Life Insurance Explained - What Is Life Insurance?

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What is life insurance - life insurance is a financial instrument to protect your family against a tragedy. But not all life insurance is the same, in this video we explain what life insurance is
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Life Insurance Explained - What Is Life Insurance?
0:15 - Why everyone needs life insurance even though many of you won’t need it in the near future by comparing life insurance to car insurance
2:15 - Life insurance is insurance on your life but all life insurance is not good
3:20 - When you don’t need life insurance
4:29 - Understanding Term Life Insurance
4:50 - The cost of whole life insurance vs term life insurance
6:50 - Why is whole life insurance so much more expensive than term life insurance
7:23 - How whole life insurance works
9:24 - Why term life insurance can be a better option for the majority of Americans
9:50 - How the price of your life insurance is affected
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This Video: • Life Insurance Explain...
Channel: / minoritymindset
Video host: Jaspreet Singh
DISCLAIMER: This description may contain links from our affiliates, sponsors, and partners. If you use these products, we will get compensated - but there's no additional cost to you.
DISCLAIMER CONT'D: I'm just a random guy on RU-vid so do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.

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23 сен 2020

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Комментарии : 268

@MinorityMindset 3 года назад

Thank you for watching1 If you enjoyed this video, you should watch - How To Make $1,000 A Month In Passive Income From Dividends: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-zbFjqD0U2LQ.html

@joego7924 3 года назад

A.L. Williams motto was buy term and invest the difference! Whole life is a scam!

@480dub 3 года назад

Not sure why you only talk about term life insurance and whole life insurance when there is MORE than just those 2 with more benefits to the client.

@DineshKumar-ly5es 3 года назад

I don't know who needs to hear this but stop saving money. Invest some of it if you want financial freedom

@sajidsaqib4255 3 года назад

Good talk, I tell my friends everyday. It's good to save money but gotta have that investing spirit if you really want financial freedom

@sajidsaqib4255 3 года назад

My gratitude and appreciation to Expert mason He showed me sincerity and reason to trade. He is Godsent, the world needs more Expert like him.

@CryptoDad83 3 года назад

Im just glad that i purchased $1mil Life insurance for $45 a month for my wife. She also purchased $500k under my name for $40 a month, so were blessed to have this protection in case of anything!

@rajbeekie7124 3 года назад

That sounds like a 20-year term.

@Jilbreel 4 месяца назад

What company?

@rahemegrant1661 3 года назад

My wife works for an insurance company called Primerica and this is exactly what they teach people. They only sell term life insurance and if they meet people that already have whole life insurance they show them how to pay less for their coverage with a term policy and invest the difference for them but not with a cash value so they essentially separate the 2 and when the client dies the family gets both the death benefit and the investment. Everything you said about whole life is 100% true.

@jessicav1015 3 года назад

Doing what's right 🙂👍

@faw3162 3 года назад

My ex girlfriend worked there. They felt shady to me. But they were right about term life over whole.

@Wang.Yi-Kai 3 года назад

Morning! I have a 20-year term insurance. So I can have enough time to pay off my mortgage and save/invest enough money this period of time. After that, I think my saving/invest should be more than enough to protect my family.

@ekamsandhu134 3 года назад

Thanks for this Jaspreet. I've been thinking of getting life insurance a lot lately after my cousin died in a motorcycle crash at 28. We are very fortunate he had life insurance as he paid the majority of the bills in my aunt's household.

@LovelyJ24 3 года назад

ekam sandhu I am a licensed distributor who can talk about term life insurance. I can also help set up investments as well. Would you be interested in a zoom call for a conversation about this?

@debtmenot3928 3 года назад

This was such an awesome video! I used to work for a financial advisor that sold whole life insurance to her clients and I couldn't understand why they were so impressed by the features. I used to pull up the annual reports before each client meeting and I agree, the annual returns are super low for the premiums that are paid. Needless to say that I no longer work there; I couldn't justify selling these products to novice investors.

@juanzapata7701 3 года назад

How were the policies designed??

@Holleylifestyle Год назад

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

@webeducation 3 года назад

Really liking this 101 video. Checking to see if there are others.

@Angela-ne9cy 3 года назад

I enjoy watching Dave Ramsey first, then Minority Mindset. They disagree on various strategies but I feel much more informed to make a decision that works best for me. And when they DO agree (as they do on Whole Life insurance being a horrible idea) it's pure gold.

