August 19, 2025 • 43 mins
Life insurance isn't just about what happens after you're gone—it's a powerful financial foundation that can build wealth while you're very much alive. This eye-opening conversation with Amanda Lewis, a life insurance agent with five years in the financial space, reveals how both everyday people and the wealthy use permanent life insurance policies as strategic wealth-building tools.
Amanda breaks down the crucial differences between term and permanent life insurance, explaining how permanent policies create a tax-free vehicle for compound growth that's protected from market downturns. "The number one rule is never lose money," she quotes Warren Buffett, highlighting how life insurance provides this essential financial safety net while still allowing for significant gains.
The most fascinating revelation comes when Amanda explains the "infinite banking" concept—how you can leverage your policy's cash value through loans that allow your money to continue growing uninterrupted. This strategy lets you use your insurance for real estate investments, business opportunities, or other financial needs while your original investment keeps compounding. Unlike money sitting in a bank earning minimal interest, properly structured insurance policies can deliver 4-5% growth regardless of market conditions.
For families concerned about legacy planning, Amanda offers invaluable insights on using trusts with life insurance to create true generational wealth that avoids probate and provides specific instructions for heirs. She shares practical advice using the DIME method (Death expenses, Income, Mortgage/debt, Education) to calculate appropriate coverage, and explains how living benefit riders allow access to death benefits while still alive if diagnosed with serious illnesses.
Whether you're just starting your financial journey or looking to optimize your existing strategy, this conversation provides clear, actionable knowledge about a financial tool that's often misunderstood. Subscribe now and share this episode with anyone who wants to build wealth while ensuring their family's financial security—because proper preparation prevents poor performance.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
I know some people probably had it hard, but I was
blessed.
They ain't never saw my mom anddad in stress, they only shows.
They said I'm living comfy fromthe sweat off they bags and
that's why all I ever wanted wasto give it back.
I'm not ashamed cause I wasraised right.
I would only be ashamed if Ididn't help you fight through
the pain, help you drain out thegames that your mind plays.
(00:21):
No matter what, I'm neverletting my shine fade away.
Forever searching for knowledge.
Outro Music.
Discuss your disassistance forthe public.
A little love will help recoverfrom your struggle.
If iron shop is iron, thenlet's journey out together
Forever.
J-o-p.
J-o-p.
(00:50):
It's Journey Out.
Journey Out Podcast.
Welcome to the Journey Out.
Speaker 2 (00:56):
Podcast.
Hello everybody and welcomeback to the Journey Out Podcast.
We have an amazing episode herefor you today.
But first, like want you guysto like, share and subscribe to
the channel.
Please be sure to share allthis wonderful information that
you did here from the podcastwith loved ones, with friends,
with anyone who could benefitfrom the awesome things that we
talk about here.
(01:17):
Amanda lewis okay, let's giveher a big thank you thank you.
Thank you for having me being onwith us, and so amanda is a
(01:37):
life insurance agent, and whatwe wanted to talk about today
was really bringing generationalwealth to everyone, so everyone
can benefit from it, and talk alittle bit about really what
life insurance is and how itcould benefit you.
So, first and foremost, amanda,please tell everybody who you
are, what you do and how longyou've been doing it.
Speaker 4 (01:56):
Okay, so, um, my name is Amanda Lewis.
Um, I'm a life insurance agent.
I've been in the financialspace about five years now and I
recently well, I got started inthe industry because, like most
people, I knew of lifeinsurance Actually my old job
that I was working at.
(02:17):
A lady came in and she was like, hey, sign up for this policy.
You know it's $10 a month.
And I'm like, okay, $10 is nobig deal, I need life insurance,
I'm going to die.
The time I didn't have children,I wasn't married, so I got the
policy.
That's great, but I wasunderinsured and no one she
didn't sit down to teach meabout life insurance and
actually how it's a fundamentalblock to build your wealth on
(02:40):
Right.
Because the thing that peoplemay not know because we think of
life insurance as a deathbenefit, like I said, when she
said, get a policy, I'm like, ok, I'm going to die someday, fine
, seems like the responsiblething to do.
But long story short, it was.
It was that building block ofunderstanding how to utilize it
in every scenario, like to make,save and protect your money tax
(03:03):
free.
And I was just not given thateducation.
So once I was taught thosethings, it became very important
to me to educate other peopleabout it, because you can start
from wherever you are, but justhaving something in place that
can protect you in any scenarioof life.
Speaker 3 (03:19):
All right, so we're going to start off with this.
How does life insurance fitinto the broader wealth
management strategy?
Speaker 4 (03:26):
OK.
So life insurance fits into thebroader wealth management
strategy because, as Mr WarrenBuffett likes to say, the number
one rule is never lose moneyRight.
And so with life insurance as afoundation, you're guaranteed
never to lose Right.
There is a such thing that'scalled a floor with a life
insurance policy.
So, depending on the type ofpolicy that you have, you're not
going to lose money.
(03:48):
You want to have those gains.
You want to gain compoundinterest in certain type of
accounts, depending on the typeof account that you have.
But you want to have somethingthat's safe as your financial
foundation, where you'reguaranteed not to lose.
So when people think aboutdiversifying their portfolio and
again, what may not be taughtto certain demographics of
(04:09):
people is that you don'tnecessarily wealthy people don't
necessarily put their money inbanks to long term save it,
meaning a bank serves a purposeof liquidity, meaning I put my
emergency funds here If I needaccess to wealth very fast.
It protects a certain amount oftheir money.
But when it comes to long termsaving their money, they're
putting it in account.
That's one guarantee not tolose.
(04:31):
Two, that's going to compoundinterest when the market does do
well, so you can get some ofthose gains, and then three
that's tax free, it's a tax freevehicle.
Speaker 3 (04:40):
So OK.
So give me, give, give thelisteners a real life example of
using their insurance in thefinancial OK.
Speaker 4 (04:49):
So it just all depends on the person in the
scenario Most people know whenthey think of permanent life
insurance, because it's twodifferent types of life
insurance.
For the most part, you haveterm insurance as a policy
that's a set amount of time 10,20, 30 years.
It expires.
These policies can be good forin terms of covering your
insurable need.
(05:10):
If you have a home, if you havechildren in school, just to
protect your finances, if indeed, in fact, you die or if indeed
in fact you get a illness whileyou're alive, there is something
called a living benefit,meaning that you can access a
portion of your policy.
If you get cancer, heart attack,stroke, you get really sick and
(05:30):
you're off of work, becausethose things can be disastrous
too.
Think about it.
You may not necessarily passaway, but if you have a stroke
and you're not able to work andyou're the sole provider, or
even someone in your family whodoes provide, that can be
financial ruin for a familyright.
And if you're off of work, youcan't and you know you can get
behind on bills.
(05:50):
How long will your savings last, you know, between you getting
sick from a very critical injury.
So it just depends.
But when you're saying in termsof permanent life insurance,
those policies tend to have asavings account that's attached
to it.
If it makes sense, where aportion of your premium goes
into an account that buildsattached to it, if it makes
sense, where a portion of yourpremium goes into an account
that builds compound interest,and so that interest incurs over
(06:11):
time uninterrupted.
And the best thing about thevehicle is, again, it's tax-free
.
According to the IRS code 7702,any money that's accumulated in
an account is tax-free to use.
So it's like a way to createwealth without protection
against the rising taxenvironment.
Speaker 2 (06:27):
Okay, so you talked about the wealth management
strategy, so where shouldsomeone start if they've never
considered insurance to be partof like their wealth portfolio?
Speaker 4 (06:37):
Okay, I would say, first start with sitting down
with someone who's able toeducate you right.
You need to.
You can't get started insomething you don't understand
or even know why you really needit.
So the purpose of an agent isto ask those questions.
Why are you, you know, looking?
What are your short-term andlong-term goals?
You know what do you feelcomfortable with where you are,
(06:59):
and then where you want to go,and then what's most important.
Some people may say, hey,what's most important to me is
making sure I have a largedocument of it for to pass down
a legacy to my children when Ipass away.
Some people may say, hey,what's most important to me is
building this wealth.
Now I want to leave themsomething, but I want to make
sure I have a vehicle that'scompounding my wealth right now,
while I'm alive.
(07:19):
It just all depends on theindividual.
Speaker 3 (07:29):
So you want to make sure you get with an agent
that's asking those questionsand educating you first and then
starting from where you are.
So you said something previousin the previous question term
life and perm life, right?
So what are the differencebetween those when it comes to
building wealth?
Speaker 4 (07:37):
Okay.
So the difference is term lifeinsurance is more affordable, so
a term life insurance policywill.
Typically it can be usedbecause you can have multiple
life insurance policies.
There is no, well, I just haveto get this one.
No, there's a way to, and theagent should be tailoring
something that's specific foryou.
(07:59):
But a term life insurancepolicy, like I said, it expires
in a 10 or 20 or 30 year timeframe, but it could be used to
cover your insurable need.
So your insurable need is howmuch insurance do you actually
need?
If you own a home, let's sayyou die and you want your home
to be paid off, that would becalculated into your insurable
(08:20):
need, and then, if you havechildren, you may want to pay
for your children's collegeeducation.
No-transcript.
(08:54):
So you can change it to one youcan change it right, and so the
good thing about convertible isyou don't have to go through
underwriting again.
So let's just say you have aterm policy, say you're paying
$20 or $30 a month, it's fine,you're just utilizing it for the
death benefit and you get sick,you get a terminal illness or
say it's not a terminal illness,say you have some type of
(09:15):
mental breakdown and you're nolonger insurable.
