

SPEAKER_01 6:55

With FFL's account, you're gonna make plenty of money to go to montage because we're gonna keep growing.

SPEAKER_02 7:00

Yeah. But it they're they're some of the nicest hotels. So we want to pay for for your agents to go to montage.

SPEAKER_01 7:05

What montage where?

SPEAKER_02 7:06

Uh it's Big Sky. Where's that? Montana.

SPEAKER_01 7:09

Ooh, that'd be cool.

SPEAKER_02 7:10

Yeah, it's an awesome trip. I want to go to that. I'll pull some strings. We'll get you on it.

SPEAKER_01 7:14

Yeah, I definitely want to go.

SPEAKER_02 7:15

We can make that happen. Cool. It's it's so 100,000 or 125 is the qualification this year.

SPEAKER_01 7:21

Okay, so let's uh we don't talk about this a lot, but for people who are looking at getting in the industry, let's talk about this. So, one perk of being in the life insurance industry is you can win a trip for extra money with a lot of carriers. Yeah. So, for example, with Trans America, you can win all these trips every single year with Mutual of Omaha, with uh Americo gives you cash. So if you don't, if you want to go on your own trip, sure, then they'll just write you a check. Now, my friend kind of changed my mind on it. He was like, dude, I just want the money from America instead of going on a trip with a bunch of insurance agents with their shirts off. That's like that's kind of a good point. So he's like, Yeah, give me the money and I'll go on the trip. So if you're getting in the industry, you get to choose do you want the money to go on your own trip, or do you want to go on a trip with the carrier, or do you want to do both?

SPEAKER_04 8:18

Yeah.

SPEAKER_01 8:19

And then Family First Life has their own trip as well, which one's coming up in Puerto Rico, Puerto Rico.

SPEAKER_02 8:24

Yeah.

SPEAKER_01 8:25

But I do want to say this. So I'm I've been doing this now, this like my 19th year, which is crazy, okay? But when I was young, I never would have traveled, but the carriers took me all over the world for winning these trips. So I went to uh London, Paris, Amsterdam, Budapest, Spain, Fiji. Fiji'd be awesome. Hawaii, dude, the the list goes on and on and on. And the cool thing is you could win multiple trips.

SPEAKER_03 8:58

Yeah.

SPEAKER_01 8:59

And this is just a little hack. If you're working hard and you want your wife off your back, because a lot of times early on, if if your wife doesn't see the money, she's gonna be like, What are you doing? You need to like spend time, you need to help me with the kids.

SPEAKER_03 9:13

Yeah.

SPEAKER_01 9:14

But if you go, if you print out a picture and you go, hey, we're going, I'm gonna hit these numbers and we are going to go to Fiji completely paid, then all of a sudden, usually they'll be kicking you out the door and go, Hey, are you did you qualify for this yet? And it's a little trick, and it's also a good it kind of gamifies it to make it funner to hit these goals.

SPEAKER_02 9:37

I I had an agent who it his wife is the whole reason he wants to go on the trips. He would never go on trips. He took his wife to one, and now she's like, I want to go every single year. We I mean we treat the everyone who goes like royalty, yeah, right. It's it's it's a blast. If you've never been on a carrier trip, they are something else.

SPEAKER_01 9:53

And it's not hard to do. It's not, right? Uh 120 grand. It's easy. So that's rough roughly if you did 80 policies, you probably would qualify with trans to go on that trip.

SPEAKER_02 10:06

Yeah.

SPEAKER_01 10:07

In a year. Yep. Yeah. Which is legit.

SPEAKER_02 10:10

Doing eight a month, something like that. Yeah.

SPEAKER_01 10:12

Yeah.

SPEAKER_02 10:13

Not too bad. We're also we're we're giving away cash too.

SPEAKER_01 10:16

So we have a and you're giving away cash. Yeah.

SPEAKER_02 10:18

So we have a we have a cash bonus right now. I just sent the email out last night. Um, so hopefully you're on my emails. If you're not, let me know.

SPEAKER_01 10:24

How do they get on your emails?

SPEAKER_02 10:26

Just send me an email, I'll get you added. But it anyone who's contracted with Trans America should be on my email list.

SPEAKER_01 10:32

How about drop your email in the comments if you want emails? Sure, you want to send that to me? Yeah. Well, yeah, we'll send them to you.

SPEAKER_02 10:39

Okay, cool. Thanks. Um, and so I every week I the I get.

SPEAKER_01 10:44

Oh, bro, they're putting your cell phone number on here. Yeah. Damn.

SPEAKER_02 10:47

Yeah, dude. I mean everyone can have it. I want you guys to reach out. Yeah. I want to help. I'm your guy. I am when you think of Trans America, think of me. I don't want you just calling a random 800 number. I mean, I might give you a number you have to call to fix the issue, but reach out to me first and I can tell you if I can fix it. A lot of these things I can answer. Like if you have a commissions question, you can call the commissions team or you can just text me or call me, and I can probably answer it really fast. And in a way you can understand because I know how agents think, I know what agents can see, and and so I make it easy on you.

SPEAKER_01 11:21

Love it. Yeah. Awesome.

SPEAKER_02 11:23

Um, so we have a contest right now, we're gonna weigh a thousand bucks a week to a random person who writes an express policy, whether it be F E or IUL. And then I'm sending out swag to the top five people every week, and then at the end of three months, so we start in February, uh, so at the end of April, you get uh the top 15 get up to five grand cash, non-charge backable, just straight money.

SPEAKER_01 11:47

Love it.

SPEAKER_02 11:48

Yeah, so um that's going on right now, too. I don't have a slide on it, but yeah, no free emails from me.

SPEAKER_01 11:54

All right, Drew, are we pulling up these slides? Let's go.

SPEAKER_02 12:01

All right, so we still have we're still taking more people than anybody else at select day one coverage, right?

SPEAKER_01 12:06

Okay, let's because there's a lot of new people on here, so I want to kind of explain. And there might be people not even in the industry yet, but what is the max face amount you can get on this?

SPEAKER_02 12:18

The max face up to 75 would be 100,000.

Carrier Trips Cash Bonuses And Support

SPEAKER_01 12:22

Okay, you can get a hundred thousand dollar whole life policy. Yep. Okay, and you can have these issues COPD and a stroke.

SPEAKER_03 12:30

Yeah.

SPEAKER_01 12:31

Lupus and irregular heartbeat, congestive heart failure and diabetes at the same time, diabetes and a stroke. Uh, this is cool. Muscular dystrophy, it's graded. What does it mean if a policy is graded?

SPEAKER_02 12:45

It means a two-year wait. So uh if the client passes away within the first two years, they get their premiums back plus 10% interest, right? If if it's a health, if it's an accident, right, they they get full. They get full.

SPEAKER_01 12:56

But if it's a pre-existing condition, health related. Correct. Yeah, yeah.

SPEAKER_02 13:00

Um graded also has less, it pays a little bit less. So just keep that in mind, right?

SPEAKER_01 13:05

Uh dude, so muscular dystrophy and congestive heart failure, you can get a day one select product where you're covered immediately for any reason. I mean, some of the crazy up to 100,000.

SPEAKER_02 13:18

Yes.

SPEAKER_01 13:18

That's insane.

SPEAKER_02 13:19

As long as your client is 75 or younger. And we're seeing some monster express policies. Like we had one for uh for$15,662 in annual premium from an FFL agent.

SPEAKER_01 13:34

Okay, you will, I gotta tell you this story. So I'm um 23 running appointments back in the day. We went face to face, and I call this lady on the phone. This is Los Angeles, Compton, Inglewood, Watts. This is my territory. Okay. I call this lady and I say, Hey, I want to get you a price for insurance. You flip out a form. She said, I met with two people, nobody could help me. And she goes, Why what makes you think you could help me? And my my response was, Well, I have blue eyes. And then she was like, Oh, well, I guess you should come visit me. So I go visit her. She's 78 years old. Okay. And most final expense products that she would qualify for capped out at 25,000. Yeah. So she met with the first agent and he told her she was capped out at 25,000. He met with the second agent, they told her she was capped out at 25,000. She met with me and I was like, Well, I'll get you monumental life, foresters, um, like royal neighbors. Like, I named every single$25,000 policy I could get her. And she's like, I could get all those separate. And I was like, Yeah, dude, the payment was like$1,300 a month. She was a doctor, she had a disabled daughter living with her that she needed to make sure was taken care of. And the monthly premium was not a problem.

SPEAKER_02 15:05

That's great, and that's why we came up to$100,000.

SPEAKER_01 15:08

And so now you could just do it in one spot.

SPEAKER_02 15:11

Don't have to stack policies anymore, just one simple, easy payment a month. Uh, keep it clean, right? Yeah. When they pass away, one death claim. It's it's uh and we yeah, I talked to the underwear about it on on why we did this. And we pay kind of all our fees up front. Uh it costs us 90 bucks to to pull all the fast data for a client, right? And so it it made sense to make the the policy coverage bigger because that gets our monthly premiums bigger. And so it it's just from a from a product standpoint. I don't know why every company's not going to 100k. Like it's so much more profitable.

SPEAKER_01 15:49

Yeah, I I would like if they all did.

SPEAKER_02 15:51

I I mean, I don't want them to because we got a huge uh step up in the market right now.

SPEAKER_01 15:56

But yeah, we're gonna see people raising it now. Yeah, yeah.