@juliohernandez3323 3 года назад

It depends. I have seen some great info on whole insurance from people like Garrett Gunderson and he makes a VERY good case for that type of insurance. The thing is that we must do our own research and then determine what is best based on our specific goals.

@edwinl423 3 года назад

If you can just list out some of the things that they differ in terms of their advice..

@rizmua 3 года назад

Brilliant simplistic explanation!

@RavBarring 3 года назад

When we came to the States, we used our whole life policies to fund the migration for our entire family. This is when interest rates were high in the late 80’s and 90’s. My mum said those policies accrued substantially to help pay off one of our homes in the UK.

@rambodelajoya2195 3 года назад

Very well said....👍👍👍👍

@wealthupgrade6104 3 года назад

Awesome video! I should add this in my upcoming VIDS. ☺️

@nitemare1525 3 года назад

Great information

@helpmeget1ksubswith1videop72 3 года назад

You’re loved very much. You’re wonderful. Have a lovely day.

@keritans 3 года назад

Top 15! 🔥🔥 I was a subscriber when you made the channel about 2 years ago. Happy to see the growth and everyone finally catching on to the gems you've been dropping for years. Now, to comment on the topic of the vid, I have a dividend paying whole life policy at 4%.

@swifttrends458 3 года назад

Very helpful content! Gotta add this in my upcoming VIDS 👆

@livefreewithcalebd 3 года назад

This is another reminder I need to get life insurance lol.

@Aliens-Are-Our-Friends2027 3 года назад

I love Jaspreet - but some of the things he pushes makes me facepalm. All insurance is a scam. Thankfully he said whole life is a scam.

@anselmo131 3 года назад

Life insurance is your income replacement or spouse. And the money goes towards the ones you love, children,parents or spouse.

@Aliens-Are-Our-Friends2027 3 года назад

@@anselmo131 i n f l a t i o n

@CryptoDad83 3 года назад

You should. I have a million dollar for my wife and we pay only $45 a month.

@lawrenceethompsonjr 3 года назад

I sell life insurance if you want to get some let’s talk

@spiritualityminfulness 3 года назад

Hi Jaspreet, thanks for this info. Can you please talk about the (flexWealth Advantage) flexible premium adjustable death benefit life insurance for seniors over 75 years of age? I am curious to know how that works and if it is worth getting at that age.

@567Kriss 3 года назад

Wow I'm early as a new sub!

@mawsafgjp4619 3 года назад

Not worried about me, but I have it to help my family. They have to able to buy Guac.

@jibjabby9964 3 года назад

As a bias insurance broker: there are other options for whole life insurance for example limited pay contracts which give you lifetime coverage for 8, 10, 20 years of payments. Paid up additions options are there to combine the cash value in to the life insurance benefit at death. Yes in a lot of cases term is the right option but talk to an advisor in your local area to understand all your option and the pros and cons based on your particular circumstances. I would keep typing and explaining but there are too many nuances to address.

@funsizedi88 3 года назад

Quick question, I'm a healthy 33 yr old woman, with a 2 yo and a fiance. We put our wedding on hold due to Corona, should we get married before I get life insurance or after, price/benefits wise. He is a healthy 46 yo and already has life insurance. We are just so stressed trying to figure this out, and would like to not have to pay more than $50/mo but would like at least $300k coverage. Any suggestions are welcomed. Thank you in advance.

@jibjabby9964 3 года назад

@@funsizedi88 First off, I am licensed in BC Canada so if your jurisdiction is different your options may differ. The sooner the better for life insurance because if you develop a health complication while waiting you may be declined for coverage and the price will increase as you age. Get term coverage that is convertible to keep the price down in the short term. So you can convert it (or a portion of it) to permanent coverage when your financial situation gets better. That is my at a glance response. Please meet with a local Certified Financial planner who is licensed as an insurance broker so that they can provide you with quotes and more details. * I do not have enough information to provide a proper analysis so this is not binding financial advice*

@astroman30 3 года назад

Whole Life is ALWAYS garbage. Try harder.

@jibjabby9964 3 года назад

@@astroman30 I did not specify what kind of permanent coverage may be appropriate.

@LovelyJ24 3 года назад

As a licensed distributor for insurance, I’m willing to help anyone who reaches out and is interested in setting up a plan. My philosophy is buy term and invest the difference in a mutual fund/IRA and more.

@astroman30 3 года назад

God bless you, Sir. You are an honest agent.

