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Life Insurance Scams 2020 [The Biggest Scam Of All] - YouTube
Channel: Smartest Wealth Systems
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- The way nearly all
life insurance contracts
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are sold is a total scam.
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In this video, you're going to learn
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what I call the one
question test to determine
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if you've been scammed
with your life insurance.
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And stick around till the end
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because I have a great resource
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you're going to want to get your hands on
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that will help you look at life insurance,
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like you've never looked at it before.
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And since there are a number of ways
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you can get scammed when
it comes to your money,
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you're going to want to
subscribe to our channel
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and click the bell so you can get notified
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when we publish new videos,
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so you can scam-proof your bank account.
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(upbeat music)
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There is one simple question you need
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to ask yourself about your life insurance,
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and the answer to that question determines
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if you've been scammed or not.
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Hi, I'm best selling
personal finance author,
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Tony Manganiello, and since 1995
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my business partner John
Cummuta and I have taught
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over three million
people how to accumulate
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real wealth with their current income.
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Now accumulating wealth
with your current income
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means you're not getting scammed
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when it comes to purchasing
things like life insurance.
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And finding out if you've been scammed
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into buying life insurance is real simple.
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You just have to ask
yourself, one question.
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Are you ready for that one question?
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Here it is, was the death
benefit what you were thinking
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about when you bought your life insurance?
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Another way to look at
this question is to ask.
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Were you thinking about
how much your loved ones
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would get if you died?
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If the answer to either of those questions
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is yes (chuckles), then I hate to say it,
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you've been scammed.
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Now what I mean when I
say you've been scammed
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is that you were allowed
to make a buying decision,
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while asking yourself the wrong question.
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Instead of focusing on
what your family would get
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when you die, you should have
asked yourself this question.
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What will this life
insurance contract provide
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for me and my loved ones, while I'm alive?
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The reason most people
don't ask that question,
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is because they think of life
insurance as death insurance.
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But a properly structured
life insurance contract
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can do some (chuckles)
pretty amazing things
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for you and your loved
ones, while you're alive.
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Things like pay off your debt,
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while building tax-free wealth,
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pay for junior's college education,
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purchase cars, go on vacations.
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A properly structured
life insurance contract
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can help you build a
stockpile of cash tax-free
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while protecting your
family at the same time.
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Now there are five reasons why you,
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probably, ask yourself the wrong question
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when you bought your
life insurance contract.
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(whooshing)
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The first reason is because
only certain types of companies
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can offer the type of
contract that will allow
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you to do the things I just mentioned.
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The contract has to be with a
mutual life insurance company.
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A mutual life insurance
company is not publicly traded,
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so you can't buy stock in it,
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meaning it doesn't have stockholders.
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A mutual insurance company is a company
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owned by its policyholders.
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(whooshing)
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The second reason you probably ask
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yourself the wrong question,
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is because not all
companies offer the right
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kind of contract that does the things
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we teach you to do with a
life insurance contract.
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The company has to offer
a participating contract
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which means you as the
policyholder slash shareholder
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participate in the profit of the company.
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(whooshing)
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The third reason for that poorly worded
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life insurance question,
is because the company
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has to offer the type of contract
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that allows you to use the cash
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that's building up in your contract
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while it continues to earn
you interest in dividends.
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Some companies actually
penalize you for using
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those funds for things
like paying off debt
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or paying for junior's college.
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These types of contracts are called
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direct recognition contracts.
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You don't want a contract like that.
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You want the type of contract
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that allows you to use
the cash, your cash,
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and still have that same cash
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earning you interest in dividends,
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while you're using it.
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This is called a non-direct
recognition contract
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so direct recognition, not good.
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Non-direct recognition, a-okay.
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But when the question you ask
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yourself when you buy life insurance
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is focused on what happens when you die,
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you focus on that event and
overlook the decades of life,
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that will take place between now and then.
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Now be honest, when you bought
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your life insurance contract,
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were you focusing on what your family
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would get when you died?
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Let me know in the comments.
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If you did, don't be ashamed,
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I mean, most people do.
