Confessions Of A CPA: The Truth About Life Insurance Book Pdf
Stina Eastlund
Bryan Bloom really does a great job writing a great book geared for consumers on the under-reported benefits of cash value life insurance. It's nice to have a CPA report on these benefits from an unbiased view and someone that is not in the insurance business himself. One of the most thorough books about utilizing Permanent Life Insurance as your own bank to finance everything throughout your life.
The Infinite Banking Concept is simply a cash flow management system, built on the platform of a dividend paying whole life insurance contract. Why is whole life insurance the chosen vehicle for IBC? The life insurance companies we use have been around for 150+ years and have A rated financial strength. These companies have never experienced any bankruptcies or needed bailed out unlike many banks over that period. We use mutual insurance companies because the policyholders are the owners, not stock holders. This means whenever the company has surplus profits they are shared with the policyholders via a dividend. High Cash Value Life Insurance gives you high liquidity, safety of principal, guaranteed growth, and tax advantages with a properly configured policy.
First off there are a small number of certified IBC practitioners. Secondly, life insurance companies have always trained agents to sell as much death benefit as possible. IBC goes against the grain of conventional financial planning, because it puts you in control of your money, instead of the banks and wall street. Wall street wants to control your money for as long as possible, and the IBC does not allow for that. It is not in the financial interests of banks and mutual fund advisors to promote the IBC. You may hear Infinite Banking referred to as Bank on Yourself, the 770 account, and investment grade life insurance, all of which are the same.
A high cash value life insurance policy is designed to optimize cash value growth. Policies are designed with the maximum allowed cash contributions, and minimum death benefit expenses. This design yields a cash rich policy on day 1 that is a high yielding savings asset, and an ultra liquid financing tool.
Whole life insurance policies have guaranteed and non-guaranteed values. The life insurance company is contractually bound to the guaranteed values in a policy illustration, as long as you pay your premium. When the company does better than its worst case scenario, they distribute the surplus in earnings through a dividend. This is really just a return of premium, remember they charged you for the worst case scenario, but they had a better year than this, so they distribute back what was overcharged. Dividends are reflected in the non-guaranteed side of a policy illustration. The companies we work with have paid dividends for over 100 years running, even through the great depression, and recession of 2008.
I began to understand more about how my generosity could create a cycle of good in the world, versus a cycle of protection from my fears. I started to believe that if I teamed up with my church, my life could have a real impact.
When it comes to life insurance policy loans, a healthy dose of curiosity will help you gain an understanding of a financial process, principles, and truths that will give you advantages most people only dream of.
To access and use your cash value, you have a guaranteed loan provision. This allows you to borrow from your policy an amount up to nearly all of your cash value. Using your insurance policy as collateral to obtain a whole life policy loan from the life insurance company.
When you take a loan, the life insurance company places a lien on a portion of your cash value equal to the loan amount. That portion cannot be used as collateral until you start to pay back the loan. As the loan is paid back, the lien is equivalently reduced.
In contrast, instead of placing $45,000 each year into bank savings, imagine you put the same funds into a cash value life insurance policy instead. (An actual life insurance illustration for a 47-year-old man in average health was used for this example.)
* The Money Advantage relates to unique life insurance strategies, concepts, and products - never securities. All guarantees are subject to the claims paying ability of the insurance company. This is not an FDIC insured bank program. The Money Advantage is not affiliated with or endorsed by Madison Avenue Securities, LLC.
Most people do not view life insurance as an investment opportunity. They consider it as an expense with post-death benefits. The author breaks this myth by explaining how readers can benefit from life insurance while alive.
This book adopts a practical approach to explain how to choose and monitor a life insurance policy. It uses a simple question-and-answer format to cover the basics and intricacies of life insurance. This book is an essential reference manual for anyone buying life insurance.
In a world full of self-proclaimed finance influencers, this book is a must-read for busting the myths related to life insurance. In this book, the authors tackle 38 myths and misconceptions about life insurance using their extensive experience in the life insurance industry.
Life insurance is often not understood as an investment tool to build wealth. In this book, the author simplifies information for readers so they can leverage the power of life insurance to build wealth, both during and beyond their lifetime.
This book is a guide for readers who want to take advantage of life insurance products to generate wealth and a steady stream of passive income. A cash value component is a portion of a life insurance policy that can be withdrawn in case of an emergency and even provide returns to a policyholder in the form of periodic interest.
The author sheds light on the misleading and unethical practices the life insurance industry adopted. Even though this book was written in 1989, financial advisors, agents, and other readers still widely use it to understand and avoid the risks associated with life insurance products.
In this book, the author explains how to choose the ideal life insurance retirement plan (LIRP). Readers will also learn how to structure and maximize the efficiency of life insurance as a retirement planning tool. This book busts some of the most common myths about LIRPs.
America's elite have been using cash value life insurance to stockpile wealth for centuries. Used correctly, it is better described as a personal bank on steroids, and a financial bunker for tough times.
To be clear, this book is not about the typical garbage peddled by most insurance agents. Rather, an alternative to the risky investment strategies taught by Wall Street.
It details a highly efficient form of cash value life insurance designed to supercharge your savings and stockpile wealth. A product so powerful it's responsible for the success of Walt Disney, JC Penney, Ray Kroc, and thousands of others.
Here's what you'll discover:
While the information compiled into this book is valuable, you'll also find three case studies that show you exactly how it works. You'll be able to visually see how it grows, how it's accessed, as well as the future income that can be taken.
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Influencers of this book are Nelson Nash, his book "Becoming Your Own Banker: Unlock the Infinite Banking Concept"; Pamela Yellen, her book "Bank on Yourself"; Dwayne Burnell, his book "Financial Independence in the 21st Century - Life Insurance * Utilize the Infinite Banking Concept * Compliment Your 401K - Retirement Planning With Permanent Whole Life versus Term or Universal - Create Financial Peace"; and my Father Dan Thompson, and his book "The Banking Effect: Acquiring wealth through your own Private Banking System."
I was introduced to these financial strategies at a young age, and this is book represents the effort and energy on both the part of everyone of my mentors, these authors here, as well as my own diligence in learning about and implementing these very same strategies into my personal finances.
This book is designed to simplify some of the concepts surrounding cash value life insurance, such as Infinite Banking and Bank on Yourself, and make them easier to understand, stripping them down to the core benefits of cash value life insurance.
\"I feel when we get to heaven we won't worry about these earthly things. They'll either have forgiven me or won't realize, you know, what happened,\" List told Downtown's Connie Chung in an interview at the New Jersey State Prison in Trenton, where he is serving five life sentences. \"I'm sure that if we recognize each other that we'll like each other's company just as we did here, when times were better.\"
A forensic interview is performed to gain additional facts about the investigation, obtain a confession of guilt from a suspect, obtain incriminating information from a witness, or uncover areas that must be investigated further. While forensic accountants have been known for their ability to turn numbers into narratives, an effective interview can make or break a case when forensic accountants go beyond the numbers to uncover the truth.
At the beginning of my career, I was gung-ho to carry out my duties with spot-on accuracy and in eager compliance with the regulations. A sense of fairness drove my moral compass. But my sense of fairness was quickly challenged. For example, I learned that the cars driven by company executives were subsidized by taxpayers. A company car would be loaned to an executive with the company paying for insurance, gasoline, and repairs. The executive would have to report the equivalent lease value of the automobile as personal income, but that amount would be spread out over the life of the car, and he would pay taxes only on that. If his tax rate were 30 percent, the executive would end up spending only $9,000 for the free use of a $30,000 car. Regular folks like accountants have to pay full price for a car, its insurance, gasoline, and repairs.
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