Episode 172
Joe Riley
Join your host David Pere and Alex Felice in this episode with guest Will Duffy as he explains why he personally wouldn’t do any of the life insurance policies that are so commonly pitched to people today.
One thing should be known to anyone being sold a life insurance policy: most insurance agents we have today only sell for one company. And if your insurance agent works under one insurance company, for Will, that’s a conflict of interest to be aware of right there.
In this episode, Will talks about the two questions you need to ask when being pitched to a life insurance policy, why the infinite banking concept simply doesn’t work, and why the bank replacement strategy is better than any bank account.
About Joseph Riley
Joe founded Patriot Family Homes to meet the need for affordable, reliable housing in the South, particularly near military bases. A captain in the Army, Joe has deployed with the Ranger Regiment to Afghanistan and Ukraine. He previously served on the National Security Council at the White House
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Outline of the episode:
- [03:52] You can’t get too far researching tax planning without running across life insurance
- [05:52] Will Duffy – on most life insurance policies today
- [10:16] Dissecting the Infinite Banking Concept (IBC)
- [14:18] What is a captive agent?
- [17:03] The red flags with direct recognition policies
- [21:15] What is lost opportunity cost?
- [25:28] The Bank Replacement Strategy
- [30:01] About a family who wants to close an off-market multifamily property and do the bank replacement strategy
- [35:01] David Pere – on making $600 from a whole life insurance policy after five years
- [38:46] When someone’s pitching you life insurance…
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