Best IUL Training? Help Please.

[benseattle]

I'm an independent producer, formerly with AFLAC, now selling employees well-received tax-free life/Roth IRA retirement product . However, lately owners of these businesses have been asking, "Well, what can you do for me?" Obviously, they make too much money for a Roth so an IUL seems to be the obvious answer.

I've read the books from Patrick Kelly but since I'm not affiliated with an agency, training is hard to come by. I'm writing you because I need to know where can I go for training that will help me become fully informed regarding IUL's as a retirement vehicle. Books, seminars... an educational website, perhaps?

Many thanks for your help and consideration.

 

[Justin Bilyj]

I have found two sources that are great for IUL information. The first is from Doug Warren. He has a 4 book series, Annuity Strategies, Roth IRA's, IUL, and Synergy (a combination of the three to lower taxable income and potentially increase social security in retirement). His IUL book is small but good, has scripts or talking tracks to convey the idea of an IUL to a client.
Another good source is Brandon's Blog The Insurance Pro Blog | Life Insurance Information from Professionals

 

[Norwayguy]

I'm an independent producer, formerly with AFLAC, now selling employees well-received tax-free life/Roth IRA retirement product . However, lately owners of these businesses have been asking, "Well, what can you do for me?" Obviously, they make too much money for a Roth so an IUL seems to be the obvious answer.

I've read the books from Patrick Kelly but since I'm not affiliated with an agency, training is hard to come by. I'm writing you because I need to know where can I go for training that will help me become fully informed regarding IUL's as a retirement vehicle. Books, seminars... an educational website, perhaps?

Many thanks for your help and consideration.

Not to beat the obvious but what about a 401k either traditional or Roth?

 

[benseattle]

<< Not to beat the obvious but what about a 401k either traditional
or Roth? >>

Not to begin a debate here (everyone has opinions) but personally I'm not high on the traditional 401(k) plans because of the fact that:

A) they're linked to a volatile stock market
B) they continue to conceal high fees
C) the income is taxable once withdrawals begin.

I don't want to be the agent who promotes a Retirement vehicle that can drop precipitously overnight.

Many business owners are simply ineligible for a Roth IRA due to income. For 2014 that's $181,000 or above.

 

[Norwayguy]

<< Not to beat the obvious but what about a 401k either traditional
or Roth? >>

Not to begin a debate here (everyone has opinions) but personally I'm not high on the traditional 401(k) plans because of the fact that:

A) they're linked to a volatile stock market
B) they continue to conceal high fees
C) the income is taxable once withdrawals begin.

I don't want to be the agent who promotes a Retirement vehicle that can drop precipitously overnight.

Many business owners are simply ineligible for a Roth IRA due to income. For 2014 that's $181,000 or above.

All three you examples while true in many cases is actually wrong. It is possible your clients can:
A. Have options outside the market.
B. Yes they have fees nothing wrong with fees if disclosed and those fees can accomplish the owners objective.
C. I hope you realize the owner can create a Roth 401k.

Having said that have you reviewed the owners complete employer sponsered retirement plan options?

 

[benseattle]

All three you examples while true in many cases is actually wrong. It is possible your clients can:
A. Have options outside the market.
B. Yes they have fees nothing wrong with fees if disclosed and those fees can accomplish the owners objective.
C. I hope you realize the owner can create a Roth 401k.

Having said that have you reviewed the owners complete employer sponsered retirement plan options?

Sorry, Mr. Norwayguy, but as I said in my original post, I am NOT seeking to debate this issue. The purpose of my post was to seek out training and education regarding IUL's. Nothing more. If you can help, please share. If not, best regards to you.

 

[Norwayguy]

Sorry, Mr. Norwayguy, but as I said in my original post, I am NOT seeking to debate this issue. The purpose of my post was to seek out training and education regarding IUL's. Nothing more. If you can help, please share. If not, best regards to you.

I am not attempting to debate you....Maybe I am misunderstanding the words you said the owner asked you..."What about me" or something to that effect sounds like he wants something for retirement Yes you can use an IUL set to max fund under option B then switch to option A once contributions cease.....I just wanted you to realize there are other options.

 

[scagnt83]

I am not attempting to debate you....Maybe I am misunderstanding the words you said the owner asked you..."What about me" or something to that effect sounds like he wants something for retirement Yes you can use an IUL set to max fund under option B then switch to option A once contributions cease.....I just wanted you to realize there are other options.

Peter, you know that I am one of the most enthusiastic supporters of IUL for cash value around this board.

But those business owners most definitely need a 401k! Not just a 401k but profit sharing too.

Then if they want to go over $50k they can add on a DB plan and do a couple hundred thousand if they want to.

And if it is a small business (obviously he is dealing with smaller businesses because most large ones need a 401k to remain competitive in recruiting) the shareholders can have up to over 90% of the total contributions go to them.

When your dealing with a 40% tax bracket, it is hard to beat an immediate 40% advantage vs. after tax..... not to mention you could actually bring them down out of the top brackets of 35% & 40%, down to maybe a 28% or 25% bracket.

The money going into the DB plan could get a 55% advantage. (pre fica)

Not to mention he could still use IUL for the owner inside both the 401k and the DB (for part of it at least).

Combine the tax deductions with a simple group fixed annuity paying 3% and it will beat the after tax IUL hands down. Especially if the deductions get them into a lower tax bracket for the rest of their income.

The agent is really missing some huge opportunities by not listening to you.

 

[Cornelius]

Check with Brokers Alliance.

The Business Insurance Zone

 

[drbsells]

BenSeattle check out this outfit called Uniquewriters. Call and ask for Eric. People on here might try to talk trash, but the have a guy there that really knows his IULs and he gets you trained and he will answer any and all questions.