@Mylove_Mkm 3 года назад

Brown ambition led me here. Thank you 🤗

@Je.rone_ 3 года назад

I haven't a spouse or children/dependents the likelihood of either in the future is low so I'll probably "self insure" so to speak

@Wang.Yi-Kai 3 года назад

That’s what happen to me before marrying to my wife. But now I need to think/prepare more because it is not all about myself anymore.

@Je.rone_ 3 года назад

@@dmitrypodrezoff that's not a bad idea

@ChinithaJohnson 3 года назад

Self insurance is what life insurance is outside of a master contract held by an employer. The problem with individuals who are single is that if you wait too long and something happens in the midst of you building your nest egg, you could become uninsurable. This is a common misconception. I am a licensed agent committed to teaching the black community about the importance of life insurance.

@juanzapata7701 3 года назад

What would you do if God forbid you were diagnosed with a serious illness?

@funsizedi88 3 года назад

If you don't want actual life insurance, pre pay your funeral, that's what I did before I had a family, I was 30 before I had a child/married, so I feel you.

@louisianabeast 3 года назад

My cousin just overdosed not too long ago. He wasn’t even 40. He had no life insurance or anything. They decided to cremate him, which isn’t as expensive as a funeral. Thank god my uncle had family members who could help out. It really is a sad situation to see.

@manthailai3824 2 года назад

So good

@veg9097 3 года назад

I was literally just searching for this. This is so weird lol

@zenitrammpr 3 года назад

This is valuable information that is not touched on enough. To your point I would add that it is important to know the financial strength ratings of the insurer you purchase from. Strength Ratings are available for every single institution and if they aren't the one of the Big Four, they aren't worth your dollar.

@birbsandsports 3 года назад

what are the Big Four? Is Brighthouse Financial one of them?

@zenitrammpr 3 года назад

@@birbsandsports No. Northwestern Mutual, New York Life, Mass Mutual and Gaurdian.

@RandomStuff-Nemo 3 года назад

There are actually more than four insurers that are the highest rated. Except they are not open to everyone. Some are fraternal based, member/guild based or job based. These can be better than the big four because they have better returns since they may be non-profit or more focused on getting the best policies for their members.

@zenitrammpr 3 года назад

@@RandomStuff-Nemo to your point I would agree. Give me an example of a higher rated company or mutual company

@juanzapata7701 3 года назад

@@zenitrammpr Guardian is my go to

@tkelly2546 3 года назад

The key in what you said was HEALTHY. If you are not healthy the term is not the best. I have a whole policy thru State Farm and I pay $120 but I bundle it with car insurance. I am very anemic and with the term I kept flunking the test given for term because I had a high value policy. Whole Life makes me not have to worry about testing and I pay the same price until I die. Very few videos on this, it's very important

@juanzapata7701 3 года назад

Exactly!! The things is most of us are healthy when young, our health declines as we age. So, when we a re older and have a medical condition, we may not be insurable or it would not be affordable. Having a whole policy young guarantees that we will have lifetime coverage no matter our health later in life.

@astroman30 3 года назад

What is your death benefit amount? $60K?

@luigiamador1449 3 года назад

IUL's with living benefits is the way to go!

@ChinithaJohnson 3 года назад

Thats exactly what I offer my clients and so much more

@astroman30 3 года назад

garbage

@funsizedi88 3 года назад

@@ChinithaJohnson what exactly is an IUL w/living benefits?

@bcvaldez9 3 года назад

Fantastic topic you only missed universal life insurance. Universal is an annual renewable term but like whole it offers a cash value. It has the same downfalls of whole life but when you renew every year your rate goes up. You dont see this rate increase because it comes from your investment amount. When your monthly cost exceeds your pay amount it starts to diminish your cash valu.

@astroman30 3 года назад

universal is garbage with all the high fees/commissions.

@raftika1 3 года назад

I signed on with Primerica and I was able to get licensed to sell life insurance but I’ve never sold any the whole 4 years I’ve been licensed. I have to renew it soon and since I haven’t sold any I’m thinking of letting it expire. Last time I renewed it my “rep” gave me the answers to pass the exam to renew my license. I don’t want to loose it at the same time cause I did have to pay $100 for the class and it took about three months to finish the class if I remember right.

@TradingGzwithG 3 года назад

Ive had my license for a year and haven’t sold. Not everybody is a superstar. Keep trying bro. Maybe recruiting is your strength. The money is there. Im getting to the point where ima start hitting the streets to finese. Family and friends aint shit!