Then you can still convert thatpolicy to permanent life
insurance without having to gothrough underwriting again.
That's why I always encouragepeople, when they have insurance
through their job, to get theirown personal policy, because
you have those advantages as tosay you know you can still be if
it's something on your job.
(09:36):
Let's just say you leave yourjob or you get fired or laid off
excuse me or you quit.
Then you have to go through theprocess of getting and you may
not be insurable again.
They may have been giving youthe insurance while you're on
your job for group, but thenwhen you go to apply on your own
now you're not insurablebecause of health reasons.
Speaker 3 (09:55):
And that underwriting part.
Explain that a little bit.
Give a little explanation onwhy it's important to do that
convertible option so you won'thave to go into underwriting.
Absolutely so underwriting.
Speaker 4 (10:05):
Absolutely so.
Underwriting is a process ofwhat the insurance company looks
at when they have an applicantto determine your risk and to be
approved for the life insurancepolicy.
So it could be health.
It's several factors.
It could be your health.
They're going to take your ageinto consideration, your
demographic, also sometimescredit your driving record.
(10:26):
All these things may be becauseit puts you at a higher risk of
you know something happening.
So an insurance policy is anallegory contract which
basically means that theinsurance company is legally
liable to have to pay out ifsomething happens to you, but
you're not legally bound to haveto pay your premiums.
(10:46):
Now, if you don't pay yourpremiums, your policy will lapse
, but you're not legally boundto have to pay that.
So the insurance company wantsto make sure that your risk is
as low as possible.
That's why it's encouraged toget insurance while you're young
and while you're healthy,because it's affordable and so
(11:06):
it can grow with you, eventhough you start off while
you're young.
If you have a policy that'seither permanent, where it takes
you to the end of your life, oryou have a convertible policy,
you're covered even if yourhealth declines.
Speaker 2 (11:18):
Now talk to us more about the permanent policy.
So what does that look likecompared to the term life policy
?
Speaker 4 (11:26):
So the permanent policy again takes you to age
121.
However old you live, that'sthe plus of a permanent life
policy.
It just takes you to pass away.
The other good thing about apermanent life policy is the
like I mentioned the savingsaccount.
It's kind of attached to thepolicy where a portion of your
(11:46):
premium goes into it.
And I have to stress thisbecause oftentimes people think
well, you know, if I can justsave all this money and put it
in the bank?
No, it's still a life insurancepolicy.
So a portion of your premiumgoes to the cost of insurance
and that's going to be differentfor everyone, depending on your
age and certain facets of yourhealth.
If you're a smoker, yourinsurable need will be more than
someone who's not a smoker.
(12:07):
But with a permanent lifeinsurance, maybe 20 to 30%,
let's say, of your premium willgo into an account that's going
to build compound interest.
Now the type of policy that youget will determine the amount
of interest that you get,because there are several
different umbrellas for that.
You can get a whole life policy, which is the most common one
(12:29):
that people know when they thinkof permanent life insurance.
A whole life is a little moreoutdated but it serves a purpose
, depending on the person anddepending on the need.
Speaker 2 (12:38):
Right.
Speaker 4 (12:39):
But then you have universal life insurance, which
is a little bit more of aflexible policy With whole life.
Things are locked in.
So whatever you get, you pay itfor the rest of your life.
It's kind of just locked in.
It's more concrete Withuniversal life insurance.
It's flexible, so it changeswith your circumstances because
life happens.
Say, you want to increase yourpolicy, you want your death
(13:01):
benefit to increase or you maywant to decrease your death
benefit.
You have that flexibility ofthat with the universal life
policy and then again, dependingon the type of policy, that
will determine the gains thatyou get.
As far as your compoundinterest, If you're a little bit
more like, hey, I want to getsome gains from the stock market
because, think about it, peopleinvest into the stock market
(13:24):
for the gains, right, you want.
When the market does well, youwant to have those gains.
So if you're someone that'ssaying, hey, I want to still
have participate in that, withthe safety of not losing when
the market goes down, then youwould get a certain type of
account that will give you alittle bit more of interest, but
they will cap it.
Speaker 3 (13:44):
Right, so now you're talking about show me the money,
right?
Okay, so let's ask thisquestion.
So can you explain how cashvalue and permanent life
insurance policy works and howcan it be leveraged?
Speaker 4 (13:55):
Okay, so cash value and permanent life insurance
policy works like, let's justsay, like I mentioned about the
compound interest, what portionof your premium goes there and
over time, and so the good thingabout it is, once that money
accumulates, there's no specificway.
You can also put in a lump sumof money into the policy.
(14:16):
You can start with a largeramount, and so how people can
sometimes utilize and then whatthey call it is infinite banking
.
It's just a strategy of how youstructure the policy Because,
like I mentioned to you, it's atax-free vehicle and so people
oftentimes can use it forreasons of growing their money.
Because the thing about it iswhen you put the money, when the
(14:38):
money grows tax-free inside ofthe policy.
Now you can have, you have twooptions you can take from the
policy and do a policy loan.
You say, well, why would I wantto borrow money from myself,
right?
Well, the thing about it iswhen you take the loan out on
the policy, you're not actuallytaking the money out of the
account.
The insurance policy is givingyou a loan based off your death
(15:00):
benefit, because this is a lifeinsurance policy.
So the money is stillaccumulating in the account even
though you've taken out theloan.
So what people sometimes can do.
As an example, I've worked withseveral real estate agents, or
people who are real estateinvestors excuse me, not maybe
so much agents, but real estateinvestors so they put in large
sums of money, large sums ofmoney, into the policy.
Speaker 3 (15:20):
So they're putting the money into the policy.
Speaker 4 (15:22):
They're putting the money into the policy.
You can do that, the permanentlife policy.
You can put in a lump sum ofmoney into the policy.
Let's just say six months,eight months, however much, a
year, two years.
You have a property that youwant to now go purchase.
You can say, okay, give me$100,000 of this money in the
loan right from my policy that Iplaced here.
(15:42):
Now you take the hundredthousand dollar loan and go
purchase the property.
However, the money is stillcompounding interest inside of
your account.
So it's like you took the moneybut you didn't take the money
because it's still growing atthe rate as if it was still
there so with this is it, wouldyou say they need a to structure
this for this type of insurance?
Speaker 3 (16:03):
will they need to talk to an agent or will they?
Speaker 2 (16:06):
make it, so I can say hey, yeah.
Speaker 3 (16:09):
I want permanent life insurance and I get permanent
life insurance, but that don'tmean I can do that.
So talking speaking with anagent, I guess would help you
structure it the way you want it, to where you can get that
money.
Speaker 2 (16:21):
Absolutely Okay, absolutely Perfect.
And then so, with that cashvalue, how soon can they
typically access that money?
Speaker 4 (16:29):
so it depends on the company.
It depends on the amount, um.
There are some companies whereyou can access it after 30 days,
um, but the thing about it isdepending on the amount that you
have, um, that's going todetermine the, because really it
is a better long-term vehicle.
The longer you put the moneythere, the more time it has to
(16:50):
compound, the better it's goingto be.
But if it is something like Isaid, that you need, you want to
have access to right away,especially if you're putting a
lump sum in.
If you're not putting anythingin, then you won't have anything
to have access to.
Speaker 3 (17:02):
So At any time can they put money in.
Speaker 4 (17:05):
Absolutely.
So how you structure the policyis there is something called a
modified endowment contract.
So you really have to get withsomeone who's willing to educate
you, because if it's notstructured properly you can get
taxed.
The IRS can say hey, we can taxthis vehicle.
So the modified endowmentcontract means you can put a
certain amount of money intothis policy per year without
(17:28):
being taxed.
But it is different foreveryone, depending on how much
you put in, depending on howmuch you want to grow.
So if you have a policy, let'sjust say you put in $2,400 in it
a year right, a couple ofhundred dollars a month, and
(17:48):
your modified endowment contractmay be $5,000 a year.
So that means you can put up to$5,000 into this policy per
year tax-free without you knowany.
You don't have to call youragent and like, hey, can you
restructure this or can you dothat, like with whole life
insurance?
You can't do that.
You know whatever you're lockedin is what you're locked into.
But with the universal lifeinsurance it's more flexible.
(18:09):
So then you can put in, say youhave more than the $5,000 for
the year, then you can go backand your agent is able to go
back and restructure the policy.
Speaker 2 (18:18):
When you have the universal Perfect.
Speaker 3 (18:20):
So is it any risk or implications when borrowing from
their money or Could there besome, like you said, maybe if it
wasn't structured right.
Speaker 4 (18:29):
Right, right, if it's not structured right, yes, it's
not going to.
It can be a bad situation Ifyou're with someone who is not
structured in the policy Right,or, you know, trying to get
commissions or things like that.
Because, again, you have totalk about these things.
It gives insurance agents a badrep when people are not doing
(18:50):
the right thing for the, for theclient, right.
So you have to know what theperson's, what their goal is,
because, again, if your goal isto say so, to structure a policy
to get more interest, or toreally create or grow your
wealth while you're alive, youwould get a lower death benefit
and more cash value accumulation.
(19:11):
But that would be for someonewho says, hey, I have a policy
over here for when I die.
I'm good Because you can havemultiple policies, so it would
be this particular policy I wantto have for growth accumulation
.
Speaker 2 (19:23):
Now when you say that and I want to go back from the
permanent, so is there ever atime where you can do the term
and permanent together?
Absolutely Okay.
Speaker 4 (19:32):
Absolutely so, because you want to make sure
that the term is going to coveryour insurable need.
The term is going to make surethat your house is paid off
because permanent life insurancecosts more.
