Your Family Bank

Discussion in 'Life Insurance Forum' started by FBN, Apr 10, 2013.

  1. FBN
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    FBN Super Genius

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    Anyone familiar or part of this agency that promotes this concept? Its run by Larry McClean. Any positives or negatives of getting involved?
     
  2. benmay
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    benmay New Member

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    Larry is a great guy, very ethical, and has a great marketing strategy. His agency is partnered with ECA Marketing. If you haven't already, attend one of his webinars for more information. To get involved he requires you to attend one of his boot camps (a two day event) which is free of charge. I went to the one in Atlanta, GA which was excellent.
     
  3. FBN
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    FBN Super Genius

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    Are you currently contracted with Larry? I watched the webinar and am intrigued. How are you doing with the program? It sounds similar to Bank on Yourself or Nelson Nash's program. Can you give more details? Thanks
     
  4. Agent Ben
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    Agent Ben Expert

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    Is this the Infinite Banking concept that uses whole life cash value?
     
  5. xrac
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    xrac Guru

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    That is what it sounds like.
     
  6. pfg1
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    pfg1 Guru

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    So I am bumping this old thread.

    Anyone using this program? If so, do you know what software they uses for debt elimination, or how that part works?

    I've seen an intro to this program... and its a marketing system built on Nelson's be your own banker concepts. Which is fine. But they require you to go to a training to learn more about the actual system and its workings... unlike most other selling systems that will demo all you want, so you can see what it is and how it works PRIOR to signing up or attending a training ($250).

    I love the concept of using max funded wl... and have used it for years. Just more interested in seeing how their particular system lays things out for clients, and if its something that could be worth it or not.

    Any info would be appreciated, especially if you are using their system. Thx
     
  7. adjusterjack
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    adjusterjack Guru

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    It's a marketing tool for selling cash value whole life insurance. Doesn't look any better or any worse than any other marketing tool.

    http://yourfamilybank.org/
     
  8. pfg1
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    pfg1 Guru

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    Yeah I know what it is and how it works in general, was wondering more about the specifics of it, and if anyone has personal experience with the system.
     
  9. scagnt83
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    scagnt83 Worldwide Expert of Everything

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    Cash Value Life Insurance doesnt need a "system" to be sold. Things like that over complicate whats already a complicated product.

    Ive seen Nelson Nash speak in person, read the book, read the copy-cat books, etc. Dont waste your valuable time.

    Im one of the biggest supporters on this forum of using WL and IUL for its Cash Value. But I am 100% against using "systems" to sell or market the product. I have seen disastrous results for people who bought into those "systems"... with all the promises that are made, the ones who buy into it are often desperate and/or ignorant people... which do not make for good clients. And the clients rarely actually know how the policy works because all the focus is on the "banking system".

    Sell it based on its basic features:
    - Guaranteed Returns
    - Historical Returns similar to Bonds
    - Tax-Free Access to your funds with no age restrictions
    - 50%-100% more left over for your loved ones

    If they are a true WL/IUL prospect that is all you need. The agents who sell millions in WL or IUL each year dont use systems. They sell the product based on its features and what it does. If you need some complicated system to make the sale, they werent a real prospect to begin with.

    jmho
     
  10. DHK
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    DHK I Am Not Your Guru

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    I disagree, but only slightly. Systems can be good 'training wheels' to help agents be more effective communicators of various concepts (which is what Insurance Pro Shop teaches), but I don't like being dependent upon them. As Scagnt83 said - those that sell this concept, don't need a system to do it. They've learned the ways to communicate it in a simple way so that the right prospects that should understand it, do understand it.

    Since Infinite Banking is about borrowing/repaying loans against life insurance to preserve the lifetime compounding growth of the cash values... just compare/contrast it to what they should already know: 401(k) loans.

    401(k) loans:
    - repaid with after-tax dollars (to be taken back out fully taxable in retirement)
    - Original balance is reduced by the amount of the loan
    - Limited to two kinds of loans at a time (personal & residential)
    - Must be repaid in order to borrow again
    - Subject to market fluctuations

    WL/IUL Loans:
    - Still repaid with after-tax dollars, but an income tax-free cash flow in retirement
    - Original balance NOT reduced for purposes of dividends (non-direct recognition WL or variable loans on IUL)
    - Can have as many outstanding loans as you have available cash values
    - Does not require repayment to borrow against available cash values
    - With Fixed life insurance (WL/IUL) there is no stock market fluctuation to original balance.

    The biggest downside with WL/IUL, is if you cannot maintain the policy and the policy implodes. That would cause all outstanding loans to become income taxable in the year the policy implodes (that's a problem).

    Btw, I keep looking at that site - and while it's generally well designed, I don't see "a system" being promoted on it.
     
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