SPEAKER_02 16:00

And we can like a 35-year-old with type 1 diabetes, boom, coverage, 100 grand.

SPEAKER_01 16:05

And you go to zero or 18?

SPEAKER_02 16:06

We go to 18. We're gonna it's in the the build out has it going to juveniles.

SPEAKER_01 16:11

So at some point we're gonna have this 100k go down to yeah, Mutual of Omaha's children whole life policy. I've written like a million of those things, but they're so easy to write.

SPEAKER_02 16:20

Yeah. And so we have a juvenile IUL that you can do. I'm gonna go over later. Oh, nice, and that goes up to 250. Nice, it's insane. You I'm gonna show you some numbers and it's gonna blow your mind.

SPEAKER_01 16:31

Yeah, love that. Okay, let's go back to this uh this sheet, uh, whatever you got going on, slides. Okay. So congestive heart failure, AFib, and a stroke. All three of those you can get select guaranteed issue day one. Um congestive heart failure, diabetes. I don't know what CAD is. What is that? Coronary artery disease. Oh, okay. Select COPD, what if you're on oxygen? No oxygen. Okay, so you're you're knocked out if you're on oxygen. Correct. Okay, yeah. COPD, congestive heart failure, AFib, select. But if you're just taking some medication for COPD and you're not on oxygen, you're good. Yeah. COPD, congestive heart failure, okay. So all these select. Um what is the difference between the old and the new on here?

SPEAKER_02 17:18

Uh it's just a change we made uh uh six months or so.

SPEAKER_01 17:20

Oh, so you just improved, yeah. Dude, who's the who's the actuarial dude here? Because I like him.

SPEAKER_02 17:28

Yeah, the underwriter, she's awesome.

SPEAKER_01 17:30

Yeah, who is she?

SPEAKER_02 17:31

Uh Laura Wheeler is her name.

SPEAKER_01 17:33

Bro, she's awesome.

SPEAKER_02 17:34

And she's our she's a killer.

SPEAKER_01 17:36

We need to see we need to send her a box of chocolates or something. We should get her in here. That'd be awesome.

SPEAKER_02 17:40

You should pick her brain because she's I mean, some of these underwriters are are really, really smart.

SPEAKER_01 17:45

Well, some of them also just like saying no.

SPEAKER_02 17:48

For sure. We want to say yes.

SPEAKER_01 17:50

That's what I'm saying. Seems like she wants to say yes.

SPEAKER_02 17:52

Yeah, we want the business right now.

SPEAKER_01 17:54

All right, Drew, let's keep going on this thing.

SPEAKER_02 17:57

So we can't we can't take everybody, right?

SPEAKER_01 18:00

You can't.

SPEAKER_02 18:01

We gotta say no every now and then.

FE Express Underwriting What Gets Approved

SPEAKER_01 18:02

You should actually come up with the guaranteed issue product and just take everybody.

SPEAKER_02 18:06

I would love one.

SPEAKER_01 18:07

Yeah, that'd be awesome. But like if you so here's the thing interesting. So if you smoke and take and you're on oxygen, it's a decline.

SPEAKER_02 18:15

Even if any oxygen use, don't don't quote Trans America. Uh dialysis, don't go Trans America. If you have two or more nights in the hospital in the last 12 months, don't go Trans America.

SPEAKER_01 18:25

What if it was for like kidney stones?

SPEAKER_02 18:27

Uh hospital stay?

SPEAKER_01 18:29

Yeah.

SPEAKER_02 18:29

I I wouldn't touch it. We're not, we don't like hospital stays in the last 12 months.

SPEAKER_01 18:34

It's not what if it was for like my shoulder surgery I just got. You weren't in there for two days. No, I wasn't. Dude, actually, I was in and out. It was so scary. They just bring you in and send you right home, dude. Yeah, they're like, have fun. Like you could go get a haircut faster than what they did.

SPEAKER_02 18:52

Yeah, that's nuts. Um, so and then and then uh what's the other one? So I said dialysis, uh defibulator, we don't like.

SPEAKER_01 19:01

Okay.

SPEAKER_02 19:02

So those are kind of the four to watch out for. We are paying more attention to to declines. So we're starting to we we have we have the business in now, and we're starting to watch the quality of business more. So it is something that do you gotta do a little bit of field underwriting. You have to make sure you don't have one of those four things. Oxygen, defibulator, dialysis, hospital stay.

SPEAKER_01 19:24

Got it. Easy. Yeah.

SPEAKER_02 19:27

All right. Uh, we do send out the policy promise. So you send out, we we generate it after every sale, and then it's best to send this out because a policy doesn't generate wait, who sends this out?

SPEAKER_01 19:37

We got to email it or what?

Fast Declines To Avoid In Field

SPEAKER_02 19:39

Yeah, so at the end of the sale, you'll you'll see this page right here, and it says download policy promise there in the blue bar, download PDF. Um, it'll pull this document up, and then you should send this to your client. Because they're not gonna receive a policy until the first draft has cleared. The policy doesn't issue until the first draft is cleared. Right. So the client might not receive much from Trans America in the in the meantime. So send this to them, say, I'm your agent, here's all your details. If you're if your husband, if your kids have a question, everything's answered on here.

SPEAKER_01 20:10

Got it.

Policy Promise And Social Security Billing

SPEAKER_02 20:10

Right. I I really like talking about this. I know I touched on it last time I was on the podcast, but um Social Security billing, I it's one of the the things that we do best. We advance on direct express cards as long as they're entered on your social security billing. But what's even more is when you put it on social security billing, we make sure we draft on the right day. I used to cover the the banks, the bank channel, and uh on the first and the third of the month, it would always be a line out the door. Right? Of people coming in and they would they'd take whatever the they just got paid and they would take it out in cash. And so if you don't draft that policy right away, that money's gone. And if the first falls on a Saturday, the insurance company's not draft until Monday. Or if it falls on a Sunday, we're not drafting until Monday. So if you just put the first in there, we're not gonna draft until the following Monday if the if the first or the third falls in a weekend. But if you do social security billing, we know to draft on Friday when the client gets paid. Before the client can go in and take that money out. So this is gonna help your your placement and your persistency by using this, and you'll get advanced on direct express cards. Sweet. Yeah, so I always like to talk about that. The take rates, it's only 25% of people are using this right now. Like 25% of policies are Social Security billing. It should be 90%, it should be everybody.

SPEAKER_01 21:36

And basically it's pulling the money right when they get deposited exactly on the right time. Yep, on the right day.

SPEAKER_02 21:42

Not many carriers have true social security billing.

SPEAKER_01 21:44

A lot are just gonna draft their guessing, right? Exactly. Yeah, it's like the third Wednesday of the month or something.

SPEAKER_02 21:52

Yep. And they'll they'll just be like, all right, this this is the day we do it. It doesn't matter if it's the actual day the client gets paid. Yeah, we're gonna do it exactly the same day. Uh, this is this is Agent Home. This is where you kind of start with Trans America. If you ever contact me, I say Agent Home. It's secure.transamerica.com. Um, I I've been showing this to people because a lot of people don't know about life access yet. It's this middle right box. And when you click on it, um, it'll tell you in the upper right hand corner, you'll know here before anywhere else if one of your payments missed. So if you click on that little bell with the I think it says 122 on there.

SPEAKER_01 22:29

Can you alert this to text the agent?

SPEAKER_02 22:31

I I want to. That's that's one of our future build-outs, right? Um, we had to get the prox in first. Now we can build out the back end.

SPEAKER_01 22:37

Because like there's 15 portals to log into. If they could just get a text, they'd handle it right then.

SPEAKER_02 22:43

Yeah, I'll I'll bring it to management for sure. Uh But you click on that and it takes you here, right? And you have all your clients who you know uh there's a there's a requirement or there's a missed payment or whatever, uh, they're all right here.

SPEAKER_01 22:57

So I do want to talk about this a little bit. If you're in the industry, it's interesting that a lot of agents, including myself early on, will do all the work to get a sale.

SPEAKER_03 23:08

Yeah.

SPEAKER_01 23:08

Okay. Get a misspayment and not follow up and just chase new business when all you have to do is make a quick phone call, and it can go something like, Hey, maybe the carrier messed up. I'm not the the book, uh How to Win Friends and Influence People, they have a chapter in there about saving face. So it's like the example was there's a girl that goes to a store and she's returning a shirt she clearly wore. Okay. And the the lady at the register goes, There's deodorant stains all over this. Like you're crazy. We're not embarrassed are in front of everybody. And the chick snapped and never was like, I'm never coming back to this store.

SPEAKER_03 23:50

Yeah.

SPEAKER_01 23:51

The same scenario with a different person. The person comes in, it looks like they have a shirt that was worn. They they go, I want to return this, I want to get my money back. And the response was, hey, it looks like maybe someone, someone wore the shirt, maybe a friend or a family member, relative, brother. I don't know if people take your clothes, but because of this, we can't return it. And it was a not a very big deal for not taking the return. So anytime I'm talking to a customer, I'm I don't want that it to be like, hey, you didn't have the money.

SPEAKER_03 24:22

Yeah.

SPEAKER_01 24:23

I want to go, hey, it looks like there was an issue. Maybe it was on their end, but I definitely want to figure out what it was. That way you don't lose coverage, especially because you've already put money into this plan. And that way, if you go when you go to sleep at night, your family is taken care of.

SPEAKER_02 24:38

It's a great approach.

SPEAKER_01 24:39

Yeah, way better approach.