@raftika1 3 года назад

GBACK2THAF I didn’t even try to sell any. I don’t bring it up cause I only signed up cause it would help their person who “recruited” me to get their “promotion”

@Thomas-gq2tv 3 года назад

If the client don't keep the insurance up to year, you pay that money back. a friend of my being doing this for 4 years with Primerica, I told him this not for him, most people think their get Rich with Primerica, because they talk about how much money you can make and having your own office with them. but it's good to have insurance with them.

@ericumbarger3422 2 года назад

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🤔

@astroman30 2 года назад

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.

@muhammadrahim8399 3 года назад

10 pay, 12 pay policy exists. That means you don't need to pay anything after 10 or 12 years. You can also put in as much or as little as you want as long as you don't MEC. I recommend people do research first before committing to any whole life insurance policy. A policy structured badly with a 60/40 split or worse will take a decade or more to break even. 90/10 split would take about 5 years and you can take a loan against your policy at any time. Good content Jaspreet but you need to do some more research on whole life.

@BellasCreditCorner 3 года назад

For years I thought whole life insurance was the way to go. Luckily once you know better.... you can do better. I now have a 30 year term life insurance policy. 😁

@Xenthoid 3 года назад

How often do you those term policies pay out?

@rajbeekie7124 3 года назад

@@Xenthoid I don't think when one buys a term policy s/he is expecting a payout for the family. It is no different from car insurance, medical insurance, dental insurance, homeowners insurance, etc.

@callmeko5796 3 года назад

Glad that you are protected!! But if you outlive your 30 year term policy, when it’s time to renew your policy, your premium will be very high!!! It’s good to pay for a whole life policy cause you get to lock in your premium at a young age!!!

@boomerleo89 2 года назад

@@callmeko5796 again, you WL agents miss the point of BTID or just ignore it. We are people who don't NEED you or can be made to feel like we need you.

@callmeko5796 2 года назад

@@boomerleo89 that is a very valid point and it’s great that you don’t need us. You are not the person in our market anyways, we want to help those who wants and needs the help

@ragaashish33 3 года назад

We all need insurance in our life until our claim gets rejected for lack of proper documentation or preexisting condition or for not peeing in a bottle while signing up.

@rajbeekie7124 3 года назад

Jaspreet, can you share your thoughts on infinite banking? Thanks

@astroman30 3 года назад

garbage

@ooogg 3 года назад

man for 800 a month you can make some bold investments

@nikhilshinde9857 2 года назад

love from India

@Kulu613 3 года назад

what do you think about a Critical Illness policy? for a 25 year old

@Ctj1580 3 года назад

I just recently got myself a Life Insurance Retirement Plan(LIRP)

@christienamosley2799 3 года назад

O...k...my husband and I was just talking about this yesterday. Wow!

@LovelyJ24 3 года назад

Hello! I’m licensed to discuss and give quotes for insurance, would you like to spend about 10 minutes on zoom chatting about it? My philosophy is buy term with a mutual fund/IRA.

@RavBarring 3 года назад

Don’t delay. People assume they qualify. When out of 10 applications, 3 won’t be approved. Americans tend not to be healthy, 4 will have a poor rating. The delusional people say things like, ‘we’ll wait till we get healthy and then apply’. Not understanding that their age also counts against them. 3 people will be approved with preferred ratings.

@krazyelr 3 года назад

He's right about the Whole life, but never talks about Index Universal Life (IUL) Which is a way better option for Cash value life insurance. Obviously everyones situation is different, but can be beneficial to certain people is set up correctly. Plus there not all the same, so you have to do some shopping around with the best interest rates

@astroman30 3 года назад

IULs are garbage....why do you need an insurance company to invest your money in the stock market.

@krazyelr 3 года назад

@@astroman30 I don't know what your situation or experience is, but for family and I it works out great. But like I said before everyone's situation is different. It always best to look at options and see what works best for you

@patrickmaslanka5287 3 года назад

Many ppl need to be more educated about permanent life insurance. Those that are interested should check out the content by IBC global. A properly designed policy can have 80%+ of the payment as cash value the 1st year, break even in 3-5 years, and be able to pay its own base premium from gains ( reduced paid up ) relatively quickly. So you have the option of paying for term for 40 years ( that evaporates as soon as you stop paying ) or you can pay for 7 years and have a permanent policy that pays for itself, while still leaving you liquid. And eventually it can become an alternative income stream for retirement beyond SS, Pension, 401k, IRA, etc.

