Life Insurance Companies Are The Most Financially Stable In The World | Wealth Without Bay Street

You are listening to the Wealth Without Bay Street Podcast, a Canadian guide to building dependable wealth. Join your host, Richard Canfield and Jason Lowe as they unlock the secrets to creating financial peace of mind in an uncertain world. Discover the strategies and mindsets to a financial future that you can bank on. You know, you may not need a financial plan. You may need a whole shift in financial lifestyle. Now implementing the process of becoming your own banker can do just that. And it's been doing that with for thousands of Canadian families. We would highly encourage you to learn all about how that works by heading over and checking out our masterclass. Go to www.wealthwithoutbay street.com forward/masterclass. Sign up for the masterclass. You're gonna get access to exclusive content and you're gonna get a copy of this incredible book, the bestselling book Becoming youg Own Banker. It's gonna be shipped right to your front door. So go ahead and grab the masterclass right now. You were waiting to use that, but.

Oh, yes, yes, yes. Welcome, welcome, welcome back. Welcome back to Friday's episode. We're live on the YouTubes. We're live on the Facebooks. We're stream yarding. Love to say hi and hello to everybody, Richard.

I love how our editors, when they get this actual episode to start working with, they're gonna be like, why do we have to now fight our intro music over top of this other random music? And someone's gonna like yell at us.

Yes.

What are you doing? Happy Friday. Happy Friday.

Happy Friday to. To everyone on Facebook's.

Yep. And we're also want to just preempt everybody who's listening in who might be listening to this on the podcast later. But for anyone who's watching us on YouTube, etc, if you see that Jason's eyes or my hours keep looking down somewhere else, it's because we always need to type into the computer as we're doing this. And so we're like, I'm looking down right now. Yeah. We're constantly trying to like, okay, which camera? Or this camera? Camera one. We're need like a guy in the background here. Be like, camera one.

Director, can we get camera one zooming in on Richard, please?

What do they call those things where they have the. The little like snap, take one snaps. What are those things called?

I don't know. But when I see you do that, I think of clap on, clap off.

Let's not clap on. Let's not do that Clapper. Let's not do that with the podcast.

Okay, Sorry.

Topic. So Today we're talking about financial solvency of life insurance. That's a big word. Carriers.

Solvent. Yeah, yeah. Why? Why are life insurance carriers the most financially solvent institutions on planet Earth? And you know what's interesting is because when we, when we have these conversations with people about the fundamental understanding that R. Nelson Nash taught us, which is your wealth must reside somewhere, and then he would follow it up with a question. What better place to have it reside than here? Now, when he means here, he's talking about a life insurance company, ideally a mutual life insurance company.

Yeah. Specifically within the part, you know, becoming a participating owner within that company.

Right.

Which. There's only one way that you can officially do that.

Now, if we, if we look at this and, and maybe arrange it in a way that is ridiculously simple. So, Richard, you're considering becoming a part owner of a business and your options include. So you can take your capital and you can put it to work in. If that particular business offers stock and you purchase stock, you now have a common share ownership interest in that business.

Yay.

Now, those common shares can fluctuate in.

Value, as we've seen happen numerous times, but quite, quite specifically over the last, you know, I guess 90ish days. Right. Covid reared its, reared its pandemic head, I guess.

Oh, I didn't give the. Today is day 689,462 of COVID 19 social distancing measures.

I feel like someone's going to listen to this podcast like five years from now. I'm like, how is that even possible?

I thought it only lasted.

I thought we were out of this thing a long time ago. I remember my parents talking about the epidemic.

What is up with these guys?

Now, I'm not prone to hyperbole.

It's Friday. We love to have fun on Friday. So ownership. So, Richard, you can put your capital to work and you can.

I got common share stock and I'm a stockholder of that business.

Stockholder of the business. Now, as the stockholder of the business, those shares that you have have certain rights and all that sort of stuff.

I can attend the annual meeting.