SPEAKER_02 24:40

These are these are easy calls to make.

SPEAKER_01 24:42

And if you approach it like that, you're gonna get most of what and also cancellations, dude. Um, actually, I need to read this to you guys. So check this out. Agent texts me this morning. Mel Tejada, who's a complete animal.

SPEAKER_02 24:56

Oh, I love Mel.

Persistency Calls And Letting Clients Save Face

SPEAKER_01 24:57

Okay. His customer texts him and said, please cancel my policy. I won't be able to cover it. Okay. He responded, I know you're not excited about a new bill, but this is important life insurance and it saves families. I've seen what it can do. Just because you can't see it now, it doesn't mean it's not worth it. You're one of the smart ones that is getting it now. Your future self will thank you. You will you will have to pay way more for less coverage if you don't keep this one. Your mind and heart were in the right place when you set this up. The person responded, you know what? You're right. Let's keep it. Don't worry about it, just keep it. It's incredible. Incredible. So imagine if he didn't do that. He should save that. I know, but dude, also call them. Yeah. Because I had so I went to about 10,000 houses, which is kind of crazy. Yeah. And oftentimes somebody would cancel. Now, if I couldn't get them on the phone and they canceled, they would go back in my route for me to go back to their house. To show up. To show up. And usually I would go, Hey, I want to make sure you wanted to cancel this because when we originally started, these were the reasons why. They and then they'd go, Well, my neighbor told me that whole life's a scam. Or my neighbor said XYZ, or my son used to work for this company that said to only get term or whatever it was. But 50% of the time I would keep the policy on the books by either reviewing why we did it or lowering the coverage a tiny bit to make it more affordable.

SPEAKER_02 26:47

I love the approach too. Yeah, it's it's non-confrontational, it doesn't put them in a defensive mode.

SPEAKER_01 26:53

Yeah. I mean, that's how I had to operate because I've never been confrontational. Yeah. So it'd just be always that say save face, let the client save face. Perfect. Even if they no-showed me, I'd be like, hey, it's my fault. I was a couple minutes late. Um, sorry, we're busy, but I'm gonna put you back in tomorrow. Like that would be my approach. Awesome. Yeah, it would never be like, hey, we had an appointment and you weren't there, Steve. Right. But that doesn't help anybody. It doesn't, no, it doesn't. And it postures you up good if you're busy and you just take the blame for them not being there for your appointment.

SPEAKER_02 27:28

I'm gonna start using that.

SPEAKER_01 27:29

Yeah. Good. Okay, let's get back to these slides.

SPEAKER_02 27:34

Um, so Everest, uh, we announced this a couple years or a couple months ago. We are switching from Everest. So Everest is our funeral planning concierge. They do a lot of cool stuff. Make sure you're talking about it on the phone with clients because it's a huge value add. And people will say, I don't want to lose my Trans America because I don't want to lose my Everest. Uh, what they do is on the front end, right, they're gonna help you build a your client build a trust, a will, a healthcare directive, all that, right? So the client does that. Then when you when the client passes away, they work with the beneficiary to get the them paid, and they'll advance up to 25,000 within 72 hours without a death certificate. So they verify the body's dead, they call us, they got a special number for us, and they they advance a money. Wait, they advance what 25,000 within 72 hours without a death certificate.

SPEAKER_01 28:25

What if the claim got declined in the contestability period?

SPEAKER_02 28:28

So that's that's outside contestability.

SPEAKER_01 28:30

Okay, so first of all, anybody watching this, what is the contestability period?

SPEAKER_02 28:34

First two years, we're gonna check and make sure your client told us the truth on everything, which is why it's very important for you.

SPEAKER_01 28:41

And if you listen to anything, if you're a new agent, you cannot replace policies and reset the contestability period and leave medical information off.

SPEAKER_03 28:52

Yeah.

SPEAKER_01 28:52

Or you're gonna get sued, and I don't know, maybe you can go to jail for that. But it's definitely not the right thing to do because that family can go try to make a claim, and it can get declined because you didn't put down some of the medical information.

SPEAKER_02 29:10

If there's anything inaccurate on the application, we can decline it.

SPEAKER_01 29:14

And that is all insurance companies, every insurance company, every insurance company. Yeah. Because people claim that's not the case for some insurance companies.

SPEAKER_02 29:21

I mean, that doesn't I can't say that.

SPEAKER_01 29:24

Should we ask Chat GPT? Yes.

SPEAKER_02 29:25

You can ask, I mean, it every company has the contestability period.

SPEAKER_01 29:28

Since ChatGPT is always right. Actually, ChatGPT, I think, is wrong. Like it's wrong a lot. A lot. But let's just see what it says. What's up, chat?

SPEAKER_00 29:38

Hey, I'm here and ready to help. What's on your mind?

SPEAKER_01 29:41

Does every life insurance company in the US have a two-year contestability period?

SPEAKER_00 29:47

In general, yes. Most life insurance policies in the U.S. do have a two-year contestability period. During those two years, the insurer can investigate and deny a claim if there was a material misrepresentation on the application. After that period, the policy is typically incontestable, except in cases of fraud. Every state mandates it. So while the exact details might vary slightly, the two-year standard is almost universal.

SPEAKER_01 30:12

Love it. Um, now is there any carriers that don't? Because some of our competitors, which I think the agents may be misinformed, claim that their companies do not have a two-year contestability period.

SPEAKER_00 30:26

As far as standard practice goes, I'd say it's highly unlikely. Any reputable life insurer just skips the contestability period altogether. It's basically baked into state regulations. What might be happening is someone is misunderstanding or misrepresenting it. There could be nuances, like some policies might offer more leniency or forgiveness after the period, but legally there's always some form of contestability window. If someone's claiming zero contestability, that's worth a second look because that's not the norm.

SPEAKER_01 30:54

Nice. Chat, would you like to be a guest on our podcast weekly?

SPEAKER_00 30:59

I'm flattered you'd ask, but I'm really here to support you in the moment, not take the spotlight.

SPEAKER_01 31:04

Dude, we need to just pipe chat. That's awesome, though, right? Like, yeah, it's okay. So every company has it. It's very important to tell the truth. Do not hurt yourself, potentially lose your license for doing things the wrong way.

SPEAKER_03 31:20

Yeah.

SPEAKER_01 31:21

And taking shortcuts because you could just be out. You'll be working at Arby's again.

SPEAKER_02 31:26

Right. Like, yeah, why why reset a client's contestability? Right? Let's if if they're already a year and a half into a policy, I'd hate to start that over.

SPEAKER_01 31:35

Yeah. So after two years, a customer is in the clear, they get paid right away immediately. If they have this Everest plan, they get paid within how long? Uh 72 hours. Okay, so this is really powerful because I've done a lot of death claims, and it is annoying doing the paperwork, getting the death certificate. You got to wait for the death certificate to get the money sent to the customer. So this is super powerful.

SPEAKER_02 32:00

And meanwhile, they're trying to pay bills for the burial.

SPEAKER_01 32:03

Now, if you sell this right, so the first company I ever started with was Foresters, okay? And they're a I actually really like Foresters, a fraternal organization. Yep. And they have some free member benefits with every policy. And the free member benefits were if both parents died, then they would give an additional$800 a month to whoever's taking care of the kids until the kid turned 18. That was part of their that was part of their fraternal benefits. Um, they also had like a college scholarship thing that people could apply for. And dude, just awesome. Now it's the same thing as this if you sell it. So if you are selling this and you're not going over the Everest benefits and why it's different, you're missing out on the stickiness. The stickiness is what keeps the customer with the policy. And some guy doesn't call and go, hey, I could save you three bucks. They're gonna say, I don't want to lose Everest. Not only that, a lot of times they're not explaining that the benefits are not the same.

SPEAKER_03 33:10

Yeah.

SPEAKER_01 33:11

Like it could be a little bit less coverage, it could be um something different. Right. It could be an IUL that's not guaranteed to last forever, opposed to a whole life. Like there's a lot of different things there.

SPEAKER_02 33:22

For sure. And and the other cool thing this does is uh they'll negotiate. So so the beneficiary gets lined up with a uh funeral planner that works for Everest, and they'll negotiate prices with whatever funeral home they choose. So on average, they save them about four to six thousand dollars. I've never had to plan a funeral. Um, I can't imagine I would know what is negotiable and what isn't, but they know they know what everything costs, they know what the spread is on a casket. So they're gonna they're gonna say, you can still make a little profit funeral home, but you're not gonna take my client for all this. And so four to six thousand dollars they're gonna save the beneficiary in funeral costs.

SPEAKER_01 34:00

So the funny thing is when I was in the field, there was a company that I would run into a lot, and the company was Lincoln Heritage. Yeah. And their premiums would generally be, I'm guessing here, 20 to 30 percent higher than like what I would offer. But they offered a Everest type plan with their with their sale. Yeah, and sometimes customers would be like, Well, I want to keep this because I have the these benefits of uh having a concierge when something happens to make sure everything's taken care of.

SPEAKER_02 34:42

Yeah, same, same exact thing here.

SPEAKER_01 34:44

Yeah. Um Except this is an aggressive policy that's price good, that's taking stuff no one takes.

SPEAKER_02 34:52

And we're not gonna charge any additional for this. It's not a it's it's a free rider, it's included in the cost of policy. So you don't have to check an extra box or anything like that. It's just it's there.

SPEAKER_01 35:02

Yeah.

SPEAKER_02 35:02

For every FE Express.