So if you want to get a milliondollars in permanent life
insurance, you're going to paysome money per month or you're
going to put in a large lump sum.
You're going to pay some moneyper month or you're going to put
in a large lump sum.
So, again, in order to makesure that your insurable need is
(19:53):
covered meaning you knowmortgage or education or debt,
whatever you have funeral costsin order to make sure that's
covered, you can get a termpolicy.
Speaker 3 (20:02):
And this stuff can be used for within the family and
that family member that hasthese policies to help him start
a business or her start abusiness as well.
Speaker 2 (20:13):
Absolutely Perfect, and so I know most people don't
think of life insurance as afinancial planning tool at all.
But what are some?
Speaker 4 (20:29):
of the common misconceptions people have about
using life insurance as aplanning tool financial planning
tool, I would say one.
I guess I hear it like it's ascam or it's not a real thing,
but think about it.
You're going to pass away.
And do you feel like carinsurance is a scam?
Think about it.
You can drive, you can payinsurance every year and drive
and never have an accident andyou never complain about
(20:51):
spending the money that you put.
Speaker 3 (20:52):
Because you ain't getting it back.
Speaker 4 (20:55):
Exactly, but you're definitely going to pass away.
So it's no way around it.
Someone will get that money.
Even if you, like you say, evenif you just have a term
insurance policy, if you diewithin that term, someone will
get that money Legally.
Their insurance company has topay out.
Speaker 3 (21:11):
So how do you educate people that are skeptical about
learning about this or beingpresented with this information?
Speaker 4 (21:19):
Honestly, it's a process.
You have to get to know peoplebecause it is, it's a mindset,
and it's oftentimes based offculture, family, experiences.
So you have to just take thetime to understand or try to get
to know if people are open.
Especially when you first meetpeople, it's kind of like Right,
(21:46):
right.
But over time you know, you'reable to understand where these
speculations come from.
And social media is big rightnow, and social media is big
right now.
So I just create content wherepeople can go back to it at
their leisure and look at it andsay OK, ok, well, this kind of
makes sense.
And then it's all about timing,where people are ready, and
then, unfortunately, sometimesthings happen in life and then
(22:09):
it might be too late.
And then it might be too latebecause we're not preparing for
these things, but it could besomeone that you know that has
an unfortunate situation.
Speaker 3 (22:22):
It prompts you to be like, okay, well, now I need to
go ahead and take care of it.
And this is why I enjoy doingthis podcast.
It's because to help familiesright To be their resource to
families to get the informationout Things that I didn't know
nothing about, right.
Things that you didn't knownothing about that you learned
about right, so this is perfectinformation.
Speaker 2 (22:39):
And I mean just today , just today consulted with the
family, and we're talking abouther using veterans benefit to
pay for her care.
She's a spouse of a veteran andso and she was like, oh well,
her daughter was like, well, I'mmarried to a veteran.
I'm like, well, why don't yougo ahead and start now, so that
way, when later comes, you'renot behind the eight ball to
have to catch up or wait forthat.
Speaker 3 (22:59):
So I love that you said that, so we don't have to
wait for things to happen, right?
No just in case Great.
Speaker 4 (23:08):
Proper preparation prevents poor performance.
Speaker 2 (23:10):
Oh, wait, wait, wait.
What'd you say again?
Speaker 4 (23:12):
Repeat that Proper preparation prevents poor
performance.
Okay, that's not my, that's notmy quote.
I actually that's a good one,but I follow him, he's very
wealthy and he teaches peopleabout how to create wealth.
Speaker 1 (23:26):
That's cool, so I like that.
Speaker 2 (23:27):
Okay, Well, talking about the wealthy right.
So how can like high net worthindividuals or business owners
strategically use life insurancefor estate planning or tax
efficiency?
Speaker 4 (23:39):
Okay, so as far as estate planning now, life
insurance agents some may, butnot me specifically can set up a
trust.
So I know sometimes we hearabout a trust and that's where
you buy insurance on the peoplein the family and you put it
inside of the trust.
So the trust actually owns thelife insurance policy and so
(24:02):
when someone passes away, thetrust will get that death
benefit.
So let's just say, mom and dadhave both have million dollar
policies and they both pass away.
They get policies 500,000 or250 on their kids and then when
they pass away, now the trustnow has two million dollars in
it and that money can be dividedor or dispensed, dispersed how
(24:22):
they choose.
Hey, this person gets thisamount of money for a business
or a house or however you wouldlike for it to be dispersed, and
then when someone passes away,the money gets replenished back
into the trust so do?
Speaker 3 (24:35):
would they need an agent to help them structure
that or plan that?
Speaker 4 (24:38):
well, I would say get with the agent to have the
policies, couldn't okay and thentrust is different yes, the
trust typically comes from alawyer okay from my
understanding, you have to workwith some type of lawyer okay,
for the trust but in terms ofalso wealth building with the
life insurance policy is um forbusiness owners.
(24:59):
There is something called keyman, key person insurance.
So when you have a person thatyou want to insure, let's just
say you know right-hand personor whoever you're the next up in
line, say you get sick or youget hurt or you pass away, who
knows the business well enoughto take care of the business
(25:21):
During that time, you canactually get insurance on their
life as well.
So then, if they pass away,money is then distributed back
into the business until you'reable to find, train someone to
replace them.
So there's, you know businesspeople utilize life insurance to
help their business as wellIndeed, in fact, a CEO or
(25:43):
someone of importance, and ifthere's multiple owners in the
company, they all get differentpolicies on each other.
So in the event where someonedies as the owner of this
company, money is then put backinto the company, the business,
the organization.
Speaker 2 (26:02):
Now can you touch a little bit on how irrevocable
life insurance trusts work?
Speaker 4 (26:09):
So it's it's irrevocable, meaning you can't
change it, right, right.
So once it's the trust is setin place and then, like I said,
the money goes into the trust,then it has to be distributed.
However, the person who createdthe trust has the instructions
that they have, so they can'tjust go in and say, hey, we want
(26:32):
to change and do this, that orthe other, so it's it's.
I guess the word may beirrevocable, but the good thing
about trust is it avoids probateas well.
So when you someone passes awayin life insurance, the policy
does go through probate, whichcan prolong the death benefit
being paid out, but when thepolicy is inside of a trust, it
(26:56):
doesn't go through probate.
Speaker 3 (26:58):
So I know you touched on it a little bit about hey,
if the CEO loses someone thatperson they have insurance on
the other person, right?
So tell me how the lifeinsurance plays a role in legacy
planning and generationalwealth.
How does that work in thefamily dynamic?
Speaker 4 (27:17):
Okay.
So for legacy planning, just ithelps you to protect any assets
that you have, any money thatyou want to leave for your
children or things like that,and just preserving the things
that you have built in your lifeor even started.
Say you haven't built anything.
But if you have a term lifepolicy, I would say, uh, the
(27:39):
first thing would be still towork with someone that's given
that education, becausegenerational wealth can be lost
by the third generation.
Typically, if people aren'teducated how to utilize the
money, if the mindset isn'tchanged, then unfortunately
they're just going to spend themoney.
That's the good thing about thetrust.
It gives instructions on howthis money is to be utilized.
(28:00):
It can't just be y'all dowhatever y'all want to do With a
life insurance policy.
That could be the case.
If you just give it to someoneand they don't do right by it,
then it's gone.
So it has to be someone that isgetting educated about how to
grow the money, how to make,save and protect the money.
Speaker 3 (28:22):
So you just kind of touched on something as far as
the third generation or givingthat money that could be lost,
right?
So how do you balance theemotion, the emotional goals for
the family legacy, withfinancial ones?
So how do you?
Would you, what would be the?
Yeah, how would you blend thetwo and speaking with a family
(28:43):
on that?
Speaker 2 (28:44):
Okay, so blending the financial goals with emotional
goals or building that familylegacy, even after I'm gone okay
, I would say the biggest thingwould probably be to sit down
and talk.
Speaker 4 (28:58):
Just start with talking about finances.
A lot of times and it could beit's it's a cultural thing, I
would say, but I do speak with.
I do speak with people of othercultures that they were raised,
their parents didn't talk aboutmoney, and so it's starting with
having those conversations,even when your children are
(29:18):
small, instilling things, andthen, if you need to just sit
down and write down the 50-30-20rule, so 50% of your finances
can go to your bills or thethings that you really need, so
50% of your finances can go toyour bills or the things that
you really need, 30% of yourfinances, I would say, should be
saved and then maybe 20% shouldbe towards maybe the things
(29:41):
that you know, 10 to 20% of thethings that you enjoy doing
extracurricular and things likethat, but just having that basis
of living underneath your means.
You know, if you don't spend allyour rent money, all your, all
your checks shouldn't be goingtowards rent.
To think about that andsometimes these things aren't
even taught you're like, hey, Ican afford this place if I make
(30:03):
this much money a month, butyou're not equating gas and food
and the idea, every, all thosethings added.
But all those things added upstill should be 50 of what you,
what you make that is.
Speaker 2 (30:15):
That's good advice.
I really love that.
You said that now we've talkedabout a lot.
We talked about term, talkedabout permanent life, we talked
about cash value family legacyall of the things, but how
should someone decide how muchcoverage they actually need?
Uh, not just for protection,but for wealth building as well.
Speaker 4 (30:31):
Okay.
So a basic rule is what we calla financial analysis, what I do
with all my clients where you,it's something called the dime
method.
So you start with the deathbenefit.
I mean a death, excuse me.
How much would you want tospend for a funeral?
Ideally, there's no right orwrong answer to any of the
questions.
And then, how much debt are youin?