However, if you have the option to become a part owner of a business that has never failed to produce a profit, has been operating longer than you and I have been alive combined, has never failed to satisfy contractual guarantees where their mandate is to fulfill them for the owners of the business. And you are also. And they say, no, no, wait, that. We're not done yet.

There's more.

There's more. You have an insurance Contract, that insurance contract is contractually guaranteed to rise in value in terms of cash. So your pool of financial value, it's contractually guaranteed to rise in value daily. That value is fully vested with you daily. And oh, by the way, you can assign this growing pool of financial value as collateral and we'll guarantee you a access to loans that are unstructured. But wait, we're not done yet.

There's a little bit, there's a little bit more.

Not if, but when you die, we're going to provide a tax free windfall of money which by the way will be more than you can ever pay in, you can never pay into this contract what we're going to pay out.

And it'll bypass probate and it'll go directly to the people that you specifically choose us to provide it to right at the untimely event of your death.

Now what kind of track record do you have? Well, wait, we're not done yet. Every year that we produce a divisible surplus profit, we are going to allocate a portion of that divisible surplus to everyone who owns the business. And when we make the declaration, it's contractually guaranteed to be paid and it can never be taken away, repossessed or lose value. But we're not done yet. Since inception, we've weathered the Spanish flu, the Great Depression, 30 recessions, the financial crisis of 0809H1N1SARS, Black Monday 1987, all.

Of the above, the epic interest rate recessions and so forth of the early 80s that decimated the real estate market across the most of the country and so forth.

And wait, we're still not done. We're still not done. All of the daily growth of your pool of financial value attracts no tax. Okay, now how much capital do you want residing there? Because, but remember the, the financial geniuses. And there are more financial geniuses per square foot in Canada than anywhere else on the planet. And the word comes up, Richard, the.

Word we usually say per square meter, though. Oh, right, sorry, Metric system editors. Take that.

Just bring it in at Richard's comment. We need to be diversified, Richard.

Right.

Because diversification is important. Well, if you have a number of lives insured in your family, in your business, are you not diversified?

Yeah, you've diversified in lives.

Isn't that good?

It's pretty good. Which leads me to, you know, thinking about Nelson. You know, he talked to us at great, great length several times, especially when we were down doing interviews for the Nelson Nash documentary film he talked about in his Lifetime, he had experienced two death claims where he had insured a business partner. This was a business partner or business partners, actually, that had. He done some real estate dealings with. And so at the time of the real estate project, I think these were larger development projects. He got insurance on that individual. He didn't get it for the purpose of the death benefit. He got it so because it was another body that he had an insurable interest in. And once insurable interest is established, it can't be taken away. Right. And so even after that business partnership had ended and the project was sold and they were no longer partners, he still had that insurance contract. Several years later, one of those individuals died. $250,000 came out tax free, he said. Nelson said, didn't that cancel out a lot of mistakes I made in my life?

Very good point.

And he had put. I think, I think. I can't remember the exact numbers, but he put about $45,000 in premium into that policy. Yeah, but he'd borrowed out 48. Right. So he had the money. The policy had already paid him more than he had taken out of it. And then another $250,000, tax free showed up.

And so, you know, is. Is there anything stupid about doing that?

Not. Not to my.

I don't think so. And what's interesting, too, it's unconventional, though. Oh, for sure. Yeah. So it's not. It's not the mainstream.

Right. And. And it's not a Streamyard, but that's what we're doing.

That's what we're on Streamyard right now. We're not next to or near a.

Mainstream, thanks to the great people who've built the program Streamyard. We don't know who you are, but we like it.

And thank you to all of our subscribers, all of our amazing people who provide us with feedback.

We were getting some awesome comments from a variety of sources and just from clients, you know, speaking to clients or people who've listened in who've just, you know, shared a lot of things about specific episodes that they really took away value. So, yeah, we love that. Thank you.

