What type of life insurance should the “Sandwich Generation” buy? In this video, I break down the difference between term and whole life insurance. And I’ll show you how to determine which one is going to work best for your specific situation.
Timecodes
0:00 – Intro
0:45 – Why Do You Need Life Insurance?
1:44 – Where to Start
2:26 – Term vs. Whole Life Insurance
3:41 – Don’t Get Hung Up On The Expiration Date
4:14 – How Much To Get?
4:28 – Make Sure To Shop Around
4:55 – Permanent Life Insurance – Whole Life or Universal Life Insurance
6:12 – Insurance Broker Commission
6:40 – Insurance Shouldn’t Be Investments
7:18 – This Gets Me Real Boiling
7:50 – Sales Pitch #1
8:43 – Sales Pitch #2
9:19 – Sales Pitch #3
10:18 – My Recommendation
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DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.
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I am male 46 two daughters but I do vaping but healthy two jobs right what life insurance good for me someone recommend me accident life insurance
Wouldn’t permanent life insurance be better .. why do I need to worry that my plan will be canceled? If I live pass my initial term .. then I would deal with having to renew etc
You always break down things excellent 👌
10x… are you insane?? That would cost me 700 per month
So u gonna base a good deal baaed on how someone else make money?
Thank you very much for clarifying.
3:54 I think this way. I'm just not legally obligated to get life insurance.
I’m almost 24 years old and have a decent amount invested in my Roth and non qualified accounts. I just talked to someone from a different financial group and other than diversifying my investments more. He was trying to sell me the whole life insurance and used all three of those sales pitches 😅very helpful video… as they did make it seem enticing, but I felt as though it was too good to be true.
Also a good point is the average return after fees on this products is around 1.5 percent and the average inflation rate is 4.2 percent. So your "investment" part is losing buying power and value every year. But yall do what you want lol your going to anyway lol
Life insurance is insurance not an investment. Term life makes sense for 95 percent of people
Term life is the only thing that makes sense. It’s income insurance for your kids. Whole life is an extreme waste of money compared to other investment options
yes you can borrow money from permanent life insurance tax freew BUT.. wait until you face Interest charges.. specially if you forget to pay it back after a year.. 😅 learned it in a hard way.. after watching this i just wanted give up my permanent life insurance and just save those money to my bank account or buy QDTE and get weekly dividends and just get a term insurance once again.
Hello, I am a brand new insurance agent learning about the different products. Your video was super helpul. The only thing im confused about is I was told that we get way bigger commissions on term because it doesn't have a cash value component and we only get paid out on the insurance aspect of the policy, not the cash value portion. Also an insurance agent (yes im new but even in general), I still don't see how something that you can outlive is a better option? If i outlive it then I don't get anything I paid into it unless I renew and then my premium goes up.
great idea
you said get a policy 10-15x your income- dumb question, but is that monthly income? Yearly income? I was assuming yearly, but that's quite a chunk of change to get a 1-2 million dollar policy
Appreciate the two comparison or the comparison along with your take on how you went and gone about it by explaining your insight onto us viewers.
You're right.
Well said.
I think bashing on products that are commission driven is not a solid reason to avoid these products altogether. Many businesses are running commission based. What matters is, people need to get proper education from LICENSED agents across different companies and compare their options before making a final decision. Each product serves a purpose, and everyone's situation varies during their lifetime. Prescribing term for everyone should not be taken as good advice either. They all carry advantages and disadvantages and again depends on the person's circumstances.
Poorly done. You made this too much about life agents without integrity, as if to say the financial advisor/wealth management community doesn’t have the same (also, the one time commission on a life policy ($1000 on average, pales in comparison to the 1% assets under management fees paid to advisors over a lifetime). Participating Whole Life policies have a place with many advantages and you barely spoke to them. Term is good and there is a place for it, but if more people had insight into how to use a WL policy, property structured of course, as a place to store capital (infinite banking style) that is liquid capital, has guaranteed growth, allows for policy loans, has a death benefit, has living benefits, and more) you might see there is in fact a place for
It in a broader wealth strategy. It’s incredible how misunderstood it is, even when you, whom I really appreciate for your content, mischaracterize it. Would love to see you take another shot at this where you don’t discuss ‘shady agents’ as it detracts from the actual explanation of each policy type.
Sounds like it would be better to just invest the money
Thank you for the tips. I have an appointment with an insurance agent who wants to sell me a WL. Now I’m going to cancel it. She hooked me with a long-term care bundle. After watching your video and reading the others’ comments, I’m going to put more money into my IRA and self-insure my husband and me for a nursing home scenario. If we get sick, we’ll downsize and live in our rental studio or move somewhere affordable. Instead of death benefits, our children can sell the house and keep the equity. She almost got me in the first meeting, but now I see clearly that our family doesn’t need life insurance. Our kids are almost independent. Our parents have their bases covered. Our employers provide life insurance just enough while we build more emergency funds and a bit more college fund for one more kid. So thankful we live in the age of information that we can find an answer on YouTube!
Term is not a good option at all dont listen to this cheap bozo, he's a penny pincher thinks he can be smarter than the experts with a few hours of research lol. His suspicion is in the right place but his reasoning is not. Many flaws and just a pure disastrous setup. How will people get an affordable policy when term is over, didnt you know whatever you invest into your policy you get with compounding interest so if you invested 50k in premiums your benefit would be like 250k if you started in your 30's
WL is the best bond alternative. I wont ever buy bonds, instead i have layered convertable term that i will convert as i age.
I have protection now, lock in a great health rating.
Once i convert, i will have a safe, liquid, fixed asset. (Bond alternative) plus i can include hybrid LTC so it will take that risk of the table.. PLUS a a growing death benefit that will pass on to my kids.
Its fantastic and isnt too good to be true. Designed well, it has a place.
I appreciate your honesty! Good video. I’ve subscribed 😊
❤❤❤
The way i look at it, whole life insurance the investment portion is a low risk and low energy investment. You only pay premium for the term ie 10 or 20 years and after the term you no longer pay but the insurance keeps growing, so in the end your earning covers all your premium and you are insured for life plus more income. Whereas term insurance you are paying 20years and most ppl would not renew bc it would be way more expensive as you get older, so you are no longer covered as you get older.
Reminder you have to have a license to even talk about this.
I'm 65 yrs old. Should I keep my whole life? Very expensive.
You explained the Term insurance only upto the expiry date. You forgot to “mention” what happens if you live longer after the term insurance expired, and you wanted to leave money so your love ones can pay the estate taxes when you die. Please give everyone the CALCULATION of PREMIUMS at age 66 and older with term insurance .
You are misleading the audience by “omitting “ some information here.
Education is about transparency, lay out everything for everyone go have an informed decision when they are faced with the situation.
Can everyone afford a $500-$1000 monthly term nsurance premium when they are past age 66?
Please let them know here 😊
Thank you. I’m debating on canceling my whole life and going with term. The thing of pitch that sold me was the “living benefits”