(30:52):
That's going to be factoredinto the equation.
And then I is for your incomehow much you make a year?
That's going to be factoredinto the equation.
And then the children, if youhave smaller children.
Typically again, there's noright or wrong answer it's ideal
to replace your income in yourhousehold until the youngest
(31:16):
child is of 18 years old.
Which means if I die my spouseor not even my spouse, whoever
will have my children my incomewill still be there until my
children are at least 18.
Some parents go to 21, some goto 25.
There is no right or wrong, butthat would be factored into the
income.
And then, or if you don't havechildren, say your children are
(31:37):
grown, even your spouse.
Hey, I would want to cover myincome for my spouse for this
amount of years, until they'reable to grieve and they maybe
find someone else or not.
Either way, however it goes,you're saying hey look, I want
to make sure that financiallyyou're good, or even you're able
to take this and again, create,invest, grow the money so that
(32:03):
it can be built and passed downfor generations to come.
Speaker 3 (32:07):
What questions should someone ask their agent before
purchasing a policy for wealthmanagement purposes?
Speaker 4 (32:14):
Hmm, what questions.
I would say X.
What's the interest rate?
What's the compound interestrate of a type of policy Meaning
, depending on the type ofpolicy, do you have to pay in it
(32:35):
for the rest of your life?
Is it something that I can payin for a certain amount of time?
So I would ask those questionsand I would also ask how much
can I put into this policy peryear without being taxed?
Speaker 3 (32:48):
Well, are there specific policies, features or
riders that people should alsolook into as far as getting a
policy?
Speaker 4 (32:55):
Yes, definitely For the term insurance.
You're going to want to makesure it's convertible.
You're going to want to makesure it has living benefits,
which is a rider that comesattached to your policy for free
.
Terminal illness riders arewhat most insurance policy term
insurance policy has, whichterminal means you have less
than 24 months to live.
(33:15):
What the doctor says, hey,you're going to die in less than
two years.
Then you can access a portionof your death benefit while
you're alive.
However, not all companies offercritical illness rider and
terminal illness rider.
I mean excuse me, not terminalcritical illness and chronic
illness.
So let's just say you get aheart attack, stroke or cancer
(33:37):
and you live, you don't passaway.
Then you can still access aportion of your death benefit
while you're alive.
So you have a million dollarterm policy and you paying 30
bucks a month, or even 50, $60 amonth, and you have a stroke
tomorrow or you find out youhave cancer.
You can access $600,000,$500,000, if you so need, of
(34:01):
that policy.
Now, mind you, it does getsubtracted from your death
benefit, but the good thingabout a convertible policy is,
even with that cancer, you stillcan convert it to that
permanent life insurance policy.
Speaker 2 (34:11):
Wow, that is so important for, like our
listeners, especially thosecaregivers who are caring for a
loved one, who may already havethese terms and don't even know
and could utilize those funds tocare for a loved one, so I love
that you say that.
Uh, now our what would be a redflag answer from an agent?
If there, if we have someoneasking an agent some questions,
what would be some red flagsthat people should watch out for
(34:32):
?
Hmm?
Speaker 4 (34:36):
I would say a red flag is so oftentimes when we're
talking about permanent lifeinsurance and the money growing
inside of the policy.
Again the agent's commission isbased off how they structure
the policy really for the mostpart.
So again someone who?
Speaker 3 (34:57):
So is the agent structuring the policy or the
underwriter's doing that, theagent?
So?
Speaker 4 (35:03):
the agent structures the policy, the underwriter's
just determined if the person isapproved or not, right, so they
give the approval.
The agent doesn't give theapproval of whether or not the
policy gets approved.
I would say, if, when it comesto permanent life insurance,
again, if you're, whatever yourgoal is, if you're saying my
(35:34):
goal is to make sure that I'mmaximizing the money and the
cash value while I'm alive forcompound interest, then you want
to make sure that you have aminimum death benefit.
You don't want a large deathbenefit because you want most of
your premiums to I mean most ofyour right premiums to go.
You want your cost of insuranceto be as low as possible so
that most of your premiums gointo that cash value account.
So then you would, you know, youwould kind of pay attention to
the death benefit, right?
And then that modifiedendowment contract how long are
(35:58):
you because the policy couldlapse?
You want to know whether or notyour policy is going to lapse
in 10 years or 20 years.
And you're thinking it's apermanent.
Hey, this is a permanent lifeinsurance policy and then it
lapsed because of the way thatthe agent structured it.
So that is a thing I would saymake sure you're paying
(36:19):
attention to that.
And then also because the agentactually gets less commission
when they structure it for theminimum death benefit and
maximum cash value Other ways.
There are other ways tostructure it where you would get
more of a commission, but itdepends, because I've had people
who you know they don't thatmay be their only life insurance
(36:40):
policy and they want a littlebit more of a death benefit.
But they're still like, hey, Istill want this.
You know IUL, where it's stillgrowing some compound interest,
but I need my death benefit tobe a little bit higher because I
do have young children at home,right, so that.
And then also, what would beanother thing, making sure, like
I say, you ask about themodified endowment contract.
(37:03):
How much can I put into thispolicy per year without being
taxed, because you don't want togo over that?
And then what's the last thing?
I think those are probably themajor ones.
Yeah, if I had to say.
And then also there was onemore, I just thought about it.
(37:24):
So sometimes people say whathappens to the money in my cash
value when I die?
Like, where does that money go?
So go back to the insurancecompany?
Now, ideally it can, but thereis an option with life insurance
, excuse me, there is an optionwith universal life insurance
where you can, yourbeneficiaries can receive that
money inside of your cash valueas well as the death benefit.
So that's called an increase indeath benefit.
(37:47):
It's level A and level B, so ifyou have the terminology to ask
your agent that, they shouldknow what you mean by that.
But a level death benefit justmeans hey, this is a set amount
that your person, yourbeneficiary, will get when you
pass away and it will go updepending on how much money is
(38:07):
in the cash accumulates in thecash value.
So say your death benefit is$100,000 or $250,000.
And you're paying into thepolicy your cash value.
Or say you're not paying intothe policy, depending on the
policy, your cash value willstill grow.
If you live to be 80 or 90 andyour cash value starts getting
(38:27):
closer to 50, your death benefitwill automatically start going
up, because you're never goingto have more money in the cash
value than what your policy isactually worth.
So if you decide to say, hey, Iwant to have an increase in
death benefit, I want the cashvalue too and I want to have the
death benefit, then the agentwill get less commission for
that for sure.
But you have that option totake the cash value or to have
(38:51):
your beneficiaries get the cashvalue and the death benefit when
you pass away.
And people who utilize it as ainvestment strategy.
It makes sense because, say,they have taken out a loan and
they die, then you know thatloan can get paid off and then
they still have the whole deathbenefit too.
Speaker 2 (39:09):
Okay, awesome.
And then one last question foryou Do you see any emerging
trends in the life insuranceindustry that are changing the
way people use it to managewealth?
Speaker 4 (39:19):
Yes, definitely the infinite banking strategy that I
mentioned about the investorsand people, and it's not
anything new.
It's been around for years andyears.
It's just that it's been, it'sinnovative and now we have these
terms and catchy phrases likeinfinite banking.
But it's just the way that youstructure the policy and it's
(39:41):
not anything new.
But that is something thatgrows with over time.
Because, again, if you'resomeone who's saying look, I
want to compound some interest,because the thing about life
insurance policies, the banksagain, the banks are designed to
protect your money up to$250,000.
Your money is FDIC insured inthe bank, so you want that
(40:03):
protection right.
This is why life insurance istypically the foundation in what
I teach people of building yourwealth because you want the
protection of not losing, whichis what a bank gives you, but
you want the growth.
Your money's sitting inside of abank account.
You're not getting, excuse me,a savings account.
Even with a high yield savingsaccount, you may get 3%, 4% of
(40:26):
interest.
But on the lower end of auniversal life insurance policy
say, it's not even an IUL.
That's something that's alittle bit more innovative, with
access, where it gives you moregains to the market.
Say, you just get a universallife insurance policy that can
give you up to 4.55% or 4.75 or5% per year, regardless of what
(40:49):
the market does.
So say the market is up down,whatever is going on, you're
going to consistently get that.
Yeah, and that's typically morethan your bonds or your CEs,
the things that you get from thebank in terms of building that
wealth Right.
Speaker 3 (41:06):
Well, hold on.
That was a lot of informationthere really was a lot of great
information.
The.
I'll probably have to watchthis twice and look.
Speaker 2 (41:15):
I have you back.
Right, yes, cause there was somuch you can glean Like finances
is just a big thing.
It's just, it is what it is,and so being able to know how to
use your money well but alsomake your money work for you is
super important.
So I thank you for all the justthe amazing nugget that you've
given us today, because it isgoing to impact so many people
(41:36):
but also give them a differentway of viewing it and, like you
know, and especially the youngergeneration.
The younger generation, and thenfor those who are business
owners, who are wanting to, youknow, build generational wealth
and start something for yourfamily.
So I thank you, amanda, forbeing here today.
Definitely be on the lookoutfor part two, because you got to
get her back to talk more aboutthe Universal Life Index and
(41:57):
all that good stuff that she has.
Speaker 4 (41:59):
So thank you so much for having me guys.
So Amanda Lewis and I amcontracted with PHP Agency.
I work with multiple lifeinsurance companies within the
life insurance industry and youcan contact me first via email.
That's going to be my firstname, amanda, middle initial is
C and the last four letters isE-A-L-Y, so Amanda C Ealy at
(42:23):
yahoocom, and I also can bereached on all social media
platforms.
