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Term Vs. Whole Life Insurance (Life Insurance Explained)
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- Опубликовано: 10 авг 2024
- Get Term Life Insurance HERE: whiteboardfinance.com/go/have...
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 $7 per month in 20 yr term, vs $100 with whole life cash value.
Term life has no cash value until the death occurs, so it’s 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: whiteboardfinance.com/go/have...
Instrumental Produced By Chuki:
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ABOUT ME 👇
My mission is to provide my viewers with actionable content that enables them to create financial wealth. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, and entrepreneur.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
Subscribe if you are interested in:
#Investing
#PersonalFinance
#Entrepreneurship
#StockMarket
DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.
*Get Term Life Insurance HERE:* whiteboardfinance.com/go/havenlife
I am 27 and paying 132 dollars a month for a 100,000 policy I feel like I am being ripped off. Am I?
@@shayl0tus hard to say, it's different every where you go. Nothing simple about the insurance game. You have to do your due diligence and get quotes, figure out what debt you have that will be left to family, figure out the cost of living month to month for your family after you pass away figure out cost for schooling for your childs education like colleges how much that would be for a 4 year thing figure how much it'll costs to bury or burn you figure the cost of the get together with food services things like that, figure out your monthly spending habits as a whole family with you included and take an average from the year and then make sure when you die that can be replaced. My situation I am the sole provider I need to make sure my wife and children are set
@@ML-ks2lj such a big help!
Thanks!
@@shayl0tus the rating is based on your lifestyle, medical history or what kind of life insurance you have and for how long you are paying for. I teach all kinds.
How do you feel about endowments policies?
Lately, I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future. I've also invested $800K in the stock market, experiencing fluctuations without substantial gains.
Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfOlio management
Opting for an invest-ment advisr is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfOlio has surged by 45% since Q2.
Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
Google Sonya Lee Mitchell and do your own research. She has portfolio management down to a science.
I Researched her credentials and found she possesses over a decade of experience and serves as a value through different resource for individuals seeking guidance in navigating the financial market.
I’m glad my father had life insurance. He died in 1965, and because of it my mother had enough to live on until she died in 2009, when she was 94
Wow that is amazing, I bet you have a good policy with great benefits and death benefit 👍🏼
what kind of policy?
@@randalleofficial can I get a referral what company?
can I get a referral what company ?
@@theresaquickster4214i give free quotes!
I'm 35 and just recently told my husband (41) to look into ins. After watching this my mind is Blown!!! Thank you for posting this!!!
I sell 100% term and we have 35 level term and insurable age to 95!! Let me know . Let's run some quotes !! GODBLESS you all
570 dislike came from whole life insurance agents lol
Nope. The dislikes came from ppl who actually understands how this works and knows his information is incorrect.
Lol 😂
@@abcdefghijk2073 You can actually withdraw the cas savings before you die and still keep the policy.
Buy term and invest
Thank you so much! I've listened to a few videos on this topic and I was starting to think am dumb for not understanding but after your video, it all became clear. Am subscribed!
Yo... this is the first commercial/sponsored ad from a RUclipsr that I actually literally enjoyed.
I took a class for life insurance to be primerica agent. Class was so fast and I couldn’t catch all so search for it and found you. Thank you for making it clear in 10 mins.
Primerica is a scam
Thank you so much for your videos, I failed my LifeInsurance test so many times but once I sow your videos I passed. Thank you for your help.
MAN, glad when you said "sponsored video" you didn't follow it up with a life insurance company pitch 😂
Do your thing man, make that ad revenue money!!
He literally put a pinned comment to buy Term Life Insurance 🤣
I love how you're geeking out during this video. It's all a bit savage
Wow, wish I found you a long time ago! Thank you for sharing, I will be sure to share with my children.
My husband and I are closing on a home soon and we'll definitely check out the simply safe recommendation. Thanks
Whole life agents disliking and commenting on how bad whole life was presented here
thats one of their duties as agents. Might do the same if i am one.
I sell big Whole Life policies to a small segment of the economy. It's a very niche product which adds huge value to people who use it properly. If purchased under false pretenses -or- if used inappropriately, it can easily be a terrible waste of money. It depends on how it's positioned. Transparently: there isn't any vehicle in the US tax code that is efficient for everything. Otherwise, everyone would only use that hypothetical vehicle. Does my rationale make sense?
Because it is. It is one thing to misunderstand a product. It is anonther to spread that misinformation as if you are an authority on the issue.
Not everyone needs whole life
So if you have a nest egg and you are decent at investing life insurance is a scam 🤔
Many people make the mistake of not taking out enough of a policy to replace their income !
Chris Invests - Personal Finance Videos I didn’t know that. I learned that today. I only have 250k and my husband earns 150 a year so it’s not much I guess in comparison.
@@mizzmuhree9297 Also take into consideration your investments. If he has a substantial nest egg it might not be necessary.
During a bear market, the headlines will focus on negative news, whether it's declining economic growth, geopolitical upheaval, cultural and legal turmoil, or some combination of all three. I listened to a podcast of someone that grew his reserve from $120k to almost $460k during this Red season, can you share tips on how to make such aggressive proceeds in short periods?
A coworker sells insurance as his side hustle. He likes to talk a good game. After watching your video I am more informed. THANK YOU!
Exactly.
I’m intrigued about your coworker because I’m about to be on the same boat (Selling policies as a side hustle). How’s everything looking for him?
