Your Family Bank

Apr 10, 2013

  1. SamIam
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    SamIam Guru

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    Someone told me you also have to purchase their software license for $4100.00 which is good for 18 months
     
    SamIam, Jun 4, 2018
    #21
  2. DHK
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    That's outrageous! (And yes, I did a search to try to see what it would do.)

    Software – Your Family Bank

    And I just wanted to bump up some other thread rather than the thread a certain "ignored poster" had started.
     
    DHK, Jun 4, 2018
    #22
  3. pfg1
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    Friend of mine has been to their training and is using this system now. I think its $3500 for the software or a little more if you make payments. About the same cost as any of the big software systems. (COW, LEAP, etc)
    It is apparently a very good system that utilizes perm ins (WL) as a tool to help them eliminate debt, and build their "bank" (CV) over time. I have not seen it in person.
     
    pfg1, Jul 3, 2018
    #23
  4. SamIam
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    SamIam Guru

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    Something I don't understand is if the policy is earning 4% lets say and interest rates jump up to 7% in two years. When you take the loan out to pay something off your losing money because your loan rate is higher 3% higher in that situation. Am I missing something?
     
    SamIam, Aug 15, 2018
    #24
  5. DHK
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    Compared to what?

    We can actually use Guardian as an example because (last I checked) their policy loan rates are a fixed 8%. You can assume that the policy is only earning 4%. Definitely a negative spread.

    But you said you're taking out the loan to pay something off. If you're already losing money on a loan and you consolidate it with a life insurance loan... you wouldn't do that to make yourself WORSE off, right?

    But there is another reason why you may want to go ahead and pay the higher interest rate: non-structured, interest only payments. You set your own terms (which is good and bad). As long as you pay the annual interest each year, you don't HAVE to pay the principal back - unless you want to be able to borrow against it again. (Heck, you don't even HAVE to pay the interest back to the policy... but it's a good idea to help keep the policy afloat.)
     
    DHK, Aug 15, 2018
    #25
  6. Life Hawk
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    Just did a review for a client who needs to liquidate cash for unmentioned reasons... had a nice SPWL but to borrow would cost 8% on the loan... opted to cash surrender...

    A line I often use with my clients is, "Insurance companies are not in the business of losing money, they are in the business of making money... their not your friend (I want the client to be my friend) they are in the business of supplying a product that fits a need and helps you protects you and your family."

    If we are not careful... we represent companies as just wanting to help people regardless if it hurts them or not... not so... they are in business to make $.
     
  7. babybella2
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    babybella2 New Member

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    I love the infinite banking system. However , not YFB BE careful. They make you approach the deal by NEVER saying this is life insurance until the 2nd appt. Pay the 250 for the 2 weekends then they hit you on the 2nd day with the monthly fee of around 150 a month. You have to contract with MTL before you even go to the bootcamp. They just told me I owe them some crazy 1,500 before they will release my contracts and I never wrote one deal threw them.
     
  8. awooten
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    awooten New Member

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    It's unfortunate...that agents who have not actually taken the required 2 day Training on this concept, get to not only have an option, but also strongly suggest whether another agent should broaden their horizon and investigate for themselves. I am an agent and a client. Although this product is not for everyone (as most products)...it is absolutely phenomenal for those who are a match. Frankly...I'd like to thank you in advance, for sticking with your traditional WL & IUL's, and pass on Infinite Banking. It leaves more of the market share for me:-).
     
    awooten, Jun 11, 2019
    #28
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