So, as far as Facebook, it'sgoing to be my first name,
amanda, and then my middleinitial, which is C, and my last
name, which is Lewis, l-e-w-i-s.
That's for Facebook and forTikTok and Instagram, you can
reach me at Agent ACL, soA-G-E-N-T-A-C-L, and both my
(42:49):
Instagram and TikTok are thesame, so you can reach me there
and you can always send me a DMor preferably an email and then
phone number.
Phone number is 773-454-5460.
Speaker 2 (43:08):
Guys, we are out.
I thank you for everything.
I thank you for watching,sharing and liking.
Speaker 3 (43:13):
I hope this blessed your soul.
Man, this is some greatinformation.
Take this information, share itwith your family, use it in
your community and we'll see younext time.
We out family.
Use it in your community andwe'll see you next time.
I know some people probably had it hard, but I was
blessed.
They ain't never saw my mom anddad in stress, they only shows.
They said I'm living comfy fromthe sweat off they bags and
that's why all I ever wanted wasto give it back.
I'm not ashamed cause I wasraised right.
I would only be ashamed if Ididn't help you fight through
the pain, help you drain out thegames that your mind plays.
(00:21):
No matter what, I'm neverletting my shine fade away.
Forever searching for knowledge.
Outro Music.
Discuss your disassistance forthe public.
A little love will help recoverfrom your struggle.
If iron shop is iron, thenlet's journey out together
Forever.
J-o-p.
J-o-p.
(00:50):
It's Journey Out.
Journey Out Podcast.
Welcome to the Journey Out.
Speaker 2 (00:56):
Podcast.
Hello everybody and welcomeback to the Journey Out Podcast.
We have an amazing episode herefor you today.
But first, like want you guysto like, share and subscribe to
the channel.
Please be sure to share allthis wonderful information that
you did here from the podcastwith loved ones, with friends,
with anyone who could benefitfrom the awesome things that we
talk about here.
(01:17):
Amanda lewis okay, let's giveher a big thank you thank you.
Thank you for having me being onwith us, and so amanda is a
(01:37):
life insurance agent, and whatwe wanted to talk about today
was really bringing generationalwealth to everyone, so everyone
can benefit from it, and talk alittle bit about really what
life insurance is and how itcould benefit you.
So, first and foremost, amanda,please tell everybody who you
are, what you do and how longyou've been doing it.
Speaker 4 (01:56):
Okay, so, um, my name is Amanda Lewis.
Um, I'm a life insurance agent.
I've been in the financialspace about five years now and I
recently well, I got started inthe industry because, like most
people, I knew of lifeinsurance Actually my old job
that I was working at.
(02:17):
A lady came in and she was like, hey, sign up for this policy.
You know it's $10 a month.
And I'm like, okay, $10 is nobig deal, I need life insurance,
I'm going to die.
The time I didn't have children,I wasn't married, so I got the
policy.
That's great, but I wasunderinsured and no one she
didn't sit down to teach meabout life insurance and
actually how it's a fundamentalblock to build your wealth on
(02:40):
Right.
Because the thing that peoplemay not know because we think of
life insurance as a deathbenefit, like I said, when she
said, get a policy, I'm like, ok, I'm going to die someday, fine
, seems like the responsiblething to do.
But long story short, it was.
It was that building block ofunderstanding how to utilize it
in every scenario, like to make,save and protect your money tax
(03:03):
free.
And I was just not given thateducation.
So once I was taught thosethings, it became very important
to me to educate other peopleabout it, because you can start
from wherever you are, but justhaving something in place that
can protect you in any scenarioof life.
Speaker 3 (03:19):
All right, so we're going to start off with this.
How does life insurance fitinto the broader wealth
management strategy?
Speaker 4 (03:26):
OK.
So life insurance fits into thebroader wealth management
strategy because, as Mr WarrenBuffett likes to say, the number
one rule is never lose moneyRight.
And so with life insurance as afoundation, you're guaranteed
never to lose Right.
There is a such thing that'scalled a floor with a life
insurance policy.
So, depending on the type ofpolicy that you have, you're not
going to lose money.
(03:48):
You want to have those gains.
You want to gain compoundinterest in certain type of
accounts, depending on the typeof account that you have.
But you want to have somethingthat's safe as your financial
foundation, where you'reguaranteed not to lose.
So when people think aboutdiversifying their portfolio and
again, what may not be taughtto certain demographics of
(04:09):
people is that you don'tnecessarily wealthy people don't
necessarily put their money inbanks to long term save it,
meaning a bank serves a purposeof liquidity, meaning I put my
emergency funds here If I needaccess to wealth very fast.
It protects a certain amount oftheir money.
But when it comes to long termsaving their money, they're
putting it in account.
That's one guarantee not tolose.
(04:31):
Two, that's going to compoundinterest when the market does do
well, so you can get some ofthose gains, and then three
that's tax free, it's a tax freevehicle.
Speaker 3 (04:40):
So OK.
So give me, give, give thelisteners a real life example of
using their insurance in thefinancial OK.
Speaker 4 (04:49):
So it just all depends on the person in the
scenario Most people know whenthey think of permanent life
insurance, because it's twodifferent types of life
insurance.
For the most part, you haveterm insurance as a policy
that's a set amount of time 10,20, 30 years.
It expires.
These policies can be good forin terms of covering your
insurable need.
(05:10):
If you have a home, if you havechildren in school, just to
protect your finances, if indeed, in fact, you die or if indeed
in fact you get a illness whileyou're alive, there is something
called a living benefit,meaning that you can access a
portion of your policy.
If you get cancer, heart attack,stroke, you get really sick and
(05:30):
you're off of work, becausethose things can be disastrous
too.
Think about it.
You may not necessarily passaway, but if you have a stroke
and you're not able to work andyou're the sole provider, or
even someone in your family whodoes provide, that can be
financial ruin for a familyright.
And if you're off of work, youcan't and you know you can get
behind on bills.
(05:50):
How long will your savings last, you know, between you getting
sick from a very critical injury.
So it just depends.
But when you're saying in termsof permanent life insurance,
those policies tend to have asavings account that's attached
to it.
If it makes sense, where aportion of your premium goes
into an account that buildsattached to it, if it makes
sense, where a portion of yourpremium goes into an account
that builds compound interest,and so that interest incurs over
(06:11):
time uninterrupted.
And the best thing about thevehicle is, again, it's tax-free
.
According to the IRS code 7702,any money that's accumulated in
an account is tax-free to use.
So it's like a way to createwealth without protection
against the rising taxenvironment.
Speaker 2 (06:27):
Okay, so you talked about the wealth management
strategy, so where shouldsomeone start if they've never
considered insurance to be partof like their wealth portfolio?
Speaker 4 (06:37):
Okay, I would say, first start with sitting down
with someone who's able toeducate you right.
You need to.
You can't get started insomething you don't understand
or even know why you really needit.
So the purpose of an agent isto ask those questions.
Why are you, you know, looking?
What are your short-term andlong-term goals?
You know what do you feelcomfortable with where you are,
(06:59):
and then where you want to go,and then what's most important.
Some people may say, hey,what's most important to me is
making sure I have a largedocument of it for to pass down
a legacy to my children when Ipass away.
Some people may say, hey,what's most important to me is
building this wealth.
Now I want to leave themsomething, but I want to make
sure I have a vehicle that'scompounding my wealth right now,
while I'm alive.
(07:19):
It just all depends on theindividual.
Speaker 3 (07:29):
So you want to make sure you get with an agent
that's asking those questionsand educating you first and then
starting from where you are.
So you said something previousin the previous question term
life and perm life, right?
So what are the differencebetween those when it comes to
building wealth?
Speaker 4 (07:37):
Okay.
So the difference is term lifeinsurance is more affordable, so
a term life insurance policywill.
Typically it can be usedbecause you can have multiple
life insurance policies.
There is no, well, I just haveto get this one.
No, there's a way to, and theagent should be tailoring
something that's specific foryou.
(07:59):
But a term life insurancepolicy, like I said, it expires
in a 10 or 20 or 30 year timeframe, but it could be used to
cover your insurable need.
So your insurable need is howmuch insurance do you actually
need?
If you own a home, let's sayyou die and you want your home
to be paid off, that would becalculated into your insurable
(08:20):
need, and then, if you havechildren, you may want to pay
for your children's collegeeducation.
No-transcript.
(08:54):
So you can change it to one youcan change it right, and so the
good thing about convertible isyou don't have to go through
underwriting again.
So let's just say you have aterm policy, say you're paying
$20 or $30 a month, it's fine,you're just utilizing it for the
death benefit and you get sick,you get a terminal illness or
say it's not a terminal illness,say you have some type of
(09:15):
mental breakdown and you're nolonger insurable.
Then you can still convert thatpolicy to permanent life
insurance without having to gothrough underwriting again.
That's why I always encouragepeople, when they have insurance
through their job, to get theirown personal policy, because
you have those advantages as tosay you know you can still be if
it's something on your job.
(09:36):
Let's just say you leave yourjob or you get fired or laid off
excuse me or you quit.
Then you have to go through theprocess of getting and you may
not be insurable again.
They may have been giving youthe insurance while you're on
your job for group, but thenwhen you go to apply on your own
now you're not insurablebecause of health reasons.
Speaker 3 (09:55):
And that underwriting part.
Explain that a little bit.
Give a little explanation onwhy it's important to do that
convertible option so you won'thave to go into underwriting.
Absolutely so underwriting.
Speaker 4 (10:05):
Absolutely so.