@funsizedi88 3 года назад

Permanent life insurance via IBC Global? Thanks. This sounds interesting, but are the monthly premiums sky high?

@astroman30 3 года назад

And, what happens to that "cash value" when the person dies?

@rajbeekie7124 3 года назад

Jaspreet, an agent once told me it was a good idea to cash out my retirement plan and buy a UL policy. The next year, I could borrow from the plan to pay the withdrawal and tax penalties. The plan will be appropriately structured so I don't have to pay back anything. The cash value would grow tax-deferred and when I die my family would receive the money tax-FREE. The retirement plan money would be taxed as income. So, I would lose a lot of money to the government. However, with life insurance, the government gets nothing. No, I did not buy the policy. What are your thoughts on the agent's thinking?

@juliohernandez3323 3 года назад

Do your own research. Most agents are simply sales people thus they will not advice you on what is best for you based on your specific needs, but what lines their pockets.

@Xenthoid 3 года назад

@@juliohernandez3323 @Raj Beekie. I agree you have to do your own research. recall that insurance agents and financial advisors are mostly just sales people that may or maynot understand the products they are pitching. First think about what your plans are for your retirement and what that looks like. Then look at vehicles that can help facilitate it. Example i am a real estate investor and i do have a whole life policy. I use it basically as a long term savings tool ( and it has other benefits). I then borrow against the cash value to buy real estate. My approach is crafted for me and may not be for everyone. I definitely start with your vision of retirement first. are you more traditional and a traditional retirement or are you wanting something else. Also for UL policies, i looked into and i didn't care for it personally.

@LovelyJ24 3 года назад

Raj Beekie I am a licensed distributor for life insurance and my experience is those policies don’t even have those rules inside them. The agent just hypes it up so you can pay a massive premium and they get a massive commission. I educate on buy term invest the difference in an mutual fund or IRA which actually has those tax benefits, would you like to chat on zoom for a few minutes?

@funsizedi88 3 года назад

I'd be interested to know this as well.

@astroman30 3 года назад

Stay away from universal life....extremely high fees and you can never get your money out permanently without affecting the death benefit.

@socalmedia3352 3 года назад

NEVER sell stocks you know are valuable for the long-term....

@stephenmoten4017 3 года назад

Teach me.

@AshishVerma-gy3yj 3 года назад

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?

@AshishVerma-gy3yj 3 года назад

I would appreciate your advise please

@AshishVerma-gy3yj 3 года назад

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

@astroman30 3 года назад

@@AshishVerma-gy3yj Yes, cancel asap. Otherwise, the insurance company keeps any cash value in your UL policy.

@culjurzzow1203 Год назад

My search for an answer is ended with your video, "If you were to die within those 30 or 40 years, then your family will get a big check, if you don't die within the 30 or 40 years, then your family will get NOTHING!! " LOL. Thank you, awesome video.

@pjtheman12 3 года назад

What do you think about Ibc Global Inc. ?

@astroman30 2 года назад

garbage

@boujiebarbie3198 3 года назад

"The chances of getting into a car crash is less than a fraction of 1%...." Make that 100% chance in Houston, Texas. I'm on my 10th accident, 6th car in about 10 years. All of these are fender benders except one where a person backed into the side of my car. The guy actually hopped out of his car screaming "On No!!! I can't believe I ran into you! I just got into and accident yesterday!"😞

@sciencedaan11 2 года назад

Zindabaad!

@naturewildlifefacts1 10 месяцев назад

I like your video! BUT YOU NEED LIFE INSURANCE, What it something happens building your life income from your investments? then you will loose your family, they do not know how to manage those financials investments, and will be a financial struggle for the love ones you left behind. So is better to have life insurance until you buildi your empire of investments, then you will cancel your insurance policy or surrender your life insurance policy! Thank you, great video content!

@astroman30 8 месяцев назад

He's not against term life insurance. He's against cash value investment insurance.....big difference.

@kwamebaidoo9601 3 года назад

If a man eats guacamole and unexpectedly gets choked and dies as a result, is that covered? Seriously, I know someone who bought a life insurance before he knew he had cancer. The insurance company didn't pay when he died because they (the Insurance Company) said he had a terminal illness though there was no way of knowing that information prior to him buying the life insurance.

@rajbeekie7124 3 года назад

That story sounds fishy. I believe the insurance company will have to pay out if the policy is over a year. If the insurance company can prove he lied then there will be no payout. The premium will most likely be returned.