SPEAKER_01 35:04

I wonder how many people are actually not selling it.

SPEAKER_02 35:07

Oh, I think 80% are not talking about it. That's that's why I bring it on here. Um, now it is changing. We we did switch vendors. So Everest is going to move to Empathy. All your clients will get ported over. Empathy is a really cool platform, they have uh an agent login. You'll be able to see every client, you'll be able to see which ones have signed up, which ones haven't. If they upload a new document, you'll get notifications. It's a it's a cool program. So that'll happen in July-ish. Awesome.

SPEAKER_01 35:34

Yeah, and I believe um AM has this as well.

SPEAKER_02 35:39

Yeah, there's a couple companies.

SPEAKER_01 35:40

Um and the point is, is use it. Make sure the customer is getting their money's worth.

SPEAKER_02 35:48

Yeah. And and keep your business on the books, and give them help them make that that will, help them make that trust, right? The healthcare directive. You know, sit down with them and do that with them.

SPEAKER_01 35:58

Yeah. Uh, and it's important to have a will and a trust because my grandpa died two years ago. Okay. And the siblings were fighting over like who gets a picture frame and who gets a freaking everything you can imagine, and they don't even talk anymore because of this.

SPEAKER_02 36:22

Could all been prevented.

SPEAKER_01 36:23

It could just be prevented if it's all done. Like, this is exactly the way things, this is exactly the way it goes. And I bet you the few people I've told about this story, which is really pathetic. Like, it's it's it's hard to even watch because you got family together forever, and then they're fighting over money, uh, not even a lot of money, and who's in charge, and who gets the pictures, and whatever, right? You got all that happening, but everybody I've told about this story, they go, dude, that same thing happened to me. And sometimes when you get these this stuff in place up front, it doesn't happen.

FE Express Comp And Why Whole Life Wins

SPEAKER_02 37:04

Yeah, and the other cool thing is uh I run into this quite a bit. You'll have the husband as the owner of the wife's policy, right? And then the husband dies, and there's no will, and everything gets kind of convoluted, and and the insurance carrier can't talk to the wife because she's not the owner of the policy, and there's no documents in place, and so they have to go through probate, they have to get a bunch of stuff to switch it over to her as the owner, and just save them all that time, save all that stress. Um yeah, it can get bad. Yeah. When you have different owner than insured on these. Uh, so we did just go up to 100,000. We talked about that. We're 18 to 85 for issue ages on FE Express. We are point to point on comp. So whatever your FFL number is, is what you're getting paid with us.

SPEAKER_01 37:50

And uh, so point to point comp. Yeah. Let's go.

SPEAKER_02 37:54

Yeah, right. And then the the coolest thing is we pay the same comp no matter if your client is 18 years old or 85 years old.

SPEAKER_01 38:02

Which a lot of carriers ding you on it and you don't know it, but they're like, oh, they were 70, we're gonna pay you 20 points less.

SPEAKER_02 38:09

Yeah, they have this sweet spot at other carriers where they pay the most. We don't we don't care as long as as long as you get day one coverage with us, you're getting that same great comp.

SPEAKER_01 38:18

And one cool thing for new people the product is guaranteed, the payment can never go up, the coverage can never go down ever.

SPEAKER_02 38:26

It's a whole life policy. Everything's everything's set.

SPEAKER_01 38:29

Love it.

SPEAKER_02 38:31

All right, we did just come out with the FFIUL Express. It's awesome. Who's sold this?

SPEAKER_01 38:37

You guys, how much of it?

SPEAKER_02 38:38

Uh like 150 a day.

SPEAKER_01 38:40

150,000 a day in premium.

SPEAKER_02 38:43

It's and it's it started out at like 50k a day, and it's just been ramping up every single day. Uh, you guys I think FFL is like 80% of the IUL Express right now.

SPEAKER_01 38:54

Yeah, dude, and it's gonna get worse.

SPEAKER_02 38:56

Or or better.

SPEAKER_01 38:57

I mean better for us.

SPEAKER_02 38:59

Yeah. Better for us too, I guess. I don't know. Better for everybody. Yeah. You your guys' sales on on IUL Express are are exploding. People love the product, it's simple. I think it's the easiest IUL out there. Um, we really shine above 100k. So there's a massive break point at 100k where the cost of insurance goes down. So you're gonna run this, and and if you run 100k versus 70k and you're just doing a minimum premium to to endow, we're gonna be cheaper at 100k, which is kind of nuts. Additional 30k is free. So always go 100k. Uh, I I I've been telling people if you write a different carrier over 100k for an IUL, it's because you don't like me as a person.

SPEAKER_01 39:44

And you're saying the cash value everything performs better because the coverage, you get a sweet spot on the coverage? Exactly. Okay, so for people that don't know the way an IUL works is there's a cost of insurance, and you can pay over that, and the excess amount you pay goes into an uh investment account that can uh grow.

SPEAKER_02 40:06

We could go into a rabbit hole here. How how deep are you trying to go on this?

SPEAKER_01 40:09

I just want people to understand how it works. Okay. How would you explain it?

SPEAKER_02 40:13

Uh, an IUL, we're we're buying a one-year term policy on your client every year. And so as your client gets older and older, the price of that one-year term policy goes up. Right. And so you they the reason that it has that tax deferred growth is so you can put a bunch of money in when you're young and it can kind of pay the rising premiums as you get older. Right. But the cost of insurance is uh we there's a huge break point at 100,000. So it gets a lot cheaper per thousand of coverage after 100k. And and as you go up, it gets the there's more breakpoints as well.

SPEAKER_01 40:47

Yeah. Okay. So I want to actually do this because two years ago I got an IUL on both my kids. Drew, can you zoom in on my phone? You got that type of skill up there? Let's see what he's got.

SPEAKER_02 41:06

I want to show you RST.

SPEAKER_01 41:11

Let's see if Drew can do it. So, the reason I want to show you guys this, let's see how good Drew is out right here. Bro, that's impressive, right? That's really good. Okay. Alright. Atlas Cole Taylor, uh, and AC Drew. I mean, what are they gonna do? Alright, so I want to show you guys this. So I I use National Life Group. I don't even know if you guys had that before, but this is two years in. I did sixty four hundred dollars a year and eleven thousand six hundred and seventeen dollars um is the accumulated value. I could take out ten thousand six hundred and eighty-one dollars right now, and then if I go to let's see, documents, policy. I really like this app because you can see everything. Let me get to the right page, Drew. Hold on. But basically, dude, it's pretty close to just having a bank account, and then on top of that, you got this magical page right here. Um, and what this shows is if something happened, there's$356,000, but if it grows the way it should, at let's see, at age 84, it's a five million dollar policy.

SPEAKER_02 42:55

That's awesome, right?

SPEAKER_01 42:57

And then you're taking care of your grandkids, your grandkids' grandkids. Uh, but check this out, dude. So for the living benefits, we got terminal illness, uh$1.5 million if there's a terminal illness. If there's a chronic illness, you can pull out$30,000. Uh, let's see. And there's all these all these living benefits to help take care of them. Now, the cool thing though is your kid, like what the way I'm gonna use this tool is my kids, if they want to open a business, they can borrow the money from their own policy. Or if they want to buy a house, they can borrow the money from their own policy and pay it back, but it gives you gives them a good way to have access to money without the traditional way of having to go through a bank and qualify and all these other things, and they're paying it back to themselves, and they're paying it back to themselves, so they're just paying interest to themselves, they're just paying interest to themselves. So that's the way I'm gonna use it. And I think everybody should have this policy on their kids, or I think they're crazy. It's such it's a home run. Now, you could do a hundred dollars a month, you can do cheaper. Disneyland is three to four grand to take your family. Uh there's millions of people going because you can't move in that place. Yeah, it's like, dude, just take a little bit of money, put it aside, and save it in this policy for your kids.

SPEAKER_02 44:25

Yeah.

SPEAKER_01 44:26

All right, let's get into trans is though.

SPEAKER_02 44:27

Dude, I you're gonna, this is right up the same alley. Um, instant decision, right? It's it's all mid app decision. You know right away. The issue we we face sometimes, especially with kid policies, is they make their kids too tall and skinny or short and fat, and they fall outside the BMI guidelines. So just take a look. Look at the BMI guidelines after the client gives you the uh the height and weight.

SPEAKER_01 44:49

So you're saying that too many kids are fat, so they can't qualify for it.

SPEAKER_02 44:53

No, no, no. They're not fat, but the parents make them fat by saying the wrong weight.

SPEAKER_01 45:01

Yeah.

SPEAKER_02 45:01

People don't know the size of their kids.

SPEAKER_01 45:03

Yeah.

SPEAKER_02 45:03

Like I don't know if I could tell you just off the top of my head my kids' height and weight.

SPEAKER_01 45:09

So don't guess your kid's weight.

SPEAKER_02 45:10

Don't guess it. Go, you know, you have to go to the doctor every year for or jump on a scale. Yeah. Get your tape measure out and then put them on a scale. Right. Don't just guesstimate, because that's the the number one reason for declines for kids is people guesstimating their kids' height and weight.

SPEAKER_03 45:26

Okay. Yeah.

SPEAKER_02 45:28

Um pin to sign, right? Uh I didn't. This isn't updated for the kids, but we do have juvenile policies, 50K to 250K. We're thinking about raising that to 500 as well, too. Uh but 18 to 60 is up to 500, 61 to 70 is up to 300. You can have this policy and a final expense of 100K. So you can have with express policies right now, you can have 600k total line coverage if you're under 60.