And even though while we're on Facebook's Live, we have an average of three viewers each time we're on.

We also don't notify anyone before we go live.

But, you know, Mark Zuckerberg keeps telling us the more you do Facebook Live, the more our algorithm will pick it up and the more people you'll have on. Thanks, Mark.

What is this? Who is this guy Al, anyway?

I don't know.

Algorithm.

Yeah. Never met this guy. Okay, now, and here's what's interesting. So the comments, the feedback have been very interesting. A lot of people say, wow, this is, you know, you guys are fun, you're entertaining. We're still learning something new. We've had folks who have commented and said, why don't you guys just cut through the damn BS and get to it already.

Right?

There's always people like that. It's like, I don't want to hear anything funny or entertaining. I mean, I want to be a really boring person. So just get right to it and don't entertain me. That's not our philosophy here.

Yeah, I haven't had too many people mention that. But, but, but, you know, the end result is we're trying, we want to come up with important topics where people can learn more about not just this process, but, but other things that you can be doing to help enhance your mindset around having more control over your capital, the use and liquidity of your capital. And when it comes to use and liquidity of capital that you have control over, to my knowledge, I would assume your knowledge, there's no, no other place, no other foundational place where you can go and have the maximum amount of that than with a participating whole life insurance contract.

One, one that's designed properly.

Correct? Yeah.

And you know, speaking of, of control. And so here's how a life insurance company, one of many ways that they do such a great job managing capital so the insurance carrier cannot inflate the money supply like the commercial banking system.

Love it does.

One of the things that life insurance carriers do, among many great things, they take a portion of each premium dollar that comes in and they allocate that to a capital surplus reserve. And the carrier is obligated and regulated and monitored to make sure that they maintain the required continuing capital surplus reserve. Otherwise no new policies can be issued. And these carriers, at least here in Canada, they do a wonderful job maintaining these reserves. They have a formula, they, they, you know, it's an, it's really automated in terms of, you know, when you decide, hey, I want to start with a million dollar death benefit, or you reverse that, I want to start by depositing 20,000 a year into an insurance policy. Regardless of what that is, a portion of every premium dollar is set aside as a continuing capital surplus reserve. Now if you multiply that across hundreds of thousands of policyholders who are paying premium into this insurance company's money pool.

Every month or every year or every day. Yep.

Well, the money pool continues to expand. There's no stock market manipulation, there's no government intervention, there's no bad economy that can take any of that accumulating value away.

Well, and that's that. You know, Nelson would call it this, the slush fund. Yeah. Look, you know, if it costs, let's say you have a policy, it doesn't matter. It costs you a dollar to, to meet the obligation of having that policy on the books. You, you know, the rate makers say, well, this is what it would cost for us to get it done from an actuarial perspective to engineer it so that everything works out.

Yeah.

Well, don't just charge a dollar. Charge a dollar ten. Right.

Collect. Collect a little bit more than what you think you need to get the job done.

And so that's already done anytime that any consumer goes to any insurance location and they're looking at the premium dollar, the premium dollar has already been calculated, engineered by design to include a pad up factor.

Yeah.

Where they've, they're setting aside some of that money into the slush account. Now it's just more, I want, I would say, more aggressive. It's just more, well, more, more well put together in a participating whole life scenario. Right. Because they, they're on, they're on the hook for these, these lifelong guarantees to age 100 and beyond. And so the insurance company is making that their part of the contract is that they have to meet the guarantee and the obligation they're contractually obligated to pay the death.

And I want to, I want to say that's, that's a legally enforceable contract, Richard.

Right, yeah.

Legally enforceable. Your money must reside somewhere. What better place to have it reside than here? And what's interesting, you know, you've experienced the very same thing. Not one phone call or interaction with an existing policy owner. Since you and I have been in practice, not one person has ever contacted us and said, I am really frustrated with all these guarantees and the daily accumulation. It's really bothering me. Not one person.

No.

