IUL Vs 401k Calculator???

I went to a Midland presentation a few years back and they had a spreadsheet that compared a 401k (including matching from company, federal and state taxes- tax deduction at contribution and tax hit at withdrawal) as well as compound growth rate, etc. compared to an income tax free IUL income stream (and how much they would have to generate pre-tax).

I am a numbers guy, I work with engineers, it was a great tool to compare the two and show people how big of a tax hit they will get when they start withdrawing.

I have created a similar spreadsheet and am 80% of the way through but I can't figure out how to start and stop contributions....

Is anyone aware of a calculator that does this? If not, Are there any excel pro's who could help?

Thanks in advance,


Mennis
 
What do you mean by start stop contributions? Do you mean on the IUL? If so go to Custom Premium Schedule on the illustration software.
 
No on the spreadsheet. I created formulas using set cells that show each year contribution,match, growth rate, tax deduction, tax hit at withdrawal, i cant figure out how to integrate contribution years and withdrawal years without manually adjusting each scenario. I am trying to create a spreadsheet for all scenarios.

I know it can be done, i think its the "if" calculation but I'm not a pro at excel.
 
So what you want to do is set up a cell that will allow you to plug various numbers into and then see changes to the data in the cells that populate for various information like taxes paid, withdrawal amount, whether or not their is money left in the account, etc?

There are a few ways to accomplish this, and the best approach depends on how you've set everything up with the spreadsheet.

My advice, go to a place like fiverr and find someone who is willing to make the edit for you to make it work the way you want.
 
My advice, go to a place like fiverr and find someone who is willing to make the edit for you to make it work the way you want.

I would second this. There is no way to give you a generic answer to your question. It all depends on how you have set up the calculations to currently interact with each other. Find a hungry engineering grad online and they will do it for $10 probably.
 
Midland uses InsMark for those comparisons. If you have a contract with them you get to download InsMark for free. It will automatically link the Midland software system so illustration information is dumped into the InsMark system for doing those comparisons.

It creates great reports in multi colors and looks very professional as well as being accurate.
 
Yup, InsMark it is and does look slick.

I was contracted with them before but my upline got in trouble somehow so I go booted, nothing of my wrongdoing but I would like to recontract again, could I go under anyone here?

Thanks for the rec on Fiverr, I didn't know about this site but it looks very useful!

D
 
Yup, InsMark it is and does look slick.

I was contracted with them before but my upline got in trouble somehow so I go booted, nothing of my wrongdoing but I would like to recontract again, could I go under anyone here?

Thanks for the rec on Fiverr, I didn't know about this site but it looks very useful!

D


Midland is a direct contracting company. So any contract through an upline will just result in a reduction in comp. Just call the company and speak to contracting, they will send you the paperwork. They also have regional offices you can contract through if you like the idea of extra support. They dont take any of your comp. Just call the home office and they can walk you through the options.

But if you would like a 5%-10% cut in comp you are more than welcome to contract under me ;)
 
Midland is a direct contracting company. So any contract through an upline will just result in a reduction in comp. Just call the company and speak to contracting, they will send you the paperwork. They also have regional offices you can contract through if you like the idea of extra support. They dont take any of your comp. Just call the home office and they can walk you through the options.

But if you would like a 5%-10% cut in comp you are more than welcome to contract under me ;)

That may be the case with Midland, I really don't know because we write North American which is their sister company, same products and rates. I am told our comp is higher, but I haven't looked into Midland so I have no idea.

Lots of companies will offer direct contracts, but their production minimums are so high most are $100k - $250k) to get the same comp we offer that an individual producer cannot do that much with each individual company. That is why BGA's like us have to recruit hundreds of producers, we have to meet minimums with 20-30 companies!
 
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