@seattleareatom 3 года назад

Here's a question. If the $200.00 Trump Senior Medicare bribe actually arrives, what are the tax ramifications for someone that is self employed? Pay "X" amount of tax for something that might/probably not be used? Or will the bribe be tax free?

@Steven-wq8tx 3 года назад

I’m planning to get married and have kids in about 2-3 years so I definitely need to get life insurance. Gonna be entering my 30s so I wonder what term would be good for me? 30-40 year term?

@LovelyJ24 3 года назад

Steven I would say 30 year term because 40 is a bit too long, I am allowed to quote for 25, 30, and 35 years. I can give you some estimates if you’d like? I am licensed for insurance

@robertpolite3299 3 года назад

Good returns on my WHOLE LIFE policy......

@jamesonbliss4118 2 года назад

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.

@jamesonbliss4118 2 года назад

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.

@astroman30 2 года назад

"Additional money above your life insurance cost?" Are you talking about the CV? What is this "additional money?"

@astroman30 2 года назад

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

@TR-tt7qk 3 года назад

Didn’t you do a segment on life insurance already a couple of months ago?

@astroman30 3 года назад

and I hope he posts another bashing cash value insurance....love it.

@bellaberrybees542 3 года назад

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

@astroman30 3 года назад

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.

@mteokay1246 Год назад

I crack up everytime you bellow out .. " BELOW " !!!!

@timothyy7 3 года назад

assuming one is healthy and regular, what is the best age to start getting life insurance?

@jessicav1015 3 года назад

Early 20's

@funsizedi88 3 года назад

Depends. I got denied when I was 23, bvuz my license was temporarily suspended due to an unpaid ticket. Then again that was 10 yrs ago and only 2 companies. So just call around, but always sooner rather than later. Good luck.

@ciscocarrizales5486 3 года назад

Was waiting for the IUL policy with Living Benefits explained. Hope you get to dive deep into it on your next video. 💪🏼🎯👌🏼💯 Indexed Universal Life Insurance. ❤️❤️❤️

@astroman30 3 года назад

IULs are garbage with their high fees/commissions. Why do you need an insurance company to invest your money in the stock market?

@ciscocarrizales5486 3 года назад

@@astroman30 This strategy actually mirrors the stock market, it's never in the stock market along with a floor that it will never go under. In fact, when the stock market is going down I still collect .75 interest on my money.🎯 Please know what you are talking about when it comes to product knowledge. ✌🏼

@astroman30 3 года назад

@@ciscocarrizales5486 We all know the ridiculous high fees/commissions that are associated with IUls. I get charged waaaayyyyy lower fees usingEdward Jones, Robin Hood, Scwab, Vanguard or Fidelity. NEVER let an insurance company invest your money in the stock market, son. Oh wait, I get it now. You're one of those lying insurance salesmen who scams people into buying this garbage. Shame on you.

@ciscocarrizales5486 3 года назад

@@astroman30Good luck. 🙏🏼❤✌🏼

@Je.rone_ 3 года назад

I don't wanna die young so i rock with 1

@_friendofafriend-relaxatio3943 3 года назад

👍

@AcesizOfficial 3 года назад

👏🏽👏🏽👏🏽

@LordHollow 3 года назад

Buy term insurance and invest the difference.

@Planetgreenzen 3 года назад

I actually have a whole life insurance plan. I get the cash value from day one, you would need a PUAR and my money compounds at 4% annually. If I have a $5K policy and if U use $3K to invest my money still grows at $5K, so whole life is great for wealthy building and passing down to your aires if you do it right.

@Xenthoid 3 года назад

I have the same thing. I use it to put down payment on real estate . It works well.

@Planetgreenzen 3 года назад

@@Xenthoid Awesome glad, it's working well for you. Most people don't know about this powerful tool. Thanks for letting me know.

@astroman30 3 года назад

Whole life is garbage.

@ceetee3843 Год назад

What company is your whole life insurance through?

@Planetgreenzen Год назад

@@ceetee3843 Foresters Financial

@walkerskii 3 года назад

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.

@astroman30 3 года назад

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

@MoromoMusic 3 года назад

What if you have no debt and no spouse or kids. Mid 30s. Is it even necessary?

@FletcherFinance 3 года назад

Nope.