Underwriting is a process ofwhat the insurance company looks
at when they have an applicantto determine your risk and to be
approved for the life insurancepolicy.
So it could be health.
It's several factors.
It could be your health.
They're going to take your ageinto consideration, your
demographic, also sometimescredit your driving record.
(10:26):
All these things may be becauseit puts you at a higher risk of
you know something happening.
So an insurance policy is anallegory contract which
basically means that theinsurance company is legally
liable to have to pay out ifsomething happens to you, but
you're not legally bound to haveto pay your premiums.
(10:46):
Now, if you don't pay yourpremiums, your policy will lapse
, but you're not legally boundto have to pay that.
So the insurance company wantsto make sure that your risk is
as low as possible.
That's why it's encouraged toget insurance while you're young
and while you're healthy,because it's affordable and so
(11:06):
it can grow with you, eventhough you start off while
you're young.
If you have a policy that'seither permanent, where it takes
you to the end of your life, oryou have a convertible policy,
you're covered even if yourhealth declines.
Speaker 2 (11:18):
Now talk to us more about the permanent policy.
So what does that look likecompared to the term life policy
?
Speaker 4 (11:26):
So the permanent policy again takes you to age
121.
However old you live, that'sthe plus of a permanent life
policy.
It just takes you to pass away.
The other good thing about apermanent life policy is the
like I mentioned the savingsaccount.
It's kind of attached to thepolicy where a portion of your
(11:46):
premium goes into it.
And I have to stress thisbecause oftentimes people think
well, you know, if I can justsave all this money and put it
in the bank?
No, it's still a life insurancepolicy.
So a portion of your premiumgoes to the cost of insurance
and that's going to be differentfor everyone, depending on your
age and certain facets of yourhealth.
If you're a smoker, yourinsurable need will be more than
someone who's not a smoker.
(12:07):
But with a permanent lifeinsurance, maybe 20 to 30%,
let's say, of your premium willgo into an account that's going
to build compound interest.
Now the type of policy that youget will determine the amount
of interest that you get,because there are several
different umbrellas for that.
You can get a whole life policy, which is the most common one
(12:29):
that people know when they thinkof permanent life insurance.
A whole life is a little moreoutdated but it serves a purpose
, depending on the person anddepending on the need.
Speaker 2 (12:38):
Right.
Speaker 4 (12:39):
But then you have universal life insurance, which
is a little bit more of aflexible policy With whole life.
Things are locked in.
So whatever you get, you pay itfor the rest of your life.
It's kind of just locked in.
It's more concrete Withuniversal life insurance.
It's flexible, so it changeswith your circumstances because
life happens.
Say, you want to increase yourpolicy, you want your death
(13:01):
benefit to increase or you maywant to decrease your death
benefit.
You have that flexibility ofthat with the universal life
policy and then again, dependingon the type of policy, that
will determine the gains thatyou get.
As far as your compoundinterest, If you're a little bit
more like, hey, I want to getsome gains from the stock market
because, think about it, peopleinvest into the stock market
(13:24):
for the gains, right, you want.
When the market does well, youwant to have those gains.
So if you're someone that'ssaying, hey, I want to still
have participate in that, withthe safety of not losing when
the market goes down, then youwould get a certain type of
account that will give you alittle bit more of interest, but
they will cap it.
Speaker 3 (13:44):
Right, so now you're talking about show me the money,
right?
Okay, so let's ask thisquestion.
So can you explain how cashvalue and permanent life
insurance policy works and howcan it be leveraged?
Speaker 4 (13:55):
Okay, so cash value and permanent life insurance
policy works like, let's justsay, like I mentioned about the
compound interest, what portionof your premium goes there and
over time, and so the good thingabout it is, once that money
accumulates, there's no specificway.
You can also put in a lump sumof money into the policy.
(14:16):
You can start with a largeramount, and so how people can
sometimes utilize and then whatthey call it is infinite banking
.
It's just a strategy of how youstructure the policy Because,
like I mentioned to you, it's atax-free vehicle and so people
oftentimes can use it forreasons of growing their money.
Because the thing about it iswhen you put the money, when the
(14:38):
money grows tax-free inside ofthe policy.
Now you can have, you have twooptions you can take from the
policy and do a policy loan.
You say, well, why would I wantto borrow money from myself,
right?
Well, the thing about it iswhen you take the loan out on
the policy, you're not actuallytaking the money out of the
account.
The insurance policy is givingyou a loan based off your death
(15:00):
benefit, because this is a lifeinsurance policy.
So the money is stillaccumulating in the account even
though you've taken out theloan.
So what people sometimes can do.
As an example, I've worked withseveral real estate agents, or
people who are real estateinvestors excuse me, not maybe
so much agents, but real estateinvestors so they put in large
sums of money, large sums ofmoney, into the policy.
Speaker 3 (15:20):
So they're putting the money into the policy.
Speaker 4 (15:22):
They're putting the money into the policy.
You can do that, the permanentlife policy.
You can put in a lump sum ofmoney into the policy.
Let's just say six months,eight months, however much, a
year, two years.
You have a property that youwant to now go purchase.
You can say, okay, give me$100,000 of this money in the
loan right from my policy that Iplaced here.
(15:42):
Now you take the hundredthousand dollar loan and go
purchase the property.
However, the money is stillcompounding interest inside of
your account.
So it's like you took the moneybut you didn't take the money
because it's still growing atthe rate as if it was still
there so with this is it, wouldyou say they need a to structure
this for this type of insurance?
Speaker 3 (16:03):
will they need to talk to an agent or will they?
Speaker 2 (16:06):
make it, so I can say hey, yeah.
Speaker 3 (16:09):
I want permanent life insurance and I get permanent
life insurance, but that don'tmean I can do that.
So talking speaking with anagent, I guess would help you
structure it the way you want it, to where you can get that
money.
Speaker 2 (16:21):
Absolutely Okay, absolutely Perfect.
And then so, with that cashvalue, how soon can they
typically access that money?
Speaker 4 (16:29):
so it depends on the company.
It depends on the amount, um.
There are some companies whereyou can access it after 30 days,
um, but the thing about it isdepending on the amount that you
have, um, that's going todetermine the, because really it
is a better long-term vehicle.
The longer you put the moneythere, the more time it has to
(16:50):
compound, the better it's goingto be.
But if it is something like Isaid, that you need, you want to
have access to right away,especially if you're putting a
lump sum in.
If you're not putting anythingin, then you won't have anything
to have access to.
Speaker 3 (17:02):
So At any time can they put money in.
Speaker 4 (17:05):
Absolutely.
So how you structure the policyis there is something called a
modified endowment contract.
So you really have to get withsomeone who's willing to educate
you, because if it's notstructured properly you can get
taxed.
The IRS can say hey, we can taxthis vehicle.
So the modified endowmentcontract means you can put a
certain amount of money intothis policy per year without
(17:28):
being taxed.
But it is different foreveryone, depending on how much
you put in, depending on howmuch you want to grow.
So if you have a policy, let'sjust say you put in $2,400 in it
a year right, a couple ofhundred dollars a month, and
(17:48):
your modified endowment contractmay be $5,000 a year.
So that means you can put up to$5,000 into this policy per
year tax-free without you knowany.
You don't have to call youragent and like, hey, can you
restructure this or can you dothat, like with whole life
insurance?
You can't do that.
You know whatever you're lockedin is what you're locked into.
But with the universal lifeinsurance it's more flexible.
(18:09):
So then you can put in, say youhave more than the $5,000 for
the year, then you can go backand your agent is able to go
back and restructure the policy.
Speaker 2 (18:18):
When you have the universal Perfect.
Speaker 3 (18:20):
So is it any risk or implications when borrowing from
their money or Could there besome, like you said, maybe if it
wasn't structured right.
Speaker 4 (18:29):
Right, right, if it's not structured right, yes, it's
not going to.
It can be a bad situation Ifyou're with someone who is not
structured in the policy Right,or, you know, trying to get
commissions or things like that.
Because, again, you have totalk about these things.
It gives insurance agents a badrep when people are not doing
(18:50):
the right thing for the, for theclient, right.
So you have to know what theperson's, what their goal is,
because, again, if your goal isto say so, to structure a policy
to get more interest, or toreally create or grow your
wealth while you're alive, youwould get a lower death benefit
and more cash value accumulation.
(19:11):
But that would be for someonewho says, hey, I have a policy
over here for when I die.
I'm good Because you can havemultiple policies, so it would
be this particular policy I wantto have for growth accumulation
.
Speaker 2 (19:23):
Now when you say that and I want to go back from the
permanent, so is there ever atime where you can do the term
and permanent together?
Absolutely Okay.
Speaker 4 (19:32):
Absolutely so, because you want to make sure
that the term is going to coveryour insurable need.
The term is going to make surethat your house is paid off
because permanent life insurancecosts more.
So if you want to get a milliondollars in permanent life
insurance, you're going to paysome money per month or you're
going to put in a large lump sum.
You're going to pay some moneyper month or you're going to put
in a large lump sum.
So, again, in order to makesure that your insurable need is
(19:53):
covered meaning you knowmortgage or education or debt,
whatever you have funeral costsin order to make sure that's
covered, you can get a termpolicy.
Speaker 3 (20:02):
And this stuff can be used for within the family and
that family member that hasthese policies to help him start
a business or her start abusiness as well.
Speaker 2 (20:13):
Absolutely Perfect, and so I know most people don't
think of life insurance as afinancial planning tool at all.
But what are some?
Speaker 4 (20:29):
of the common misconceptions people have about
using life insurance as aplanning tool financial planning
tool, I would say one.
I guess I hear it like it's ascam or it's not a real thing,
but think about it.
