098 Bill Black: Life Insurance Trends - Are Your Affairs In Order?
About Fun With Annuities Episode #98
Bill Black is considered the top life insurance expert in the U.S., and his over four decades of experience is unmatched. He is also a personal friend that I have shared the stage with at some of the top financial shows in the country. The bottom line is that if you have a life insurance policy or considering buying one, Bill Black is the only person you need to speak with.
I asked Bill to come back on the podcast to give his outlook on the life insurance industry for 2022. We covered many topics, and he even discussed specific cases that he has recently worked on for his clients.
COVID was something I wanted Bill’s take on, and he surprised me with his insight into how it will influence the life insurance industry in 2022 and ongoing. How do actuaries view the pandemic? How is it going to affect pricing? What about life expectancy? Will underwriting become more difficult? Bill knocked the cover off the ball with every answer.
We also talked about how the potential of blockchain technology to change and improve the life insurance industry. We both agreed that the consumer would be the winner at the end of the day. People should be focusing on blockchain technology, not the cryptocurrency that rides on top of and uses blockchain.
We also discussed Irrevocable Life Insurance Trusts (ILITs) and how annuities and life insurance can be used together to leverage contractual guarantees. This part of the podcast will need to listen to a couple of times because you need to fully understand this high-level strategy for income and legacy.
I made sure to get Bill’s take on the bad life insurance sales pitches that proliferate the airwaves and seminars. The promise of tax-free income (i.e., loan on the policy) and current radio and TV ad pitches need to be aware of…and know the facts.
Every time I have Bill on the program, I learn something new. That’s how much knowledge he has because I’ve been in the business for over three decades and know more about life insurance than most. This is one podcast to save in your “favorites” file. Enjoy!
"There are no silver bullets - there’s nothing out there that’s always the right answer, or never the right answer." — Bill Black
Brief Bio of Co-host: Bill Black
Bill Black is the President of W.H. Black and Company and has been in the pension administration business for over 40 years. He is also responsible for the marketing efforts of PensionSpecialist.net – a full-service pension administration company that helps advisors nationally with the sale and administration of qualified pension plans.
He is the best in the business and as a qualifying member of the Million Dollar Round Table (MDRT) and an eighteen-time Top of the Table and Court of the Table qualifier, puts him amongst the world’s elite financial professionals for his ethics and best business practices. Therefore when it comes to questions about defined benefit plans, 401(k)s, cash balance pension plans, and profit-sharing plans, Bill is my guy.
His ability to break down complex ideas into easily understood concepts is the reason why he is a highly sought-after speaker, author and educator around the world. He also produces a great quarterly newsletter that breaks down the latest legislative and administrative issues regarding plan management.
In this episode, The Annuity Man® and Bill Black discuss:
- Who needs long-term care?
- Transferring wealth to your heirs tax-free
- Maximizing your death
- What good insurance companies do
- If you live long enough where you aren’t able to feed, bathe, transport, or dress yourself anymore, you’re going to wish you had long-term care set in place.
- Long-term care benefit is tax-free, and so is the death benefit. You can set it up so that if you don’t spend the benefit or only spend some of it, the rest will go to your beneficiaries or heirs. Even if you don’t use it, your heirs will still benefit from it.
- Death is a one-time strategy, so maximize it. Get insurance so that when you go, you’ll cover your heirs with a tax-free transfer of wealth instead of leaving them a financial burden.
- Good insurance companies don’t take any money until they are ready to offer their policy to you. That way, there wouldn’t be any burden or pressure on the client. You’ll only pay whenever you decide you’re happy with the contract.
Fun With Annuities Podcast® is hosted by America’s Annuity Agent®, Stan The Annuity Man®, and a Celebrity Co-Host. Hear facts with no sales pitches from the top independent agent in the country, licensed in all 50 states. Stan and his guests dive deep into topics such as annuities, finance, retirement, and so much more. It’s fun learning the facts and seeing if they’ll fit your personal retirement lifestyle. Thanks for being here!