Do we have any questions? Do we have any folks who are engaging? Do we have questions? Do we have comments?

We have a nice comment here from Maz. It says, very informative. It would be great to understand the mechanics of how I can do this. And so. Great question, Maz. And we would encourage anyone who's looking to learn more about that. A couple of things is to head over to the, the bookstore that we have available. You can access that through the website. I believe it's on. You can access through wealthwithoutbaystreet.com you might even be able to access it on the Facebook page and then get a copy of becoming your own banker unlocking the infinite banking concept. It's phenomenal. Yes. And then also, you know, we do have access to masterclass so you can go to wealthwithoutbaystreet.com master class and you know, go ahead and access that there as well and that'll give you pretty good insight into how to, you know, how to implement the process and get up and running if you have any additional questions.

So now, in case you didn't see what just happened there, Richard did the big sell, the big cell, the big sell.

It was, it was so big that I almost missed it.

Good job.

Good job. Thanks.

Now on every episode we like to do the big sell. And so going back to. Well, why don't we address something here? First and foremost, a person has to have an understanding of the problem. So when we're talking about the process of becoming your own banker, that's different than the product.

Right.

And the product is supplied by the life insurance company.

Yeah.

Now the life insurance company has done a pretty exceptional job here in Canada. These carriers have been operating since 1847 as it relates to the use of dividend paying participating whole life insurance contracts.

Correct.

Insurance has been in existence much longer than that.

1847 was before Canada was officially a country because it didn't become an official country until 1867 I believe, the signing of the British North America Act.

Well now you're taking me back to high school history here, Richard.

Roughly 20 uncle.

Google can tell us roughly 20 years.

Before the, we officially became a country.

So these carriers, you know, have, regardless of who they are, we're not obviously going to run an ad for any one particular carrier. They all have the same track record. Yet these companies are not related in any way.

What's consistent is the way that they've designed the product.

Yeah.

How they, how they've put the mechanics together to support a lifelong capacity of guarantees. Right. Of premium inputs and guaranteed payouts and provisions around those contracts because it's been, it's all engineered and, and it's really, you know, Nelson talks so much the importance of being in free contract with other free people. He actually talks about that on page 85 of his book. And it's one of the, my, it's one of my personal favorite pages of the book. And he says, you know, wealth has got to reside somewhere. Where would you prefer to have it reside? In real estate? We'll take a look around and see what happens when one needs liquidity. Real estate is very much a frozen asset. Now we really see that in times of strife such as, you know, the COVID where, you know, banks start freezing up a little bit. Depending on your industry, you might, you maybe you lost a job. Yeah, that's when you need the money, but you can't get it anymore because the bank won't give it to you. Right. The stock market. Well, try reading from my recommended reading list for anyone interested in that on page 91 of the book. Until you have done so, you are unqualified to make an intelligent decision about such an action.

It's one thing about Nelson, he was definitely direct.

Direct or finally free contract with other free persons. Life insurance. From this base of financial operation, you can do any of the other things in life that you desire.

I'm free, Richard. Free fallen.

Thanks, Tom Petty. I wish. We need, we need an audio thing that has like a splat, you know, like.

Yeah, totally. Hey, look, ma, I'm roadkill.

My kids are watching like old Looney Tunes episodes now and so they're just losing their minds. And especially in the, in the minivan with the DVD on the Roadrunner and the coyote in the back. All here is me, me.

Let's talk about the word dividend.

Okay.

Now if there are any advisors watching. First of all, thank you, thank you for watching.

Very much appreciated.

You know, and thank you for. Hopefully you're in a position where you're still receiving inspiration to learn something new, because there's always something new to learn.

I had an awesome conversation with an advisor the other day who had listened to the podcast and had tons of wonderful feedback to provide and it was very nice to hear and we appreciate that.

We talk to advisors all the time.

Yeah.

Now this, this same part of our dialogue is going to be for the home office personnel at life insurance companies as well.