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Just think of that comment
as your way of crying out
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for liberation from being
focused in the wrong direction.
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(whooshing)
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The fourth reason why you ask
yourself the wrong question
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when you buy life insurance
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is because that's the
way most insurance agents
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are taught to sell life insurance.
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The emphasis is always
on protecting the family
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in the event of the
loss of the breadwinner.
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Now, it's not a bad thing,
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but you really need to stop and think
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about this for a moment.
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Insurance companies are
huge ginormous companies,
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and they don't get that
way paying Bill's family
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the half million dollar death benefit
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he purchased for $27 a month.
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No, that math, simply doesn't add up.
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And there is a good reason it doesn't.
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Insurance companies have scores of people
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called actuarial
scientists and underwriters
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using things like mortality tables
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and a whole host of other data
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to make it almost
mathematically impossible
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for them to lose money.
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And when it comes to losing money,
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isn't that what life
insurance is all about?
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I mean you're trying
to protect your family
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from the loss of money,
which is your income,
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and the insurance company is protecting
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itself from losing money too.
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but they have a huge team of people,
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analyzing tons of data
every way from Sunday,
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to make sure they don't.
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You, well, you have you,
and you have that noble
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and responsible attitude you should have.
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However, who do you think
is right most of the time?
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Think about it.
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If you're offered a
life insurance contract,
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it's because that huge team
of people at the company
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you're buying that contract
from have already determined
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that statistics say you're
going to live a good long while.
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I think you'd agree
that you should consider
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betting with them, just a little bit.
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(whooshing)
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The fifth and final reason
is perhaps the biggest reason
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you ask yourself the wrong question.
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When you focus on how much your loved ones
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will get when you die,
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the answer to that question
is called the death benefit,
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and the death benefit is where
the big commissions get paid.
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Now, I'm not trying to put
life insurance agents down.
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They're nice people doing
what they're trained to do,
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but when you reword that question to focus
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on what the contract will do
for you while you're alive,
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that means a properly structured contract
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takes the majority of your premium dollars
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and funnels them directly into
the cash value of the policy.
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Now, trust me, this
makes a huge difference,
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and you being able to do the
things I mentioned before,
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like pay off debt and pay for college,
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buy cars, take vacations.
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But most agents don't even
know this is possible,
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because they're not trained
to reduce their commissions.
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And that's exactly what
happens when you funnel
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your premium dollars
directly into the cash value
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of your policy.
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If the agent doesn't know it's possible,
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how can they show you how to do it?
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Doesn't it just make sense that you modify
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that question you ask
yourself when you're buying
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life insurance just a little bit?
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Don't you think you
should, at the very least,
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consider what you'll get
from your life insurance
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while you're (chuckles) alive?
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If you answer yes to that question,
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then you have to click
the link below to get
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your hands on the ebook,
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"The Banker's Secret to
Permanent Family Wealth",
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written by my business
partner, John Cummuta.
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It's the most complete resource
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on how to put the life
into your life insurance.
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It will show you how you can transform
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a life insurance contract
into an efficient,
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tax-free cash accumulation engine.
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An engine that accumulates
cash that you can use
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while you're still alive.
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Now if you liked this video,
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please let me know by
clicking the like button.
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And while you're at it,
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it only makes sense that you
subscribe to our channel,
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so you can continue to discover smart ways
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that you can scam-proof your money.
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And seriously, I would
love to hear from you.
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Let me know in the comments
if you're now willing
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to look at what life insurance can do
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for you while you're still alive.
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And if you have any questions
about what we covered
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in this video or about any
personal finance topic,
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drop me a quick comment.
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Now life insurance premium payments can do
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so much more for you and your family,
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than just answer the question,
what happens when I die?
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They can truly improve all the
life that the statistics say,
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you will experience between now and then.
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I know you deserve better, and so do you.
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You also deserve some more
free scam-proofing education,
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so take a peek at our
money myth-buster videos
[552]
or our SMARTEST Wealth
System quick start course.
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Thanks for watching, and
I'll see you next time.
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(upbeat music)
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