Your Family Bank

[scagnt83]

Take a loan out against what?
Let's assume you can take out a loan in 10 days.
If you are paying on a monthly basis, cant be much of a loan.
If you purchase a paid up adds rider, there is a sales charge attached to it.
If you borrow against it, you are paying interest.
Why not just use that payment to pay down your debt?

Loan arbitrage (assuming there is one)

 

[Allen Trent]

This can be complemented with the client's report that in just days or months they can begin to pay the debts through the compound interest generated within the policy in a guaranteed manner.

How much compound interest can there possibly be after 10 days? I would also ask how much the load fee was on the PUAR? IE: If I put $1,000 in the PUAR, did $1,000 make it into the PUAR value or did it have say a 5% or 8% load & only $920 made it into PUAR (if that is the case, doesnt seem like compound interest is working how I have always seen compound interest work.)

PS--their website shows no such rider called "Accelerated Growth Rider". Did they provide you with something that said this in writing or is that just what the rep has come up with as his nickname for the FLex Pay PUAR rider? Riders - Mutual Trust

 

[isaias]

PS--their website shows no such rider called "Accelerated Growth Rider". Did they provide you with something that said this in writing or is that just what the rep has come up with as his nickname for the FLex Pay PUAR rider? Riders - Mutual Trust

From his definition that I qouted on my original post, it's a name that he made up for the PUAR. That's why I was very confused. And from the same definition, I'm not sure he understands how PUA works either.

 

[Todd King]

Another problem with Your Family Bank is that they pretty much demand that you attend their training, which is not free. Neither is the "system" (maybe a certain crm) that you have to pay for monthly. A guy by the name of Larry is behind it all. I can tell you, from my experience, he is a complete racist ass. (I get the racist part from other agents that I've talked with).

 

[isaias]

Yes, they call it a bootcamp and want you to fly to Florida for it. And it costs $250 to take the course. But you can opt to take it via zoom also.

An agent I work with had already paid for the zoom class and he was nice enough to let me sit on it too. I wasn't impressed.

Don't remember who it was but I'm guessing it was Larry. Started with a very much MLM-like presentation. He went on for 45 mins about how he used to drive a Yugo, but after working the system he now drives a Rolls Royce. Not very exciting presentation when he had to stop after every phrase so that the translator could repeat it in spanish.

The monthly subscription is for the financial planning software. It's supposed to calculate when to take out the loans. All to accelerate the debt elimination.

You can do a one payment of several thousand dollars too. I don't remember the exact price. But it was only mentioned at the end of the two day class. From what I hear (I was only able to take the kool-aid for a couple of hours) many of the agents were very upset about it. Apparently, some that flew to Florida didn't have their license yet either.

After several emails, the recruiter did admit to making up the "accelerator" rider, PUA doesn't sound very exciting in spanish.

 

[PrivClientSG]

I think that any system -- LEAP, Infinite Banking, whatever -- that is used to create a sale can be very damaging. That's a sales system. I've also seen sales systems designed and disguised as "planning" systems. However, I think the knowledge, concepts, methodology, etc., inside those systems -- the content vs. the context -- can be very helpful and very valuable.

Many years ago, on the recommendation of a friend, a guy in my study-group, I took LEAP. My friend was a top practitioner, did high quality work, planning, etc. He recommended I take LEAP not to use as a selling system, but to see and learn a very different perspective on life insurance, the utilization of life insurance, non-traditional uses of life insurance, life insurance as an asset, and so on. So I did. Now, Bob Castiglione, the founder of LEAP, is considered by some to be "not a nice guy." I've heard people say he's mean, nasty, arrogant, etc. I've heard others say he's a wonderful, a great guy, etc. Personally, I couldn't care less. Here's what I will say about him -- he's a brilliant guy, and he's done more for life insurance professionals and the industry than anyone else I've ever met in this industry. I don't "use" the LEAP system as a selling system, but many of the concepts I learned from him, I use in my practice today.

I did the same with the Infinite Banking system (Be Your Own Banker) and Nelson Nash. I would never "use" his system to "sell" or "place" life insurance, but some of the concepts, generically, had some basic practical application in the life insurance as an asset (class) arena.

That said, a system, and more important it's concepts, can be very valuable. However, a system, misused and used simply to "sell" a product can be very dangerous. JMHO.

 

[marindependent]

How much compound interest can there possibly be after 10 days?

I am not sure why - but this simple question is a terrific one and demonstrates the sheer absurdity of some of the tactics used to peddle life insurance products. I love love love this comment.

 

[Allen Trent]

I am not sure why - but this simple question is a terrific one and demonstrates the sheer absurdity of some of the tactics used to peddle life insurance products. I love love love this comment.

Man, I should get multiple like counts for that instead of paltry 1 count on the leaderboard

 

[Tahoe Ray]

I am not sure why - but this simple question is a terrific one and demonstrates the sheer absurdity of some of the tactics used to peddle life insurance products. I love love love this comment.

Maybe it's like a payday loan.

I'm pretty sure that you'd have a lot of interest over 10 days from one of those.

 

[Allen Trent]

Maybe it's like a payday loan.

I'm pretty sure that you'd have a lot of interest over 10 days from one of those.

I think you just created a new strategy. Put money in life policy, loan it out to people on pay day lending. would be some massive arbitrage.

Tahoe Usury Roulette Design (The TURD Plan)