Yes.

The dividend scale interest rate.

Okay.

If we would encourage all.

It's, it's a, it's a table flipping style discussion.

If we could encourage all advisors and home office personnel at life insurance companies to move the discussion away from a dividend scale interest rate and to move the discussion to an understanding that the dividend yield, the actual dividend paid, the.

Physical dividend received to your policy is.

Based on the contribution principle.

Right.

What did this specific policy number contribute to the net earnings of the insurance company? That is how the dividend is primarily the dividend yield. I'm not talking about the dividend scale interest rate as it applies to how the insurance company determines, hey, can we confidently declare and pay dividends? The dividend scale interest rate is utilized primarily as a factor for the insurance company to say yes, you know what, over the next number of years for I'll just cite one carrier five year window, we can confidently declare and pay dividends to our participating policy owners. Now when we see a rate, our mind immediately goes to if I put a dollar in of premium and the dividend scale interest rate is 6%, I'm going to get a dividend of $0.06 on my policy.

That's the immediate reaction that people that is wrong. That's what happens with, with clients leading, reading the marketing material directly from the insurance company. And it's often what happens with advisors in the industry. Right as they've never, you know, peeled the onion. They haven't looked at what's behind the curtain on what that is.

Right.

And, and so you're 100% accurate. The dividend scale interest rate is just that. It is an interest rate. It is not an earnings rate.

It's not a, it's not a declaration that is applied to every single participating policy owner. So each one of you are going to get six and a half percent. It doesn't work that way. It's just, it's not even, oh my goodness. And the reason I bring that up is because I also hear the words. And this again comes from, and again, with all due respect to our colleagues in the industry, wonderful people working hard, doing great work, we hear, wow, didn't you know Mr. Or Mrs. Consumer dividends are not guaranteed. Okay, let me clear it up. The only dividend that isn't guaranteed is the one that hasn't been declared yet.

Every dividend you've already received. You got that sucker right.

And so it's again, it's very important to be accurate.

Well and, and to take that one step further, Jason, because you know, you look at an illustration, an illustration is they're, they're convoluted and at the best of times and it's easy to get distracted by things. And if you're looking at the side of values that says non guaranteed values, well, it's important to isolate. Well what exactly is it that's not guaranteed on there? What's only not guaranteed is what the dividend or what you might receive on a year to year basis. However, if you're properly funding the contract, when you over fund or you, you apply extra capital into the contract, what is created by that with paid up insurance increases your dividend capacity in that year and in every year that follows, regardless of what the metric is that determines it, it doesn't matter.

I think the carriers would be really well served in changing the format of an illustration so that it's very clear.

That.

We cannot guarantee what the policyholder's behavior is going to be.

Right.

We don't know in any given year when you're going to put some additional capital in the policy because we can't contractually obligate you to do so. We don't know in any given year what you're going to elect to do with the dividend because you have contractual authority. You're the one that makes that decision. And so if we, not you and I, we're not the life, we're not.

A life insurance company, by the way.

If we, meaning the life insurance company, cannot control that aspect of the policy owner's behavior, then we can't list it on an illustration as guaranteed. Because who has all the contractual authority?

The owner does.

The policy owner. The insurance company itself is just the administrator of the contract. And so, again, it's just, it's so important. First of all, with the exception, gosh, I can't think of any carrier that we deal with that's never failed to declare and pay a dividend. Take that, peel the onion, as you would say, and understand that the only way a dividend is declared is if you have surplus. Otherwise, it's not declared.

Can't happen.

And so if you have a surplus every single year since the inception of.

Your business, you've been building up a large capital reservoir to weather any financial storm.

Are you running a pretty good operation? Yep, I would think so. And again, your money's got to reside somewhere now. Access and control. Business owners, families need access and control. And there, in my view, is no better place for wealth to reside. And we're not talking about comparing apples to bowling balls. When you start looking at all the different products, the financial products that exist.