You're going to pass away.
And do you feel like carinsurance is a scam?
Think about it.
You can drive, you can payinsurance every year and drive
and never have an accident andyou never complain about
(20:51):
spending the money that you put.
Speaker 3 (20:52):
Because you ain't getting it back.
Speaker 4 (20:55):
Exactly, but you're definitely going to pass away.
So it's no way around it.
Someone will get that money.
Even if you, like you say, evenif you just have a term
insurance policy, if you diewithin that term, someone will
get that money Legally.
Their insurance company has topay out.
Speaker 3 (21:11):
So how do you educate people that are skeptical about
learning about this or beingpresented with this information?
Speaker 4 (21:19):
Honestly, it's a process.
You have to get to know peoplebecause it is, it's a mindset,
and it's oftentimes based offculture, family, experiences.
So you have to just take thetime to understand or try to get
to know if people are open.
Especially when you first meetpeople, it's kind of like Right,
(21:46):
right.
But over time you know, you'reable to understand where these
speculations come from.
And social media is big rightnow, and social media is big
right now.
So I just create content wherepeople can go back to it at
their leisure and look at it andsay OK, ok, well, this kind of
makes sense.
And then it's all about timing,where people are ready, and
then, unfortunately, sometimesthings happen in life and then
(22:09):
it might be too late.
And then it might be too latebecause we're not preparing for
these things, but it could besomeone that you know that has
an unfortunate situation.
Speaker 3 (22:22):
It prompts you to be like, okay, well, now I need to
go ahead and take care of it.
And this is why I enjoy doingthis podcast.
It's because to help familiesright To be their resource to
families to get the informationout Things that I didn't know
nothing about, right.
Things that you didn't knownothing about that you learned
about right, so this is perfectinformation.
Speaker 2 (22:39):
And I mean just today , just today consulted with the
family, and we're talking abouther using veterans benefit to
pay for her care.
She's a spouse of a veteran andso and she was like, oh well,
her daughter was like, well, I'mmarried to a veteran.
I'm like, well, why don't yougo ahead and start now, so that
way, when later comes, you'renot behind the eight ball to
have to catch up or wait forthat.
Speaker 3 (22:59):
So I love that you said that, so we don't have to
wait for things to happen, right?
No just in case Great.
Speaker 4 (23:08):
Proper preparation prevents poor performance.
Speaker 2 (23:10):
Oh, wait, wait, wait.
What'd you say again?
Speaker 4 (23:12):
Repeat that Proper preparation prevents poor
performance.
Okay, that's not my, that's notmy quote.
I actually that's a good one,but I follow him, he's very
wealthy and he teaches peopleabout how to create wealth.
Speaker 1 (23:26):
That's cool, so I like that.
Speaker 2 (23:27):
Okay, Well, talking about the wealthy right.
So how can like high net worthindividuals or business owners
strategically use life insurancefor estate planning or tax
efficiency?
Speaker 4 (23:39):
Okay, so as far as estate planning now, life
insurance agents some may, butnot me specifically can set up a
trust.
So I know sometimes we hearabout a trust and that's where
you buy insurance on the peoplein the family and you put it
inside of the trust.
So the trust actually owns thelife insurance policy and so
(24:02):
when someone passes away, thetrust will get that death
benefit.
So let's just say, mom and dadhave both have million dollar
policies and they both pass away.
They get policies 500,000 or250 on their kids and then when
they pass away, now the trustnow has two million dollars in
it and that money can be dividedor or dispensed, dispersed how
(24:22):
they choose.
Hey, this person gets thisamount of money for a business
or a house or however you wouldlike for it to be dispersed, and
then when someone passes away,the money gets replenished back
into the trust so do?
Speaker 3 (24:35):
would they need an agent to help them structure
that or plan that?
Speaker 4 (24:38):
well, I would say get with the agent to have the
policies, couldn't okay and thentrust is different yes, the
trust typically comes from alawyer okay from my
understanding, you have to workwith some type of lawyer okay,
for the trust but in terms ofalso wealth building with the
life insurance policy is um forbusiness owners.
(24:59):
There is something called keyman, key person insurance.
So when you have a person thatyou want to insure, let's just
say you know right-hand personor whoever you're the next up in
line, say you get sick or youget hurt or you pass away, who
knows the business well enoughto take care of the business
(25:21):
During that time, you canactually get insurance on their
life as well.
So then, if they pass away,money is then distributed back
into the business until you'reable to find, train someone to
replace them.
So there's, you know businesspeople utilize life insurance to
help their business as wellIndeed, in fact, a CEO or
(25:43):
someone of importance, and ifthere's multiple owners in the
company, they all get differentpolicies on each other.
So in the event where someonedies as the owner of this
company, money is then put backinto the company, the business,
the organization.
Speaker 2 (26:02):
Now can you touch a little bit on how irrevocable
life insurance trusts work?
Speaker 4 (26:09):
So it's it's irrevocable, meaning you can't
change it, right, right.
So once it's the trust is setin place and then, like I said,
the money goes into the trust,then it has to be distributed.
However, the person who createdthe trust has the instructions
that they have, so they can'tjust go in and say, hey, we want
(26:32):
to change and do this, that orthe other, so it's it's.
I guess the word may beirrevocable, but the good thing
about trust is it avoids probateas well.
So when you someone passes awayin life insurance, the policy
does go through probate, whichcan prolong the death benefit
being paid out, but when thepolicy is inside of a trust, it
(26:56):
doesn't go through probate.
Speaker 3 (26:58):
So I know you touched on it a little bit about hey,
if the CEO loses someone thatperson they have insurance on
the other person, right?
So tell me how the lifeinsurance plays a role in legacy
planning and generationalwealth.
How does that work in thefamily dynamic?
Speaker 4 (27:17):
Okay.
So for legacy planning, just ithelps you to protect any assets
that you have, any money thatyou want to leave for your
children or things like that,and just preserving the things
that you have built in your lifeor even started.
Say you haven't built anything.
But if you have a term lifepolicy, I would say, uh, the
(27:39):
first thing would be still towork with someone that's given
that education, becausegenerational wealth can be lost
by the third generation.
Typically, if people aren'teducated how to utilize the
money, if the mindset isn'tchanged, then unfortunately
they're just going to spend themoney.
That's the good thing about thetrust.
It gives instructions on howthis money is to be utilized.
(28:00):
It can't just be y'all dowhatever y'all want to do With a
life insurance policy.
That could be the case.
If you just give it to someoneand they don't do right by it,
then it's gone.
So it has to be someone that isgetting educated about how to
grow the money, how to make,save and protect the money.
Speaker 3 (28:22):
So you just kind of touched on something as far as
the third generation or givingthat money that could be lost,
right?
So how do you balance theemotion, the emotional goals for
the family legacy, withfinancial ones?
So how do you?
Would you, what would be the?
Yeah, how would you blend thetwo and speaking with a family
(28:43):
on that?
Speaker 2 (28:44):
Okay, so blending the financial goals with emotional
goals or building that familylegacy, even after I'm gone okay
, I would say the biggest thingwould probably be to sit down
and talk.
Speaker 4 (28:58):
Just start with talking about finances.
A lot of times and it could beit's it's a cultural thing, I
would say, but I do speak with.
I do speak with people of othercultures that they were raised,
their parents didn't talk aboutmoney, and so it's starting with
having those conversations,even when your children are
(29:18):
small, instilling things, andthen, if you need to just sit
down and write down the 50-30-20rule, so 50% of your finances
can go to your bills or thethings that you really need, so
50% of your finances can go toyour bills or the things that
you really need, 30% of yourfinances, I would say, should be
saved and then maybe 20% shouldbe towards maybe the things
(29:41):
that you know, 10 to 20% of thethings that you enjoy doing
extracurricular and things likethat, but just having that basis
of living underneath your means.
You know, if you don't spend allyour rent money, all your, all
your checks shouldn't be goingtowards rent.
To think about that andsometimes these things aren't
even taught you're like, hey, Ican afford this place if I make
(30:03):
this much money a month, butyou're not equating gas and food
and the idea, every, all thosethings added.
But all those things added upstill should be 50 of what you,
what you make that is.
Speaker 2 (30:15):
That's good advice.
I really love that.
You said that now we've talkedabout a lot.
We talked about term, talkedabout permanent life, we talked
about cash value family legacyall of the things, but how
should someone decide how muchcoverage they actually need?
Uh, not just for protection,but for wealth building as well.
Speaker 4 (30:31):
Okay.
So a basic rule is what we calla financial analysis, what I do
with all my clients where you,it's something called the dime
method.
So you start with the deathbenefit.
I mean a death, excuse me.
How much would you want tospend for a funeral?
Ideally, there's no right orwrong answer to any of the
questions.
And then, how much debt are youin?
(30:52):
That's going to be factoredinto the equation.
And then I is for your incomehow much you make a year?
That's going to be factoredinto the equation.
And then the children, if youhave smaller children.
Typically again, there's noright or wrong answer it's ideal
to replace your income in yourhousehold until the youngest
(31:16):
child is of 18 years old.
Which means if I die my spouseor not even my spouse, whoever
will have my children my incomewill still be there until my
children are at least 18.
Some parents go to 21, some goto 25.
There is no right or wrong, butthat would be factored into the
income.
And then, or if you don't havechildren, say your children are
(31:37):
grown, even your spouse.
Hey, I would want to cover myincome for my spouse for this
amount of years, until they'reable to grieve and they maybe
find someone else or not.
