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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thank you for this. I was sold permanent life insurance last year and have been paying into it, but I don't think I'm actually a very good fit for that kind of plan
Hi Tae, I like your videos. However, this video on life insurance is incomplete because life insurance has evolved. Perhaps we can chat and see what is missing.
Question! When the term ends, do you renew? 30 years from now I’ll be in my 60’s. That’s only the first half of my life, still got another 50 in me after that at least! Like do we just keep renewing the term until we die? And premiums become more expensive the older we are yes?
Shout out for USAA. They are an amazing company
What are your thoughts on LTC?
You explain things very clearly, I finally understand what’s the difference. I don’t think too many 40 year olds could even afford 1k monthly on whole life ins.
I want to start by say (I sold insurance in the past so my POV disagrees a bit), I just thought I’d be a pro whole life insurance comment lol. Finding a policy that accumulates a cash value and is “paid up” at 65 or a specific age definitely can me looked at as an investment. You stop paying those premiums once it’s “paid up”, the cash value will be worth more than your actual policy was to begin with, and the cash value grows tax advantaged like a Roth IRA since you are paying the policy with post tax dollars. That being said, it can be pricy and it’s best to get it when you’re young and healthy. If you’re closer to 40 then the premiums will be quite pricey since your payments will be more condensed if it’s “paid up” at 65.
Why 10-15x your income for term insurance ?
Thank you for debunking all the whole life selling points that almost suckered me into it! I was looking for a video to exactly address this!
Outstanding analysis. Thanks T
😁
Thanks for this very useful information. It's also good to note that some employers provide full time employees 1x or 2x salary life insurances.
If you set up an objective of financial security. at what point does the term life is not needed?
Establishing a Double D [Dividend Portfolio] to match that term insurance or time line for the term cost will go up.
Thank you so much for great information. I only believe in term life insurance. The premium is low and I can invest extra money in index funds. I could use the index funds or IRA for emergency when reaching the age of 60.
Great valuable information! Thank you!
Very useful info, thanks for creating this video !