SPEAKER_01 45:52

Awesome.

SPEAKER_02 45:52

Yeah. Um, we got easy solves, right? Okay. And then living benefits. You get the Everest rider we just talked about over 250K. Okay. And then I think we have the best index accounts in the industry.

SPEAKER_03 46:05

Why?

SPEAKER_02 46:05

And we just we just raised them. Uh so we're one of two companies that does IULs that has their own in-house trading desk. Right. So everybody else has to go out to Morgan Stanley, Merrill Lynch, whatever to trade the options for them, right? These are all just options. Uh we take we take the the dividend from the general account and we buy options with it to create that cap and floor. We don't care. Like I've, you know, I read all these Facebook forums about uh how IULs work and stuff, and everyone's wrong. Uh they they're like, oh, Trans America keeps it after they cap out, right? If it if the cap's 10% and my client returns 15, Trans America keeps that five. That's not how it works at all. We don't care. We're out of it. We bought options, we created the cap and floor strategy via buying puts and selling calls. Like we don't care what happens after the fact. Interesting.

SPEAKER_01 46:57

Yeah, we took the dividend, we bought that, and so and is that how you eliminate the negative?

SPEAKER_02 47:02

Yeah, that's how we put that floor and cap on there.

SPEAKER_01 47:04

Got it. So, like a big selling point is the interest account's not going to make less than 0%, right?

SPEAKER_02 47:10

Exactly. Ours is 0.75, ours is 75 basis points.

SPEAKER_01 47:13

So you're guaranteed to make 0.75 minimum. Correct.

SPEAKER_02 47:16

Now you could have cost of insurance come off that as well and other fees, but and that's obviously how annuities work as well, correct? Yeah, for index annuities, same thing. They're they're doing that same cap and floor strategy.

SPEAKER_01 47:27

Interesting.

SPEAKER_02 47:28

Yeah.

SPEAKER_01 47:28

So then what does trans take from it? Cost of insurance. So they mainly are making their money on the cost of insurance.

SPEAKER_02 47:36

Exactly.

SPEAKER_01 47:37

Yeah.

SPEAKER_02 47:37

So we don't we take all that all the money from the from the general account that would be going to this as a as a dividend. Um we just put it into options.

Options Caps Floors And Common Myths

SPEAKER_01 47:47

What do you so there's a race car driver that is suing Pack Life uh because he spent 14 actually, should we ask Chat GPT?

SPEAKER_02 47:59

I can't remember what the details of that. It it was uh I think it was a premium finance policy.

SPEAKER_01 48:06

Hold on. Chat, is there a race car driver that bought an IUL that's upset and publicly uh complaining about how it performed?

SPEAKER_00 48:16

There's no widely known race car driver who's become famous for publicly complaining about an indexed universal life policy.

SPEAKER_01 48:24

No, not become famous, but they came they were famous from race car driving, but they complained about an IUL policy.

SPEAKER_00 48:32

Ah, I see what you mean now. While there's not a well-known publicized case of a specific race car driver complaining about their IUL and headlines, it's definitely common for public figures in various fields, athletes, celebrities, to express regrets if they felt the policy didn't align with their expectations. The specifics of those complaints are usually more behind closed doors or within financial circles rather than front-page news.

SPEAKER_01 48:56

All right, I got a question. How important is it to structure the IUL policy correctly so that the customer has a good experience?

SPEAKER_00 49:08

It's crucial. The way you structure an IUL determines how well it fits the customer to goals. You've got to balance premiums, desk benefits, fees, and how you handle the cash value. If you don't do it thoughtfully, the policy might underperform, create unexpected costs, or even lapse. But when structured well, matching expectations and explaining risks, it can be a solid long-term tool. So getting it right up front is key to a good experience.

SPEAKER_01 49:32

What are are there any stories of wealthy people using IULs as a tool to create more wealth?

SPEAKER_00 49:42

Yes, there are plenty of stories in the financial world about high net worth individuals using IULs as part of a broader strategy. They often like the tax-advantaged growth of the cash value, and they can use policy loans as a source of liquidity without triggering immediate taxes. Some wealthy individuals use IULs to supplement retirement income or create tax-efficient legacy plans. Of course, the results depend on proper management and realistic expectations, but it's definitely a known strategy in wealth circles.

SPEAKER_01 50:11

Love it. Thanks, chat.

SPEAKER_02 50:13

There is definitely one. That's that's an example of that. There is one, yeah. Chat not being correct, right?

SPEAKER_01 50:17

Uh so there definitely is one, but I do want to talk about that though, because if you structure it right, there's not going to be confusion.

SPEAKER_02 50:27

So I have a feeling that one was structured right, right? I I think it was a large premium finance case. On those cases, you got you got uh you're loaning the premium, right? You have the agent, you have the bank, you have a ton of people sign the insurance company. We have to sign off on those policies. Yeah. So every you got a lot of eyes on those. Um, it was, you know, it was a situation where it didn't work out.

SPEAKER_01 50:48

Okay, so premium financing, though, is you're you're get you get a huge policy, you take a loan for the premium.

SPEAKER_02 50:54

The bank is paying the premiums every year for usually like 10 years.

SPEAKER_01 50:58

And you're paying interest on the loan.

SPEAKER_02 51:00

Sometimes you roll it. We don't allow rolling. We don't please don't bring me a premium finance policy. It they're a ton of work and they hardly ever pay it.

SPEAKER_01 51:08

No, but I just want to know, these are more likely to not work out because the pay the payment that you're making is a loan. Correct. With interest.

SPEAKER_02 51:15

Yes. So a lot some people don't even pay the the they they roll the interest into the payment and just defer it for the whole 10 years.

SPEAKER_01 51:24

And try to never make a payment.

SPEAKER_02 51:25

Try and never make a payment. And then there's an exit strategy after 10 or 15 years where you take a distribution from the policy, pay back the bank.

SPEAKER_01 51:33

And if but if it doesn't go right a few in a little bit of interest off, then you can't make up for all the interest on the loan you got to pay for the policy.

SPEAKER_02 51:42

Correct. You gotta have you gotta have a good run there.

SPEAKER_01 51:44

And a lot of people probably sell it as, dude, dude, actually, somebody tried to sell me a policy where they were like, put your house and your building up for collateral, okay? And you're gonna be part of this um bond that is created somehow. What? And they're gonna give you a$20 million policy, and you never have to make one payment. And if it goes bad, you could have to put more stuff up for collateral. That's the worst case scenario.

SPEAKER_02 52:14

Like that's not good at all.

SPEAKER_01 52:16

Yeah, but I was like, this just sounds too good. And so the funny thing, dude, is it was with National Life Group, they do do those type of policies.

SPEAKER_02 52:26

Okay.

SPEAKER_01 52:26

And dude, I have the illustration somewhere. And I called National Life Group and I'm like, yo, what's up with this? And they were like, Yeah, you can do those, they but they are they're more risky than you're making it sound.

SPEAKER_02 52:40

Oh yeah. Yeah, for sure. Um, I I don't really get in that market much. Uh, we have a couple other people on my team that that do more of them, but we you know, we do a handful a year. Got it. Uh I don't they are they are riskier than they're made out to be. And that's probably what triggered this whole thing. Right? It's not it wasn't just traditional IUL setup that he's mad about.

SPEAKER_01 53:03

For sure. Yeah, and you never know.

SPEAKER_02 53:05

And I don't know, I haven't I don't know any details. But the point is this, dude.

SPEAKER_01 53:08

It can be structured the right way and it could be structured the wrong way. Yeah. And the wrong way would be you don't put enough, you don't put enough in over the insurance amount to where it doesn't make enough interest to pay the premium as it gets bigger and the policy will lapse.

SPEAKER_02 53:24

Yeah, you're minimum funding this thing. The spread between the cash value and the death benefits getting too too large, right? Because that's what you're paying the premiums on is the spread between the two.

SPEAKER_03 53:33

Yeah.

SPEAKER_02 53:34

And then at some point there's a curve, about 70 or 75 years old, the cost of insurance starts going up.

SPEAKER_01 53:41

Now I do everything max cash value. Awesome. So, like everything I've ever done, it's just okay, let's get the most cash value, least amount of insurance, and make sure that there's enough money in this thing to perform.

SPEAKER_02 53:51

Yep. The only thing I warn agents when you do that, you're not gonna get paid on the full comp.

SPEAKER_01 53:56

Yeah, but dude, don't do this. Yeah, do the right thing and you'll have customers coming in forever. But if you make a decision just to make more comp. I've just I've gotten a lot of calls. I know, but dude, get over it. Yeah, like this industry is amazing. If you made a little bit less comp, who cares? You'd sell a lot more policies to make sell a lot more policies.

SPEAKER_02 54:18

Um yeah, so uh back to index accounts. I think we have the best index accounts. The balanced uncapped is is nuts. It's 76% equity exposure, right? It's uh it's uncapped on the upside. So if the mar if it returns you know 20, you get 20, and it's 113 par rate. All of our indexes on here just got a raise in the illustrated rate we can do. So what's that mean? It means we performed well. Not every company got a raise on their indexed rates. Right? So uh I I think right now we have some of the best ones out there.

unknown 54:56

Yeah.

SPEAKER_02 54:56

The balanced uncapped is currently my favorite. The SP, though, right now, is gonna illustrate at the highest rate. Yeah. As of the 20 the 20.

