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Strategic Marketing Partner Strategic Marketing Partner
  • IAR Platform
    • Our Recommended IAR Platform
    • Why Every Advisor Should Have a 65 License
    • Source of Funds Rule
  • Marketing Tools
    • Your New Website
    • 3-Bucket Sales Approach
    • CALM
    • Online Budgeting App
    • OnPointe Marketing Software
    • 10-Module Financial Literacy Course
    • Faith Based Planning Initiative
    • IUL Illustration Software
    • Asset Protection-The Wedge
    • E-Newsletter Drip System
    • Online Lead Gen!
    • Mortgage Acceleration Software
    • Debt Reduction App
    • Give Books Away for Free!
    • Student Loan Eliminator
    • Market To Attorneys
    • RETIREMENT LIFE
    • Name on Books
  • News
    • Newsletters and Webinars
    • Past Newsletters
  • Education
    • Archived Newsletters and Webinars
    • Books
    • Whole Life vs. EIUL
    • Single Premium Life Insurance
    • Advanced Case Design Center
    • DALBAR Study
    • EIUL Special Rate of Return Report
    • White Papers
  • CAUTION!
    • IRA Rescue Using CVL
    • Section 79 Plans
    • Whole Life vs. EIUL
  • Contact
    • Shop
    • My Account
  • Shop

Section 79 Plans

Like we did with IRA Rescue plans, we will defer to industry watch dog/crusader, Roccy DeFrancesco, JD, to tell you why these plans are NO GOOD!

For a full explanation, you can go to Roccy’s consumer protection web-site at www.section79plans.net.

What are Section 79 Plans?

section79They are sold as a deductible way for business owners to purchase cash value life insurance for retirement. What’s wrong with that? Plenty as you’ll read.

1) The plan is only 30-40% deductible not 100% to the business owner who benefits.

2) You have to lie to the employees to implement the plan (if you told them the truth it would be far too expensive to implement).

3) Clients would be better off financially by not implementing these plans.  (They are sold in a vacuum and are not compared to anything else. If you compare using a Section 79 Plan to not using one, the client would have more money after tax in retirement by not implementing a plan).

4) You have to be a C-Corporation to use it.

Biggest piece of junk policy being sold today

Would you ever go up to a client and tell them to buy the biggest piece of junk CVL policy in the market today? If you are selling Section 79 Plans, that’s essentially what you are doing.

Section 79 Plan policies are designed to be terrible cash accumulation tools. Why? Because, if you use a “good” CVL policy, the plan would be less than 10% deductible; and no one would bother with them.

We could go on and on about these plans, but again, we’ll simply refer you to Roccy’s website www.section79plans.net.

If you have had a client sold or pitched one of these plans, feel free to contact Roccy at roccy@badadvisors.com for help.

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