Out there in the world, tons of places where you could go put your money if you really want.

If you believe that your financial product is the best thing before sliced bread, then that's what you should put your capital into, if that's what blows your hair back.

But you might want to choose to put it into a policy first and then access the capital to go get that thing that blows your hair back.

Definitely.

Like a hair dryer. And if you're a hairstylist listening in, we also appreciate what you do. And you probably have a nice, you know, hair dryer.

Well, we Should I wonder, is anybody watching us?

Looks like there's a couple people on there.

Let's get some comments, some questions. Let's, let's get some engagement.

Well, it looks like Maz had asked that first question, has already ordered the books, which is great. Super awesome to hear that. We really appreciate that. So if anyone is listening, you want to type in a question, we'll do our best to try to handle a few of those on the go. While we're waiting for any of those to come in, I want to speak more about the contribution principle, which you already identified, Jason. And I think for anyone listening into this for the first time there, that might be a foreign term, like a lot, a lot of people even in our industry are familiar with what that is. I, I have conversations with other advisors all the time. They've never even heard of that before. So can we expand a little bit deeper on contribution principle? If you go to any insurance carrier and you look at their, you know, quote unquote, their dividend policy, it usually identifies right in there that they operate by what is considered a contribution principle. What that really means is that any policy owner will receive dividends based on how their policy materially contributed to the.

Net earnings of the insurance company, the.

Overall surplus, as Jason identified. And so that means it's going to look at a variety of factors such as, you know, the policy loans on that block of business, how did they, how many death claims do they have on that particular block of business? And he lapses on policies like all.

These different types of mortality experience and all that's included all these fancy words that listeners are like, what the heck are these guys talking about?

And then one of the things that goes into that is also a measurement according to this dividend scale interest rate. But that part is the last kind of final component. All the other things have to happen first and they have a higher impact, often depending on the year, the timeframe of the policy. And so the key thing is that it's based on how it actually contributed to the overall surplus. And so for anyone who's listening and that's never heard that before, it's really important to understand that and learn about it because the more you know about how something works, the more confidently you can be speaking to it in social circles.

Oh, definitely. And you know, paying, paying your premium is a contribution to the net earnings of the insurance company, storing additional capital there. Maybe you participate in the savings and retirement programs or the guaranteed daily interest accounts or the tax free savings accounts, or maybe you, you happen to utilize the policy loan provision frequently and you're, you're paying simple interest on your policy loan repayments and that's profit for the participating account. It's all a contributor to net earnings of the insurance company. Now when you receive a dividend, a portion of your dividend yield, the actual money is your share. If you're dealing with a mutual life carrier, it's your share of the divisible surplus generated from every product, from every line of business that the insurance company operates.

Everything else that they sell. That's right.

Now when you're dealing with a stock company, the only difference is, is that you're only participating in the return generated from the participating block and there are stockholders that have an expectation of participation in that to a maximum degree.

To a degree.

But all the insurance companies put their capital to work in the same places. They put it to work in the same places. And that's a common question. Where do they put the money to work? Well, they put the capital to work primarily in guaranteed income generating investment and they do other things like preferred share arrangements, you know, the cap placements of.

Capital, private placements on like new developments as an example where you know, you have a, you have a downtown area that's in redevelopment. There's a Edmonton, they knocked down the Molson Brewery here a couple years ago. Totally revamped that. Well, if you go to that area, it's called Oliver Square. You'll see there's a, there's a life insurance company's logo right on the sign. Yeah. For that development.

That's right.

And so they finance these large projects and you know, these are developers and people that are just buying blocks of money from the insurance company. And the insurance company has, you know, whether collateral on that development. Right.

I have to run. No, I have an interview with the Money Show.

The Money Show, Excellent.

They want to talk about money.

They.

Isn't that interesting?

Well, I'm going to stick on for. There's one other quick question here. So I'm going to answer that quick question and we're going to say see you later, Jason. And thanks for joining us on our live today.

