Get Term Life Insurance HERE: https://whiteboardfinance.com/go/havenlife
In this video I will breakdown Term Life Insurance vs. Whole Life Insurance, to give you an idea of which is best for you.
Life insurance is one of those necessary things in life, because life happens! It’s better to have life insurance and not need it, than need it and not have it.
The fact is, we all eventually need life insurance and this video will hopefully help you decide which is best for you.
Term life insurance provides coverage for a specific amount of time (usually 20-30 yrs). If you or your spouse passes away during this time, your beneficiaries will receive a payout from the policy.
Term life is much more affordable than whole life. Typically this works out to be per month in 20 yr term, vs 0 with whole life cash value.
Term life has no cash value until the death occurs, so itās not worth anything until you need it, which is fine.
Whole life is a form of permanent life insurance with 3 components:
1. Premiums
2. Death Benefits
3. Cash Value Accumulation (savings aspect)
When you pay your premium a portion is applied to the death benefit and cash value.
The first 5-10 years a majority is applied to the death benefits (cost of insurance) along with fees and commissions.
After this, the cash value will receive a great portion of the premium
Beneficiaries are only entitled to receive the death benefit portion of the policy when you die!!
You have no choice in how the life insurance company applies the premium you pay.
You can cash in or surrender your policy at any time to get your money out, but you lose the insurance!
Get Term Life Insurance HERE: https://whiteboardfinance.com/go/havenlife
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Things to Consider When Buying Term Life Insurance
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Get Term Life Insurance HERE: https://whiteboardfinance.com/go/havenlife
Tnk u
Thanks all the f&@k are scan if I save $100 a month x 20 year = 24,000 that cover any funeral not bs thanks Marlon ššš
Awesome!!!! your potential seems limitless. I have always been fascinated by investing, but without any knowledge on whatās best to invest in, I find it difficult to begin. I ask politely, whatās the best sector to invest in?
Maaaann, you have made this soooooo simple to understand. THANK YOU!!
š©12:36ā¦I feel bad enough as it is , I donāt know why I still come back to this video so you could laugh in my faceš
This was very helpful!! Thank you so much. I almost purchased whole life insurance but now feel like I avoided a scam and will not be purchasing from them. Your video was very informative and easy to understand.
Yo… this is the first commercial/sponsored ad from a YouTuber that I actually literally enjoyed.
need a deeper dive on how term helps pay off debt. i did not grasp that
Wtf.
Then why does whole even exist?
you make so much sense explaining everything, you are a perfect teacher literally.
Thank you for explaining. Question how can we run our own whole life insurance? Because I seen a lot of TikTokās saying open your own. How you do that?
Ive been schooled!!! This lesson was easy to understand !!!! ā¤ļø
Good life
Loved your video sir thank you much for explaining it so well
Investing in crypto currency is the best investment anyone can do This season because it has made a lot of people millionaires. I pray that anyone who reads this will be successful in life
You donāt lose your cash value if you borrow against it
This is why Iām subscribed šŖ Preciate you bro
What is the different between these and indexed universal life insurance?
: )
ok
I have term life can i take cash value
Are the term life policies offered by the AICPA any good for CPAs and their spouses? The best I can tell, they are 1 year polices that renew every year and the premium goes up slightly every year. Thatās a little different than the 10 or 20 year policies that you guys talk about.
As a Canadianā¦I love hearing Americans pronounce the word insuranceā¦emphasis on the āINāsurance!
Brian is coming off a cold.
My sister said to me recently āNot having a least a million dollars of life insurance at your age is irresponsibleā. To which I responded āNot having at least a million dollars of retirement savings at your age is irresponsibleā. Her immediate reply was that nobody has $1M at 50 years old, thatās what insurance is forā. š
But you have to consider that if you arenāt the healthiest person itās going to cost you even more. My 20 year policy just ended and now that Iām 50 to get the same coverage itās 4 times the cost.
Good advice. I've avoided life insurance thus far and am just a few years away from FI. I have been debating it to make my wife FI, if I die. However, my employer's benefits are on the order of 15x salary, so probably unnecessary.
Would the 10X income + mortgage rule of thumb be good advice for a young couple (age 30), with kids in future plans, who have built up a decent nest egg already? My wife and I are just starting to shop for life insurance, and that rule of thumb definitely feels like overkill but I have read that advice over and over.
It's death insurance!! It will not extend your life. The first question is does someone depends on your income? Will that person be okay without that income?
Dave Ramsey hates whole life insurance
Should also really consider the insurance with your employer too. My wife has a 2x included in her job and up to 7x for an additional 10 dollars a check or 260 a year for 550k. It's heavily subsidized.
Luckily my company provides a term life insurance that can go with me even I quit my job
I have found that going with an insurance company directly is far less expensive than the employer provided supplemental life insurance. I saw 30% less expensive by going directly with an insurance company. You need to answer health questions and submit to a blood test. But if you are decently healthy, then that will be a less expensive option. Also, if you leave your job, you still have YOUR insurance, not through your employer. I take any free insurance from my employer, of course, but I wanted to share that directly insuring will probably be cheaper than employer sponsored insurance.
very pink
Luckily I have a life insurance plan at work