Life Insurance Policy Explained – What Is Life Insurance? Ob…

30 thoughts on “Life Insurance Policy Explained – What Is Life Insurance? Ob…”

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2. This is terrible advice. I hope you are aware that there is serval types of permanent policies not just whole life. Furthermore you aren’t teaching your clients about tax free retirement that life insurance can build also the the fact that there are accelerated benefit riders that benefit you while your alive. This video is so terrible.

   1. Whole life, variable, IUL, “infinite banking,” and any other “cash value” insurance is garbage.

3. I’m a bit confused about this
   Reasoning being every one has life insurance because they have a mortgage to pay off or to cover debt
   What about if you are single and just want it to take care of your child or to give a lum sum to the child
   What’s the key things to look out for when getting life insurance

   1. Do Not buy any form of cash value insurance such as whole life, variable life, index universal, infinite banking…etc. Just buy a 30 year term insurance policy and invest in your company’s matching 401k…if not 401k is available, purchase a ROTH IRA with a good track record in mutual funds. Hence, the ROTH will grow tax free and you can leave it with your child. Buying a “cash value” policy will leave you with the insurance company taking all the cash value…..it’s a scam.

4. I’ve been selling life insurance for 23 years, please believe I wish people would buy term & invest the difference in the stock market, real estate, bonds… but they simply don’t! So you’re giving great advice to 5% of the people and bad advice to 95% of the people. So as much as I don’t like whole life, it turns out being cheaper in the long run, than “renting” the term life, just to have it taken away from you by the insurance company, before you’re done with it.

   1. Simple Question: What happens to the cash value when the person dies?

5. Brilliant simplistic explanation!

6. I mistakenly took a universal life 6 years back from my friend’s cousin. I am more financially educated now and I know I was stupid to take that policy that time. I have contributed around 14-15k in that policy until now, I pay $145/month. It only has face value $250,000 which can’t even pay mortgage if I die. I recently checked and I can get term life policy for 25 years for $41 with $500,000 death benefit.
   Do you recommend I cancel my UL policy and go for a term policy?

   1. I would appreciate your advise please

   2. The cash surrender value right now if I cancel is around $10,500

   3. @Ashish Verma Yes, cancel asap. Otherwise, the insurance company keeps any cash value in your UL policy.

7. i thought you paid yourself interest when borrowing from your own policy?

   1. No…the insurance company keeps your cash value.

8. Hey, brother, be careful of the information you give. Cash-value life insurance is not investment or security.

   1. You’re right….it’s a scam.

9. I agree term insurance is a better option than whole life but unfortunately he never mentioned IUL. Which is far better than whole life when it comes to ROR in the cash value aspect and has market protection with a flexible investment designed for a clients financial goals.
   Hmm I wonder why🤔

   1. IULs are garbage with their high fees/commissions and capped gains. Your cash value dries up leaving you with an expensive term policy to pay.

10. love from India

11. Who is here because of TikTok Videos on Life Insurance? I know I am!

12. Zindabaad!

13. I just completed my Life Insurance Producer test. The death benefit can not be taxed to when the benefactor collects. This money is separate from the additional contributions following the market. From the information studied the additional contributions above the cost of life insurance itself does not go to the insurance company when you die. The additional money above your life insurance cost is discussed and distributed in a manor the insurance holder who passed away set it up. That same person can also leave the option for the benefactors to decide how they want that additional contribution money to be distributed to them. Either lump sum which faces heavy taxes because it becomes a part of the benefactors income or distributed periodically per month or annually. This method allows most of the additionally contributed money to stay in index contributions to grow from dividends and rise in the market the plan is following, plus it will not make such a heavy hit on the benefactors income rate come tax paying season each year.
    Also, you can create a Index Universal Life insurance plan with riders to help when you become ill with things like heart attacks, strokes, cancer. Riders to help if you become terminally ill. Riders to help pay for home or in hospital home care. And riders if you were to get in an accident and disabled.
    Plus, you can set it up so that you do not have to pay it every month till you die. Often you pay it until your choice year of retirement, for example 65 years old. From there you can start a pay out plan where the money additional to the life insurance plan is paid to you monthly or annually for the rest of your life at a set amount every time. It becomes like a pension. This pension is tax free from the plan, but yes added to your annual income report to be taxed. However, so long as you take a loan from your life insurance plan to do this sort of pension payout the only person you pay back is your own plan. The interest accumulated can be taxed when you start this sort of pension loan from your insurance plan, but instead you can use those years of untaxed interest and pay it to your untaxable loan from your own plan to avoid taxes and loan cost issues.

    1. Oh and if you belive a IRA or 401K sort of plan is better, at least you’re paying the bulk of your life insurance plan when you are starting the plan, younger and often employed to afford it. Instead of like an IRA or 401K plan that takes their fees and taxes at 59 1/2 or older in your life, leaving less for you to contribute to your retirement.

    2. “Additional money above your life insurance cost?” Are you talking about the CV? What is this “additional money?”

    3. BTW, IULs are garbage with their high fees/commissions and capped gains.

14. So good

15. This was amazing. I’m shopping now at 38 and this helped a lot. Especially about whole life.

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