SPEAKER_01 55:06

Now, why can't I just go do this? What do you mean? Why can't I take my money and and do this investment strategy with zero floor?

SPEAKER_02 55:14

Uh I mean you can you can do this.

SPEAKER_01 55:16

I just don't get it. You're telling me there's a way to invest, and you you can't lose, and you can make seven, eight, nine, ten, twelve percent as an individual. Yeah, I mean you you're getting it, it's an insurance policy. Uh no, no, no, but I'm saying outside of insurance. Why can't I just go do it myself right now?

SPEAKER_02 55:34

Yeah.

SPEAKER_01 55:35

I mean because we don't have access to stuff insurance companies have access to.

SPEAKER_02 55:39

We're we're buying all this stuff in bulk. So we're getting all these, all you know, you can get it in you can get a similar strategy inside of an annuity, right? Where the insurance company is buying all these options in bulk. Uh the problem is you can't just go and and get all these options on the open market. That's what I want to do myself. Yeah. I mean, I guess you could learn to be an options trader and and have a you're gonna lose a lot more first before you start making money, right? We have guys who this is all they do, this is their whole job is to watch the options market.

SPEAKER_03 56:07

Yeah.

SPEAKER_02 56:08

And it it's worth you just having them do it 100% versus you know, you going out and doing whenever I try and trade on my own.

SPEAKER_01 56:17

How dangerous is it? Options for someone who doesn't know what they're doing.

SPEAKER_02 56:22

Options are pretty binary. You either make a lot of money or you lose it all.

SPEAKER_01 56:27

Crazy.

SPEAKER_02 56:28

You know, uh typically when I do it myself, I lose it all.

SPEAKER_01 56:31

Dude, so when I was making money, uh, when I first started making money, there was this company called Sun Edison that I I got like a brokerage account for or something. Yeah. I'm like, oh, this looks like a good idea to buy. So I start buying like two grand a week. I'm like taking commissions and buying, buying, buying, buying, which is a lot of money for me.

SPEAKER_03 56:52

Yeah.

SPEAKER_01 56:52

And then like it gets the value gets like cut in half.

SPEAKER_02 56:56

Oh.

SPEAKER_01 56:56

Okay. So I'm like, I've I've seen this in movies before. Let's buy more.

SPEAKER_02 57:01

Okay. Buy the dip.

SPEAKER_01 57:03

So I start buying more and more and more and more, dude. Then it gets cut in half again. Like, dude, if they make it out of this thing, I'm gonna, I'm just gonna keep buying it. Bro, they filed bankruptcy.

SPEAKER_02 57:15

No, it went down to the city.

SPEAKER_01 57:17

Like all this stuff came out about how they had no money and it was all BS and they were trying to force a sale to somebody and they just filed bankruptcy. I never got a dollar out of it.

SPEAKER_02 57:27

Yeah.

SPEAKER_01 57:28

So I have not done any, I've not picked any stocks myself since then.

California Launch And Illustration Walkthrough

SPEAKER_02 57:33

I stick to ETFs. I don't I don't mess around with individuals. I've I've had bad experiences myself. So um, all right. Uh to get here, right? You agent home, and then you click on FE Express, F I UL Express. We we're launching California for this. Is no one knows this yet. This is uh we're telling your show first. Um, we're launching FFIUL Express in California on 325.

SPEAKER_03 57:59

Okay.

SPEAKER_02 58:00

So next week, California is going live. Obviously, that's a huge state for IULs, tons of people there.

SPEAKER_01 58:06

Um, yeah, it's gonna be. Dude, you guys aren't live in California. You're gonna get so much business.

SPEAKER_02 58:11

It's not us. I mean, yeah, it's California just takes forever, right?

SPEAKER_01 58:14

Yeah, well, congratulations.

SPEAKER_02 58:16

Yeah, huge. And then always start when you get in here, start with Git quote. I don't know why a new application is also highlighted. Never click on that. That's gonna make everything confusing. Always start with Git quote.

SPEAKER_01 58:28

Okay, so never click on new application, never click on new app, always git quote.

SPEAKER_02 58:32

Okay, um, and then when you get in there, it's it's super easy, right? We got our three easy solves. You can solve for face, you can solve for premium.

SPEAKER_01 58:39

This is the biggest confusing thing. Like people come in here and they go, should I do maximized protection or maximize cash value? Yeah. What's the difference?

SPEAKER_02 58:50

So max protection is gonna be the minimum amount for the maximum amount of coverage, which usually has the highest potential of lapsing. Correct.

SPEAKER_01 58:58

But it it's it's usually used for older people, right?

SPEAKER_02 59:00

If they're if they're looking to just have a policy that will hopefully be around forever.

SPEAKER_01 59:05

Um possibly not.

SPEAKER_02 59:07

They might have to put more money in to keep it going, right? Um, depending on how how the everything returns.

SPEAKER_03 59:12

Yeah.

SPEAKER_02 59:13

But it's it's usually used for for older people who are trying to get more coverage. Max cash value is used when you're trying to stuff the most amount you can without turning it into a modified and dominant contract or a Mac. So we're putting we're putting the exact amount you can into it until you can't put any more in.

SPEAKER_01 59:31

Yeah. Love it.

SPEAKER_02 59:32

And then you have you one part to pay attention to down here, advanced options. Uh, you're gonna be using that quite a bit where you have to hit customize, and I'll show you that in a minute here. Uh, you can what we have a full illustration on you you can download. I recommend it. It has all the numbers, it's great to sell off of. Always download the full illustration, show it to the client. And then we have this beautiful graph. I'm a graph person, I always draw pictures for people when I'm explaining stuff. You can see how the death benefit and the cash value are just neck and neck as this thing's getting older and older. Um, that's great. That's what you want because that means that you're only paying coverage on the difference between those two lines. That's your cost of insurance.

SPEAKER_01 1:00:15

Love it. Oh, that's cool.

SPEAKER_02 1:00:17

Yeah, not the pink line, but the the green line.

SPEAKER_01 1:00:20

Now go to the guarantee. Okay, so the guaranteed and the non-guaranteed. The non-guaranteed is what? The what they believe it will do based off of historical.

SPEAKER_02 1:00:30

Correct. That's that's what we've earned the right to illustrate at based on our on our historical performance.

SPEAKER_03 1:00:35

Okay.

SPEAKER_02 1:00:36

And they take rolling 25-year averages, and they just every day they move it forward and do 25 years, and they average those all together, and then we get the right to guaranteed is if guaranteed is zero. Like the market does nothing, it just implodes.

SPEAKER_01 1:00:50

So, what would have to happen? Like literally the world ends.

SPEAKER_02 1:00:53

The world's on fire. You're hoarding golden bullets at that point, right?

SPEAKER_01 1:00:56

Like, but you have to show it.

SPEAKER_02 1:00:58

We have to show it.

SPEAKER_01 1:00:59

Dude, I always ran it to even make I try to make the guaranteed even look good. The way I'm the way I'm overfunding it.

SPEAKER_02 1:01:06

I'm gonna show you one here in a second that's that looks great. Um, you get mid-app approval, right? It'll also tell you if living benefits were approved at the bottom there. Pay attention to that because some clients will get approved, but not for living benefits. And then really, yeah, it'll tell you decline. Eventually, we're gonna have our decline for the IUL feed into the FE Express. So, hey, you weren't applied, you weren't approved for the IUL, but you were approved for for FE Express. Here's a hundred. Yeah, that's that's our goal. Um, here is what I want to talk about now, juvenile IUL and how to set it up.

SPEAKER_03 1:01:40

Okay.

SPEAKER_02 1:01:40

So uh on this one, I'm running a four-year-old. Okay. I'm running max funded, and then I do I'm running only pay to age 18, right? Your kid's out of the house, you're done paying. We're not gonna pay a penny more into this thing after that. And then I'm showing uh you you can switch the death benefit to increasing. That'll allow you to put the most money in. If it's level, it's gonna be a lot less. Okay. Like the the amount goes from$150,000,$150 a month to$468 when you just switch that death benefit over. All right, here are the numbers. Here's the meat and potatoes you can.

SPEAKER_01 1:02:15

All right, so every IUL has an illustration you can look at like this. And this is what you would show a customer. And this is it'll show guaranteed and non-guaranteed assumptions.

SPEAKER_02 1:02:27

Yep. So we have the we have the three of them, right? We have uh the the guaranteeds on the left here, then we have the blue, which is our midpoint, that's run at three and a half, and then uh the red here on the right hand side, which I think is is run at seven and a quarter.

SPEAKER_01 1:02:40

Okay. Right. Um how much is the death benefit? 250?

SPEAKER_02 1:02:44

Uh yes, it starts at 250, right?

SPEAKER_01 1:02:46

Okay.

SPEAKER_02 1:02:46

Um, so we're we're doing a max death benefit, max funded for a four-year-old. We're putting in 468 bucks a month, right? So 56.23 a year. We're doing it for 14 years. So from the from when they're four years old to when they're 18 years old. Probably something similar to what you have right now.

SPEAKER_03 1:03:04

Yeah.

SPEAKER_02 1:03:04

Right. We're looking at this right-hand column and those numbers, right? We're looking at it grow over here. We want to keep that as low as possible, that death benefit as low as possible, because that's what the charges are based off of. So the lower the death benefit, the more this thing is growing, right? We end up putting in$78,721 in this over that 14-year period. You'll see it goes to zero now. We're not putting in a penny more.