Either way, however it goes,you're saying hey look, I want
to make sure that financiallyyou're good, or even you're able
to take this and again, create,invest, grow the money so that
(32:03):
it can be built and passed downfor generations to come.
Speaker 3 (32:07):
What questions should someone ask their agent before
purchasing a policy for wealthmanagement purposes?
Speaker 4 (32:14):
Hmm, what questions.
I would say X.
What's the interest rate?
What's the compound interestrate of a type of policy Meaning
, depending on the type ofpolicy, do you have to pay in it
(32:35):
for the rest of your life?
Is it something that I can payin for a certain amount of time?
So I would ask those questionsand I would also ask how much
can I put into this policy peryear without being taxed?
Speaker 3 (32:48):
Well, are there specific policies, features or
riders that people should alsolook into as far as getting a
policy?
Speaker 4 (32:55):
Yes, definitely For the term insurance.
You're going to want to makesure it's convertible.
You're going to want to makesure it has living benefits,
which is a rider that comesattached to your policy for free
.
Terminal illness riders arewhat most insurance policy term
insurance policy has, whichterminal means you have less
than 24 months to live.
(33:15):
What the doctor says, hey,you're going to die in less than
two years.
Then you can access a portionof your death benefit while
you're alive.
However, not all companies offercritical illness rider and
terminal illness rider.
I mean excuse me, not terminalcritical illness and chronic
illness.
So let's just say you get aheart attack, stroke or cancer
(33:37):
and you live, you don't passaway.
Then you can still access aportion of your death benefit
while you're alive.
So you have a million dollarterm policy and you paying 30
bucks a month, or even 50, $60 amonth, and you have a stroke
tomorrow or you find out youhave cancer.
You can access $600,000,$500,000, if you so need, of
(34:01):
that policy.
Now, mind you, it does getsubtracted from your death
benefit, but the good thingabout a convertible policy is,
even with that cancer, you stillcan convert it to that
permanent life insurance policy.
Speaker 2 (34:11):
Wow, that is so important for, like our
listeners, especially thosecaregivers who are caring for a
loved one, who may already havethese terms and don't even know
and could utilize those funds tocare for a loved one, so I love
that you say that.
Uh, now our what would be a redflag answer from an agent?
If there, if we have someoneasking an agent some questions,
what would be some red flagsthat people should watch out for
(34:32):
?
Hmm?
Speaker 4 (34:36):
I would say a red flag is so oftentimes when we're
talking about permanent lifeinsurance and the money growing
inside of the policy.
Again the agent's commission isbased off how they structure
the policy really for the mostpart.
So again someone who?
Speaker 3 (34:57):
So is the agent structuring the policy or the
underwriter's doing that, theagent?
So?
Speaker 4 (35:03):
the agent structures the policy, the underwriter's
just determined if the person isapproved or not, right, so they
give the approval.
The agent doesn't give theapproval of whether or not the
policy gets approved.
I would say, if, when it comesto permanent life insurance,
again, if you're, whatever yourgoal is, if you're saying my
(35:34):
goal is to make sure that I'mmaximizing the money and the
cash value while I'm alive forcompound interest, then you want
to make sure that you have aminimum death benefit.
You don't want a large deathbenefit because you want most of
your premiums to I mean most ofyour right premiums to go.
You want your cost of insuranceto be as low as possible so
that most of your premiums gointo that cash value account.
So then you would, you know, youwould kind of pay attention to
the death benefit, right?
And then that modifiedendowment contract how long are
(35:58):
you because the policy couldlapse?
You want to know whether or notyour policy is going to lapse
in 10 years or 20 years.
And you're thinking it's apermanent.
Hey, this is a permanent lifeinsurance policy and then it
lapsed because of the way thatthe agent structured it.
So that is a thing I would saymake sure you're paying
(36:19):
attention to that.
And then also because the agentactually gets less commission
when they structure it for theminimum death benefit and
maximum cash value Other ways.
There are other ways tostructure it where you would get
more of a commission, but itdepends, because I've had people
who you know they don't thatmay be their only life insurance
(36:40):
policy and they want a littlebit more of a death benefit.
But they're still like, hey, Istill want this.
You know IUL, where it's stillgrowing some compound interest,
but I need my death benefit tobe a little bit higher because I
do have young children at home,right, so that.
And then also, what would beanother thing, making sure, like
I say, you ask about themodified endowment contract.
(37:03):
How much can I put into thispolicy per year without being
taxed, because you don't want togo over that?
And then what's the last thing?
I think those are probably themajor ones.
Yeah, if I had to say.
And then also there was onemore, I just thought about it.
(37:24):
So sometimes people say whathappens to the money in my cash
value when I die?
Like, where does that money go?
So go back to the insurancecompany?
Now, ideally it can, but thereis an option with life insurance
, excuse me, there is an optionwith universal life insurance
where you can, yourbeneficiaries can receive that
money inside of your cash valueas well as the death benefit.
So that's called an increase indeath benefit.
(37:47):
It's level A and level B, so ifyou have the terminology to ask
your agent that, they shouldknow what you mean by that.
But a level death benefit justmeans hey, this is a set amount
that your person, yourbeneficiary, will get when you
pass away and it will go updepending on how much money is
(38:07):
in the cash accumulates in thecash value.
So say your death benefit is$100,000 or $250,000.
And you're paying into thepolicy your cash value.
Or say you're not paying intothe policy, depending on the
policy, your cash value willstill grow.
If you live to be 80 or 90 andyour cash value starts getting
(38:27):
closer to 50, your death benefitwill automatically start going
up, because you're never goingto have more money in the cash
value than what your policy isactually worth.
So if you decide to say, hey, Iwant to have an increase in
death benefit, I want the cashvalue too and I want to have the
death benefit, then the agentwill get less commission for
that for sure.
But you have that option totake the cash value or to have
(38:51):
your beneficiaries get the cashvalue and the death benefit when
you pass away.
And people who utilize it as ainvestment strategy.
It makes sense because, say,they have taken out a loan and
they die, then you know thatloan can get paid off and then
they still have the whole deathbenefit too.
Speaker 2 (39:09):
Okay, awesome.
And then one last question foryou Do you see any emerging
trends in the life insuranceindustry that are changing the
way people use it to managewealth?
Speaker 4 (39:19):
Yes, definitely the infinite banking strategy that I
mentioned about the investorsand people, and it's not
anything new.
It's been around for years andyears.
It's just that it's been, it'sinnovative and now we have these
terms and catchy phrases likeinfinite banking.
But it's just the way that youstructure the policy and it's
(39:41):
not anything new.
But that is something thatgrows with over time.
Because, again, if you'resomeone who's saying look, I
want to compound some interest,because the thing about life
insurance policies, the banksagain, the banks are designed to
protect your money up to$250,000.
Your money is FDIC insured inthe bank, so you want that
(40:03):
protection right.
This is why life insurance istypically the foundation in what
I teach people of building yourwealth because you want the
protection of not losing, whichis what a bank gives you, but
you want the growth.
Your money's sitting inside of abank account.
You're not getting, excuse me,a savings account.
Even with a high yield savingsaccount, you may get 3%, 4% of
(40:26):
interest.
But on the lower end of auniversal life insurance policy
say, it's not even an IUL.
That's something that's alittle bit more innovative, with
access, where it gives you moregains to the market.
Say, you just get a universallife insurance policy that can
give you up to 4.55% or 4.75 or5% per year, regardless of what
(40:49):
the market does.
So say the market is up down,whatever is going on, you're
going to consistently get that.
Yeah, and that's typically morethan your bonds or your CEs,
the things that you get from thebank in terms of building that
wealth Right.
Speaker 3 (41:06):
Well, hold on.
That was a lot of informationthere really was a lot of great
information.
The.
I'll probably have to watchthis twice and look.
Speaker 2 (41:15):
I have you back.
Right, yes, cause there was somuch you can glean Like finances
is just a big thing.
It's just, it is what it is,and so being able to know how to
use your money well but alsomake your money work for you is
super important.
So I thank you for all the justthe amazing nugget that you've
given us today, because it isgoing to impact so many people
(41:36):
but also give them a differentway of viewing it and, like you
know, and especially the youngergeneration.
The younger generation, and thenfor those who are business
owners, who are wanting to, youknow, build generational wealth
and start something for yourfamily.
So I thank you, amanda, forbeing here today.
Definitely be on the lookoutfor part two, because you got to
get her back to talk more aboutthe Universal Life Index and
(41:57):
all that good stuff that she has.
Speaker 4 (41:59):
So thank you so much for having me guys.
So Amanda Lewis and I amcontracted with PHP Agency.
I work with multiple lifeinsurance companies within the
life insurance industry and youcan contact me first via email.
That's going to be my firstname, amanda, middle initial is
C and the last four letters isE-A-L-Y, so Amanda C Ealy at
(42:23):
yahoocom, and I also can bereached on all social media
platforms.
So, as far as Facebook, it'sgoing to be my first name,
amanda, and then my middleinitial, which is C, and my last
name, which is Lewis, l-e-w-i-s.
That's for Facebook and forTikTok and Instagram, you can
reach me at Agent ACL, soA-G-E-N-T-A-C-L, and both my
(42:49):
Instagram and TikTok are thesame, so you can reach me there
and you can always send me a DMor preferably an email and then
phone number.
Phone number is 773-454-5460.
Speaker 2 (43:08):
Guys, we are out.
I thank you for everything.
I thank you for watching,sharing and liking.
Speaker 3 (43:13):
I hope this blessed your soul.
Man, this is some greatinformation.
Take this information, share itwith your family, use it in
your community and we'll see younext time.
We out family.
Use it in your community andwe'll see you next time.
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