@juanzapata7701 3 года назад

A properly whole can help with max accumulation cash flow, access to money in the event you are diagnosed with a chronic, critical or terminal illness. The gains in the cash value is not reported to the irs, in most states the cash value is protected from creditors.

@astroman30 3 года назад

Don't listen to Juan. You don't need to spend $800 for monthly premiums where you lose all your cash value. Instead, purchase a small term policy and invest in your company's matching 401K and/or ROTH IRA. NEVER invest using an insurance company. It's a scam.

@juanzapata7701 3 года назад

As a Life Insurance Agent, when speaking with families Life Insurance is so over looked..

@astroman30 3 года назад

They should be looked at carefully, because there are too many scammers selling Whole Life insurance.

@juanzapata7701 3 года назад

@@astroman30 You are correct, you need to vet them.

@rdix2501 3 года назад

You are not 100% right about death benefit and cash value not going up first three years. A Mutual Life Insurance company can offer a Paid Up Addition. I don't sell Life Insurance but I believe Term Insurance isn't for everyone. If you have a Special Needs Child then talk to a Life Insurance company and an Estate Attorney for advice.

@juliohernandez3323 3 года назад

Yes. There are companies that will let you access to some of that cash value within the first 30 days with the paid up additions rider. I have done some research on whole life insurance and it certainly has its merits but must be structured properly. Term insurance only protects income. Whole life protects your entire human value since there is a death benefit at the end no matter what happens. Not making the case for or bashing either, just putting things into a bit of perspective.

@astroman30 3 года назад

@@juliohernandez3323 at 20 times more in premiums than term. Plus, they KEEP your cash value. Scam.

@kimberlyrav 3 года назад

Im confused. So you mean in WHOLE life insurance, instead of the 100k you want for your family, the family only gets what you paid into it?

@astroman30 3 года назад

Your family only gets the face value of what you signed-up for at the beginning. All the cash value is kept by the insurance company....it's a scam.

@JonathanMahadeo 3 года назад

*Don't Blindly Listen to a Guy on RU-vid* If you don't have the family that Jaspreet hinges this video on, still get a quote and use the proposed money for something else that can get you this family. Invest in yourself, a dating service, or more social activates. or just invest in the market, you'll risk more and possibly gain more.

@mvpmickey1 3 года назад

_How to save money on Life Insurance?_ *Work on a big hospital, with a full time job* You get a $Million deal for Free

@lindamora7 2 года назад

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

@astroman30 2 года назад

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

@sleevedh22 3 года назад

Try your hardest not to die 😉

@torontolady5930 3 года назад

What if the life insurance company goes out of business? I mean things can happen

@RavBarring 3 года назад

Insurance companies are insured by Re-insurance companies. These companies are interlinked globally. Insurance companies are held to strict standards, that is why they are selective as to who they approve,

@ChinithaJohnson 3 года назад

But they won't, they haven't even shut down nor do they suffer during recessions.

@juanzapata7701 3 года назад

Each state has an Insurance guarantee fund, this fund pays out benefits when an insurance company goes under.

@faw3162 3 года назад

I'm an only child with no children. I'll be okay without it. Maybe I'll just get long term disability insurance.

@ChinithaJohnson 3 года назад

Absolutely not, what happens if you are not insurable later because you thought because you are single, you didn't need it? This is a common misconception, because if you don't become rich or the long term disability insurance doesn't doesn't come through timely, then what? Please re-think this because you maybe the only child, but your somebody's child. I'm a life insurance agent and can help you shift your mindset and protect you.

@RandomStuff-Nemo 3 года назад

If you intend to be single for life without anyone depending on you, then sure.

@faw3162 3 года назад

It's easier to not have dependents. You can save a lot of money that way.

@MegaYoungday 3 года назад

Wayyy more to life insurance... especially permanent.

@stephenkeshi7322 3 года назад

Exactly. This is extremely misleading.

@astroman30 3 года назад

@@stephenkeshi7322 Nonsense...you nimrods are just insurance agents looking for high commissions.

@averagejoe9249 3 года назад

Sounds like whole life insurance is a rip-off

@Xenthoid 3 года назад

if its not properly structured... yes.

@LordHollow 3 года назад

Very much so, yes.

@astroman30 3 года назад

@@Xenthoid No such thing as a "properly structured" whole life policy. They're all garbage.

@robertpolite3299 3 года назад

I love my WHOLE LIFE policy.....

@astroman30 3 года назад

Says the insurance agent.

@sunnyd4734 3 года назад

Life insurance. You have to die to win.