SPEAKER_03 1:03:27

Yeah.

SPEAKER_02 1:03:27

Right. If your kid is 34 years old at the bottom row there, they'll have, you know, according to this illustration, they'll have$286,000 in cash value that they can borrow from to, you know, uh buy a house, to buy a car, start a business, whatever they want to do. They have access to it, right? You taking a picture?

SPEAKER_01 1:03:48

I'm taking a picture of this signature on the wall. But yeah, I'm tracking. All right.

SPEAKER_02 1:03:54

Uh so what are our options? Like, what's the end game on this? The first thing is let's say your client just or your kid just doesn't touch it, or grandkid, whatever you want, doesn't touch it, 85 years old, they pass away,$7 million. They pass on. They've now created a family legacy, right? So you can just use it, not touch it, have a death benefit, play.

SPEAKER_01 1:04:16

All right, hold on. Go back to that. Yep. Okay, so I'm always looking at the worst case scenario. Okay. So I'm looking at the blue side.

SPEAKER_02 1:04:25

Well, that one, that one's gone. That one's like, but I want to see when does that one lapse? I don't, I'd have to pull up the I'd have to run the L stream.

SPEAKER_01 1:04:34

Well, scroll up because it's it's right there.

SPEAKER_02 1:04:36

You can't scroll up.

SPEAKER_01 1:04:36

It's not a it's a slide. Oh.

SPEAKER_02 1:04:39

Okay, but it lapses somewhere around somewhere between 34 and and 65.

SPEAKER_01 1:04:45

Okay, so let's say 60. Yeah. That's so worst case scenario, if if the world ended.

SPEAKER_02 1:04:51

That's straight zeros. They've never seen a a positive market.

SPEAKER_01 1:04:55

Mid-cap the the middle one is in the middle of zero in the surrender in the in the assumed 25-year look back.

SPEAKER_02 1:05:05

So it's a static 3.5% every year.

SPEAKER_01 1:05:08

Okay. So if you made a minimum of 3.5% every year, these would be the numbers. And these numbers, you'd you'd have a death benefit for 78 grand, even in your 90s, you would have 584,$548,000 death benefit and$542,000 of cash value that you can loan from, or you could just cash in and be like, yo, I'm I'm 94. I'm gonna spend, I'm gonna go blow this 94 grand and have some fun.

SPEAKER_02 1:05:35

Go come to Vegas.

SPEAKER_01 1:05:36

Yeah, come to Vegas. They will spend, they will help you spend.

SPEAKER_02 1:05:39

They'll take it a day.

SPEAKER_01 1:05:40

Now, if it does what you think it will do, there's six million nine hundred and fifty dollars in there at age 81. Now, IULs came out about what in the in the 1997, Trans America created the first IUL.

SPEAKER_02 1:05:54

Before that, there was just universal life policies where you know you got credit the the dividend from the general account. Um, and we just decided, hey, let's index this, let's do the cap and floor strategy, and we'll create the index universal life policy. And now, really, there's hardly any universal life policies sold at all. It's all IULs.

SPEAKER_01 1:06:15

Okay. Um now, what is I I would like to see the most successful IUL that was taken out in 1997.

SPEAKER_02 1:06:25

I would too.

SPEAKER_01 1:06:26

Well, it's some carrier needs to fork it up. It's us. Well, find it. Can you find it? Let me let me see what I can do. Because, like, dude. Take off all the client information and and say this is a real life example. Yeah. Of someone that was 36, they spent X amount of thousands. This is what they're Account has now.

SPEAKER_02 1:06:46

Yeah. I will bring it next time I'm on the if you have that, bro.

SPEAKER_01 1:06:50

That'd be nuts.

SPEAKER_02 1:06:51

Yeah. I mean, we'll have the longest track record of anybody with one.

SPEAKER_01 1:06:56

All right. So let's say somebody says, I don't want to pay for whole life. I'm 80 years old. My next question is going to be well, would you like to get this for your grandkids? Let me show you what this juvenile IUL with Trans America looks like.

SPEAKER_02 1:07:12

Yeah. Yep. They can be the payer on it. Um, they can't be the owner. So the owner needs to be a parent or legal guardian.

SPEAKER_01 1:07:20

That's fine.

SPEAKER_02 1:07:21

Yeah. But I've had that come up a couple times.

SPEAKER_01 1:07:24

Oh, you have? Yeah. Because Mutual of Omaha Children's Whole Life, the grandparent can be the owner. You just list the date of birth and the names of the all the kids on there on one sheet and write your app, which is pretty awesome.

SPEAKER_02 1:07:36

Yeah. So for us, they have to be the they can be the payer, not the owner.

SPEAKER_01 1:07:39

Which can get kind of annoying signing if the grandma wants to pay, the parents, the owner.

SPEAKER_02 1:07:45

But a whole life is not going to perform like this.

SPEAKER_01 1:07:48

No, yeah, for sure.

SPEAKER_02 1:07:49

It's not, it's not even going to touch it. So what so first we we got this example where the death benefit, right, uh$7 million at$85. But what if they don't want to wait to take it? I want to give my kid options. I want them to be able to retire early or or supplement their Social Security. Here's the same situation, right? Same funding method at 67. They're taking out$177,000 for like 20 years here, and they still have a death benefit of uh$385. They put in$76,000. They've taken out$3.4, almost$3.5 million in this situation. They had a great retirement and they passed on some money still.

unknown 1:08:34

Right?

SPEAKER_02 1:08:34

So you're giving your kids this option here. Supplement their Social Security.

SPEAKER_01 1:08:39

Now on this one, it's showing laps at age 68 on the 3% part. Correct. Is this a max overfund policy? It is, yeah. It is max funded.

SPEAKER_02 1:08:50

Oh, these are max funded, yeah.

SPEAKER_01 1:08:51

Dude, so I just did a second to die uh survivorship policy.

SPEAKER_02 1:08:59

Okay.

SPEAKER_01 1:09:00

Which people with money need to have. Because usually people that make a lot of money spend a lot of money.

SPEAKER_02 1:09:06

Yeah.

SPEAKER_01 1:09:07

Also, if they make a lot of money, they have inheritance taxes. Correct. Uh, and this is a tool that if you know someone that does well, they need to look at IULs for multiple reasons, but that would be one of them.

SPEAKER_02 1:09:21

We use we have a guy named Trey Fairman on staff, and he is the smartest person I know. He's the smartest person in the industry. Uh, if you have a case that's large, high net worth, bring me in, I'll bring Trey in and he will talk to the accountant. He'll talk to the lawyer. He is a lawyer himself, so he he talks to all these people all the time, and he will close the case for you, pretty much.

SPEAKER_01 1:09:43

Yeah. Well, I tried to do it with you guys, but you guys don't have the survivorship plan anymore. No. Yeah. Um, but dude, I ran the illustration to where it showed on the guaranteed side because it's like 600, it's 65,000 a year for 10 years. Okay.

SPEAKER_02 1:10:03

Okay.

SPEAKER_01 1:10:04

It's a seven, it's a little over 7 million dollars of of permanent coverage, and the guaranteed side runs to like age 100. Love it. Because I'm like, dude, I'm not putting in this money and possibly having if if uh the world ends and everything's on fire, I still want that thing to pay.

SPEAKER_02 1:10:26

I mean, I don't none of these scenarios are ever gonna happen. I don't care. If the zero's never gonna happen, the three and a half is never gonna happen, the seven's never gonna happen. It they're all hypotheticals just to show what could happen, right?

SPEAKER_03 1:10:39

Yeah.

SPEAKER_02 1:10:39

Um, our if you're never gonna have a static seven percent every single that's like Bernie Madoff stuff, right? It it's not how markets work. You're gonna have an up year, down year, up year, down year.

SPEAKER_01 1:10:51

Big up year, down year, big up year.

SPEAKER_02 1:10:54

So it's and especially with these index cap and floors, you don't get hit with these big down years, so you reset that spot, and then an up year hits, and you get a great up year, right? That's the beauty of the index, is a down year doesn't affect you, you don't take a loss, and then the next year comes back and roars past you.

SPEAKER_01 1:11:11

Well, I had just uh got into like buying stocks a few years ago, and there was like a crazy down, like everyone was getting hammered. And uh I was telling Clay, the dude that manages everything for me, like, bro, why don't I just sell? And he's like, if you sell, you miss the big upswing you're locking in the loss, and then you're really screwed. So you just gotta ride that thing, ride it, yeah, and enjoy it.

SPEAKER_02 1:11:41

And that's that this is gonna allow you to ride it and and take away all that downside risk.

SPEAKER_01 1:11:46

The other interesting thing is uh okay, so what 5013b is that a kid's um a children's uh investment account for college?

SPEAKER_02 1:12:04

Oh, that's a uh uh 429.

SPEAKER_01 1:12:07

529 529. Sorry. Okay, so we got it together. Yeah, I set these up for my kids. 529 plans, okay. My son is two years older than my daughter.

SPEAKER_02 1:12:19

Yep, okay he how much more is in there for her?

SPEAKER_01 1:12:23

My daughter, two years got it two years later, has more money in hers.

SPEAKER_02 1:12:28

Really?

SPEAKER_01 1:12:29

Because he got hit with a few of the big down years, yeah. And so she didn't get hers, didn't get hit, so hers is outperforming his big time.