It was a lot of fun. Thanks for, thanks for having me.

It's kind of requirement of you being here but I'll go ahead and fill this next question and then we'll hear you on the money show.

Okay, awesome.

Happy Friday. Happy Friday. All right. Podcast Friday. So we do have a great question that came in here from Maz again and it is, I heard that you use Multiple contracts. Why would that be so? Very good question. And when it comes to multiple contracts, there could be a variety of reasons for that. The biggest one is really relative to cash flow. So you have as an example, you get started in the process, you get your first policy. It's, it's on you, it's on yourself, let's just say, and maybe later on you, you get married and you have some kids, well, it makes sense now to go and get a policy on those other individuals. And also as your income rises or your expenses decline, etc. A combination of those factors, you may just have more capital available in your household income that you want to contribute it into another program. So often what will happen in that scenario is, you know, for many people, they will convert, maybe some existing term insurance that they have and they will initiate a new contract or they will just apply for a new one. So having multiple policies is in some part is really just a natural gravitation towards how your, how your life adjusts, how your, how your, your day to day cash flows increase and change over time, and also how your family structure changes over time. You know, we have a lot of clients who are business owners and often you have key employees in your business. You know, I was chatting with a lady the other day and she does some very high level athlete training on a farm for, with, from an equestrian standpoint. And she has a long term person that's worked with her for many, many years and who's really an integral component of that operation. And so if that person, if something were to happen to that individual, it actually have a financially, you know, detrimental impact to that business because it's really hard to replace that key person. And so it makes sense to look at getting a policy on that individual. And it doesn't have to necessarily be, you know, a, you know, quote unquote, IBC type of a policy. But if the means is there to do so, there's no reason not to do that. Okay, so you know what we find happens? Nelson said that it was called the infinite banking concept for a variety of reasons. And he says if you, if something is finite, if you define something, you put limitations on it. So that's the reason that he went with the word infinite because it's, it's literally limitless. It's only limited by what's between our ears. It has to do with our level of imagination. And so that's why how any individual person or business is going to take the product and then implement that within your life, which is the process of utilization. That's, that's where the kind of the rubber hits the road. And so we really want to always try to find ways to increase our inspiration, to increase our imagination so that we can be finding new and innovative ways to implement that capital in our life. And so that's really where the, the infinite kind of component comes in. So hopefully I answered your question, Maz. That was a really good question. And with, with any anyone else has a question, feel free to type it in. We are going to be closing off this session here shortly, but always, always fun to spend time with our, our live audience. And of course, if you're listening to this on a replay from the podcast perspective, you know, we'd appreciate any comments you have or any questions you have that have come up maybe around our topic of the life insurance carriers and their, you know, their capital surplus or capital reserves, how they manage that and why they've, you know, been such a stable force in the financial world really across the, across the globe. It's actually quite impressive when you, when you crack into it and start understand. Now granted, I confess I do tend to nerd out a little bit when it comes to understanding life insurance companies because I find it particularly fascinating and if something fascinates with you, you tend to dig deeper into it. So I don't see any more questions coming in. So with that in mind, I'm going to go ahead and say goodbye to all of our wonderful listeners. Thank you again so much for tuning in. We do appreciate you. Please share, comment, rate and review the show. Make sure to download us on your favorite podcast player. We are on most of the stations and if there's a, there's a podcast system that you're listening to where you haven't been able to find us. Also reach out and let us know that and we'll do what we can to get ourselves listed on that particular platform. Thank you so much. Have an incredible rest of your day and we do appreciate you. Thanks for listening to the Wealth Without Bay street podcast where your wealth matters. Be sure to check out our social media channels for more great content content. Hit subscribe on your favorite podcast player and be sure to rate the show. We definitely appreciate it. And don't forget to share this episode with someone you care about. Join us on the next episode where we continue to uncover the financial tools, strategies and the mindsets that maximize your wealth.