@RandomStuff-Nemo 3 года назад

Your beneficiaries who depend on you will be safe. We will all die anyways.

@astroman30 3 года назад

It should be a risk management purchase, not an investment. Hence, stay away from investing with insurance companies and only buy term insurance.

@JJ1Smith 7 месяцев назад

Buying a home is much more expensive than renting does that mean I should never own a home? It amazes me how people trust someone who is not a “sleazy insurance salesman “ but is selling you on what to do or not to do while profiting from the resources they suggest you use in their “unbiased” non salesman approach. Trusting people who don’t have a license or fiduciary responsibility for your best interests makes you the real source to your financial problems. I never trust someone who has no responsibility for the advice they give neither would I trust someone who says “this” is the only way to go and “that” is always bad without knowing my situation and circumstances. Education tells both sides to every story not just the one they want you to know.

@astroman30 7 месяцев назад

By all means, tell us why you like trash value insurance.

@JJ1Smith 7 месяцев назад

@@astroman30 I don't know what that is. Can you please elaborate?

@astroman30 7 месяцев назад

@@JJ1Smith cash value insurance….stop stalling and answer the question

@joshuasmith4714 6 месяцев назад

@@astroman30 sorry I did not understand your humor. Stalling?? Your funny. I can appreciate your passion for not liking something you don't agree with or better yet understand very well. I can also appreciate your assumptions about what I "like". I am a financial advisor so I don't like or dislike any products in general. I think cash value insurance has a bad reputation because of the high fees and commissions and how they are often sold by incompetent agents. It's usually the agent that is the problem not the product. In the right situation cash value life can have many benefits win it comes to lifetime death benefit, accumulation better than bank savings or bond rates, favorable loan options, tax favored access, college funding and financial aid, living benefits for certain illnesses, and estate planning. All that does not make it the right product for everyone but high fees and complexities don't make it bad for everyone either. I dont push any products. I make my living buy creating strategies that incorporate a variety of products/assets to meet the needs and goals of my clients.

@CaseyBurnsInvesting 3 года назад

Moral: Don’t get whole life. It’s a waste of money.

@wayando 3 года назад

It depends.

@simmsw1 3 года назад

Look into IUL index universal life... I like that option bettee

@sjc1235 3 года назад

Depends how you structure it.

@Xenthoid 3 года назад

I agree with the other posts. It depends on how you have it structured and what you will use it for. Mine is a standard whole life where my death benefit has been minimized and the cash value accumulation is moderate to high. I can access 95 % of the cash two weeks after i started the policy. I went with a mutual life insurance company so that i can reinvest the dividiends to cover my premium. I also have some riders on the policy like disability and a term rider than graduate into another whole life policy in 20 years. I plan to basically use it as a sort of savings account where i can borrow against the cash value to buy other assets that i'm good at working with like real estate. the cash flow goes back into policy and grows its value more. I also see 6% growth on its value year over year and the funds are protected from law suits, taxes, etc. I'm happy with what i have as it fits my long term goals. I'm basically buying my networth versus saving it. oh an i forgot to mention that after 6 years i wont have to pay anymore premiums.

@juanvelazquez5569 3 года назад

Lol. we should do a webinar man, I've seen you comment something similar in other life ins vids.

@SinnisjInsulator 3 года назад

Love minority mindset. If anyones house caught on fire, here is how you can rebuild your attic insulation. #sinnisjInsulator

@tansuakar89 3 года назад

what happens if someone signs up for this and suicides the next day?

@astroman30 3 года назад

Most policies won't cover.

@legacybuilders3778 2 года назад

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

@astroman30 2 года назад

You're right....it's a scam.

@starwreck 3 года назад

dont pay off a dead persons debt with life insurance. life insurance avoids probate

@TradingGzwithG 3 года назад

Dont be a fool, so your saying car insurance and house insurance is more important than life insurance? Cmon man protect your family

@starwreck 3 года назад

@@TradingGzwithG ?? i never said anything about car or house insurance

@saadobaid1997 3 года назад

Day 5 for requesting minority mindset shirts

@MinorityMindset 3 года назад

We have them! www.minoritymindsetstore.com

@saadobaid1997 3 года назад

Oh you should definitely advertise that in future vids! Thanks!

@GallowayJesse 3 года назад

my dad had life insurance and he still died anyway

@stephenkeshi7322 3 года назад

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.

@astroman30 3 года назад

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