SPEAKER_02 1:12:41

Mine are the opposite. My my daughter's 18 months older, 20 months older, and hers is thousands above because yeah, the market just hit right for hers versus his.

SPEAKER_01 1:12:52

Now, this is also a good topic because people like to argue what's better. They go, is a is a 529 plan better than an IUL, better than a 401k, better than a raw thyra? And my answer to everybody is I think they're all awesome. Yeah. And having a little bit of everything is not a bad idea.

SPEAKER_02 1:13:10

Totally agree. And it really depends on your circumstances, too.

SPEAKER_01 1:13:13

Yeah, right.

SPEAKER_02 1:13:14

If if your company is matching your 401k, it's hard to say no to that match.

SPEAKER_01 1:13:18

100%.

SPEAKER_02 1:13:18

Right? Like uh, I have a hard time not funding to the match.

SPEAKER_01 1:13:22

Well, the other thing is this is an insurance product, it is not a retirement account, it's not an investment, it is it can be used as a retirement uh supplementing account. Because you can use the cash value, correct.

SPEAKER_02 1:13:37

But really, is it I mean a max funded policy, it can do a lot of things. It's not just you're not just keyhold into one into a death benefit, right? You can you can like the next example here, we show you you're you're retiring early and you're taking out money early from it. You retire at 55 and take out money until you hit 67. You can do whatever you want to with this, and that's kind of the beauty of it. You have options as long as you fund it correctly up front, you have tons of options of what to do in the future. So just by funding it now and funding it early, you're setting your kids or your grandkids up for success. Which which you're doing for your kids. I mean, I I might not even tell them about it.

SPEAKER_01 1:14:19

Unless they're bad kids, I'm gonna cancel all of it.

SPEAKER_02 1:14:23

Just suck all the cash value out.

SPEAKER_01 1:14:24

I'm gonna take the cash value. I'm gonna get the retirement accounts and go on vacation with my wife.

SPEAKER_02 1:14:30

There you go.

SPEAKER_01 1:14:31

But if they're good kids, then they're gonna they're gonna be set.

SPEAKER_02 1:14:35

And we never know when when our kid might become uninsurable as well, too.

SPEAKER_01 1:14:39

Facts, dude.

SPEAKER_02 1:14:40

So now you set them up if if they ever need a a buy-sell, uh, if they need to back a bank loan for someone else.

SPEAKER_01 1:14:47

When they have a kid, yeah.

SPEAKER_02 1:14:49

When they have a kid, yeah, you got insurance.

SPEAKER_01 1:14:52

Yeah, that's probably one of the strongest selling points you just told me. Get your kids covered because if they are not insurable, then their kids will still have a dad that has life insurance.

SPEAKER_02 1:15:04

Yeah, that's permanent coverage.

SPEAKER_01 1:15:06

That's good. What else you got?

SPEAKER_02 1:15:08

That's it, man. That's I we went through. I kind of loved how we went back and forth throughout the whole slide. I've never done it like that before, and it was cool to to see.

SPEAKER_01 1:15:16

Well, slides suck. Slides do suck. Like they're so boring.

SPEAKER_02 1:15:19

I'm sorry I brought them.

SPEAKER_01 1:15:20

No, but they these ones were awesome. But generally, if someone's just going through slides, I'm falling asleep.

SPEAKER_02 1:15:26

Yeah, for sure.

SPEAKER_01 1:15:27

All right, I want to bring up one last thing.

SPEAKER_02 1:15:29

Okay.

SPEAKER_01 1:15:29

Okay. I'm gonna quiz you. Did you ever sell life insurance?

SPEAKER_02 1:15:32

No, never.

SPEAKER_01 1:15:34

Uh-uh. Are you licensed?

SPEAKER_02 1:15:35

Yeah, oh yeah.

SPEAKER_01 1:15:37

Okay. I'm gonna give you an objection. I actually want you to run a real quote and we're gonna pretend like I'm a 75-year-old.

SPEAKER_02 1:15:45

Okay.

SPEAKER_01 1:15:46

And you're gonna run a quote for me. Do you know how to run a quote?

SPEAKER_02 1:15:49

I I can't run a quote on Fie Express. Why not? It's they're against the rules. They didn't give me access to it.

SPEAKER_01 1:15:58

Drew, can you run a quote on Integrity Connect?

SPEAKER_02 1:16:01

Like if I go to Agent Home, I don't have the FE Express tab that you guys have to run a quote.

SPEAKER_01 1:16:08

Alright. It's nuts. We'll do hypothetical.

SPEAKER_02 1:16:11

Okay.

SPEAKER_01 1:16:12

How much do you think a$20,000 policy would cost for a 75-year-old male?

SPEAKER_02 1:16:18

Uh I think it's probably uh annually, it's probably a$20,000 policy.$2,500?

SPEAKER_01 1:16:38

Okay,$2,500. Okay. I'm gonna give you an objection. Okay. You're selling me this policy. Yeah. And I'm gonna say, dude, I'd put$25,000 in that in 10 years. Yeah. Why would I give you$25,000 in 10 years for$25,000?

SPEAKER_02 1:16:53

How much have you saved up till now?

SPEAKER_01 1:16:56

I don't know.$2,000.

SPEAKER_02 1:16:59

It it doesn't seem like you're on a great track record to get this going, right? We got you covered now for the next 10 years, right? You don't have to worry about anything. We got you covered at at the full 20 years.

SPEAKER_01 1:17:10

I paid$30,000 for$20,000.

SPEAKER_02 1:17:13

That is correct. If you want to self, if you want to just save, you can, right? You're not covered for the next five, 10 years. You're 75 years old right now, right?

SPEAKER_01 1:17:21

Yeah.

SPEAKER_02 1:17:22

What's the average lifespan in America?

SPEAKER_01 1:17:25

72, but I'm not average.

SPEAKER_02 1:17:27

So you've already beat that. You think you're gonna live to be 100?

SPEAKER_01 1:17:31

Probably.

SPEAKER_02 1:17:31

You might. You might. And and you might lose this. You might come out on the on the other end. But chances are that we're gonna come out of pocket on this one. The insurance company has greater risk on that, and that's why it's priced this way.

SPEAKER_01 1:17:44

All right. So I'm gonna give I'm gonna tell you.

SPEAKER_02 1:17:47

I'm not an agent, man.

SPEAKER_01 1:17:48

No, no, that was good, honestly. You should be an agent. I think you should switch. Would they be pissed if you switch to work with us?

SPEAKER_02 1:17:57

Would they be pissed? I I love working with you guys.

SPEAKER_01 1:18:00

All right, so I'm gonna tell I want to share this with everybody because this changed my whole career. This one thing. Okay. Okay. Because that stupid objection. Yeah. Well, in 10 years, I'm gonna put that amount. Why would I do that? That's stupid. Sure. And then I'm getting, I'm I'm arguing with them.

SPEAKER_02 1:18:18

That's how it came off when I said exactly.

SPEAKER_01 1:18:20

Yeah, yeah. So this is tell me what you think about this. All right. All right. So I'm gonna go, okay. I see what you I see exactly what you mean. And let me tell you how this makes sense, okay? So if we get you this policy, and if God forbid something happened to you tomorrow, you would have made one payment and they're gonna pay$25,000.

SPEAKER_03 1:18:40

Yeah.

SPEAKER_01 1:18:40

If something happened to you in a year, you would have paid$2,500 and they're gonna pay$25,000. But let's say something happens to you in year 11 and you actually pay more than the policy's worth. Okay. Yep. So now year 11, you paid$27,500 and the policy is worth$25,000. So you paid$2,500 over, right? Yeah. Well, let me let me break it down to you like this. I'm gonna need my calculator. So if you were to take that$2,500 you paid over, and you were divid to divide that by 12, and then you were 12 months, and then you were to divide that by 11 years, you would you would be paying$18 a month to ensure that the$25,000 is there tomorrow, in two years, in five years, and so on. I love it. If you were to die in the 12th year, we're looking at basically$36 a month, dude, to make sure this is here no matter what.

SPEAKER_03 1:19:46

Yeah.

SPEAKER_01 1:19:47

13th year, uh$59, whatever it is.$59 a month. What do you think about that?

SPEAKER_02 1:19:54

I I think it's great.

SPEAKER_01 1:19:55

Bro, I've used that hundreds of times, and it actually legitimately makes sense to me.

SPEAKER_02 1:20:01

I did get that the other day from an agent. So um I appreciate you giving me that.

SPEAKER_01 1:20:07

Well, now you should come sell life insurance.

SPEAKER_02 1:20:09

Now I know how to answer it.

SPEAKER_01 1:20:11

All right. If you need a place to work in life insurance, hit us up. We can help, we can get you with the team in your area. We can help train you, we can get you set up with Trans America on these awesome products. Oh, yeah. Um, so Steve, our team did 40 million 375,000 of issue pay premium last month. Wow. So I'm putting it out there that we're gonna be the first team in the industry ever to hit a billion dollars a year because I think we could do that.

SPEAKER_03 1:20:40

I believe it.

SPEAKER_01 1:20:41

Is there anybody that's now we're not even talking about an IMO? We're just talking about a team within an IMO.

SPEAKER_02 1:20:46

Yeah, is that ever even you are the largest agency owner on the planet?

SPEAKER_01 1:20:52

I like that. Drew, clip this. All right, you the man, bro. Thanks for everything you do. Hit us up if you need help, and we hope you guys enjoyed this. Thanks for joining.

SPEAKER_02 1:21:03

Thanks.