Confessions of a CPA: The Truth About Life Insurance Paperback – December 27, 2013

I am a cpa also. Great to change a mindset and understanding of financial principles not widely known. I loved it.

I really appreciate Bryan Bloom for writing this book, which in my opinion, is simply written, and addresses the very basics of permanent dividend-paying life insurance in a creative and entertaining writing style. After 39 years in the insurance and financial services industry, all 3 of his books are still teaching me facts about PLI that I wasn't altogether aware of.Having also read a very interesting and apparently well-thought-out critique of Bryan's book by a "fellow CPA", I couldn't help but read between this person's lines, finding them insulting. brash, slanderous, and inflammatory, no matter how eloquent his writing style may be.So to this CPA I say, until you know a cash value policy inside out, be careful on your next review, not to come off like a paid sponsor/critic by well-known all-knowing anti-cash value life insurance radio gurus. Bryan Bloom is too much of a gentleman, let alone a Christian man, to reply to your somewhat educated but completely rude and obnoxious written remarks. BTW, your General Liability Insurance policy excludes deliberate acts of libel.I congratulate you, Bryan, and your highly-skilled insurance and finance knowledge. Keep on keeping on, brother. Our industry needs more professionals like you.

Good life insurance 101, both term and permanent, explained in simple terms. The content is comparatively balanced and honest, to be written by someone who sells permanent life insurance. However, some exaggerations and half-truths do occur (industry-wide problem).Topic-wise the book can be split in 2 main parts:1) Life Insurance Basics (chapters 1->6)Unlike other authors, Bloom highlights the importance of the death benefit, including some high-level coverage guidelines. Finally, a credible example of true cost of term life insurance; however, no parallel cost analysis for permanent life insurance is included. When describing whole-life insurance basics, the author could do a better job on emphasizing the risk of having to add significant funds to the contract every year for 30 years.Crystal-clear explanation on types of permanent life insurance, their funding limits and policy riders.2) How Permanent Life Insurance Works – Whole Life emphasis (chapters 7->12)The author highlights Uninterrupted Compound Interest and Unstructured Loan features but does not address cost vs benefit to implement through permanent life insurance. I had an aha! moment when reading about the relationship between death benefit, cash surrender value and policy loans. Some helpful nuggets of wisdom about funding an insurance policy are shared. The illustration about retirement income is sound and the comparison to the 4% nest egg approach, intriguing. The 2nd half of chapter 12 was unnecessarily convoluted.While the content and tone is generally balanced and honest, the author misses adjusting figures for inflation, potentially misleading readers with overstated comparisons, although this is an industry-wide problem. There are a couple of half-truths in examples used, which rests some credibility to an otherwise sound piece of work.

If you could design the perfect financial vehicle for growing wealth and saving for retirement, what features would you give it? What about these 13?1. The plan should allow for a tax deduction for all money saved in the plan.2. The plan should allow for tax-deferred growth.3. The plan should provide for income tax-free withdrawals.4. The plan should make competitive returns possible.5. The plan should allow any taxpayer to put in as much money as they want.6. The plan should provide a taxpayer to use the account as collateral for a loan.7. The plan should protect against market losses.8. The plan should assure access to loans should the taxpayer need money before age 59 ½.9. The plan should allow for these loans to be paid at the taxpayer’s discretion.10. The plan should be protected from creditors.11. The plan should eliminate early withdrawal penalties, late withdrawal penalties, and excess contribution penalties –there just shouldn’t be any penalties at all.12. The government should continue the contributions to the plan at the same level the taxpayer was contributing if the taxpayer should become disabled and can’t continue to put money into the plan.13. The government should accelerate the expected retirement account balance to the taxpayer’s family if the taxpayer dies prior to retirement.It doesn't exist, right? It's too good to be true? No. Permanent (whole life) insurance can do all of this.Considering the cultural inertia against it in the mainstream financial world, getting a good and unbiased understanding of permanent life insurance is difficult. Bryan Bloom's book is the clearest and most concise primer on this paradigm-shifting concept that I've read yet, and I have read Nelson Nash, Robert Murphy, Barry Dyke, Pamela Yellen, and others.Seriously, spend $9 for the ebook and it will fundamentally change your financial future.