The modality of your voice and the speed made this video much comprehendible, i could follow you along the way round of the video... I received a message from a recruiting manager of an insurance company so searched on to have more knowledge with regards to it, kudos for the clear content 🙏
Thats a huge difference and a big eye opener for not buying a whole life. Thanks Marco for that simple but accurate presentation.
Good presentation.
But let me clear here for general public in layman language that term policy is for specific purpose which vanish every year like for death coverage or hospitalization cost and premium is an expense here not saving, which increase as age grows. This policy usually cover in group insurance by employers for employees. When employee leave job this policy closed.
While whole life policy is for family financial protection and investment. Its benefits enjoy during life time and on death for example children's higher education or marriage, retirement, hospitalization, buying property, jobless period in addition to family financial protection in case of disease, disability or death. Here premium is constant and is long term saving with good return.
SO WHOLE LIFE POLICY IS NECESSARY FOR EVERY WISE FAMILY AND FAMILY BUSINESS PERSON.
Note
My above explanation is on Pakistan perspective not USA. I suggest all Pakistani Americans to get efu Takaful Plan from Pakistan to enjoy multiple benefits.
Very nice general yet informative content letting us know overall how term and whole life insurance works...thank you🤗💚
Thank you so much. I was about to take whole life insurance, as an investment vehicle. After this video, I have second thoughts.
👌I hit the subscribe button right after watching this video. I'm 46. I think that I will go with the "term life insurance" I will save the video so that I could watch it a few more times before making that decision.
Thanks a lot!🙏❤
Marko, I can’t thank you enough. I have 3 kids and been thinking a lot about something happening to me and leaving my kids with a financial burden, it’s not cheap to die. With that being said thank you for providing this education to people like myself I appreciate you, you are making a difference.
Thank you so much for this! Great breakdown. You’ve earned a subscriber.
Thank you so much! This is exactly what I needed to know.
The most important take away from this video is to be careful when crossing the street.
Dude i crashed my bike really bad the DAY after I made this video. Be careful what you put out in the universe
@@WhiteBoardFinance Wow, that's not good. Are you OK?
@@WhiteBoardFinance 😱😱😱
And never buy a whole life policy!
Remember: you cannot eliminate the risk, you can only reduce it.
Great video! There are so many calculators I see connected to ads and I always think there so fishy, thanks for explaining it!
Loved watching your videos, its really benefecial on my work, I am also a Financial Consultant based in Philippines, l like this video itself its really helpful, theres a lot of here to be educated about the importance of whole life and term insurance
Love the way you explained everything Brother !!! Short and simple and Funny too lol , Blessings !
I’m actually glad you showed the security system. I want to get one!
Lol thanks. I genuinely love it otherwise I wouldn't have sponsored the video with it :)
When you teach and laughing 😂 I really like that .
I like how you explained the term vs whole life insurance . At the begging I thought you were one of the whole life sales guys who try to paint the on how whole life is good but I am glad I listened to you. It was very clear and honest. Thank you. We need more people like you that will tell it like it is .
He didn't tell you the entire story!
You are correct - he's not biased toward whole life. He is, in fact, biased toward term. Just as bad, but just in the other direction. Sounds like you're on the term life team - good for you. If you want an unbiased point of view, let me know.
@@dads4514 interested in your perspective sir.
This guy is so wrong its not even funny he should have his licensed taken. You will pay less for a 20 pay whole life than you will for a 30 year term and you still get to keep the coverage.
The problem is there's no hidden information with these types of policies you just have to ask. Whole life builds cash value whether you want to use it or not. The biggest value is that it's permanent and it locks in your age and health. If you never touch the cash value your coverage is worth the full value from the day you are approved to the day you die
Thank you so much for breaking it down to me. I appreciate the knowledge
Once again a great video!!
I would suggest that a cheap mod to be added to your home's security is putting reflective window film/tint on so that no one can see from the outside.
As for whole insurance here in South Africa, what makes it attractive is that after being a loyal client there's a percentage cashback bonus paid to the client after say 10-15 years from their premiums. This way you're less likely to terminate your insurance and starting from scratch.
Thanks again and keep it up 🙂👍
my pleasure thanks for watching
Great work Marko! You made this super easy to follow
Thanks Musa please share :)
From all the videos I've watched on this subject you have explained it the clearest and best, like a teacher should. New subscriber.
This video was amazing. It’s explained everything that I needed to know beautifully. Simple, non-bias , and straight to the point. I definitely need to rethink my policies. Thank you so much for this.
Great video man with awesome breakdown. I’m keeping my term life!
Thanks!
I like your "to the point" concept in your videos - thanks!
Thank you for explaining this.
I was transferred to a new account and now on training.
I figured out now how it works. Thank you so much..
I was sold a whole life policy post-recession in my late teens. My financial advisor played on fear of the market crashing again, stating "whole life policies can't dip below a 0% return." What she didn't communicate:
1) The amount of fee's associated with whole life plans + the front loading of my premium going to death benefit instead of the cash value.
2) The fact that I would be paying interest to borrow my own money. She only mentioned that its "tax free!"
Early on I realized my cash value was not moving despite the market performing well which prompted me to read through the fine print (hidden on the financial firms website). Once I confronted her about the facts she recommended I seek guidance from another financial advisor. (LOL)
Lesson learned, thankfully I was only out ~$10k. I cashed out and invested what was left in Vanguard index funds and have enjoyed several double digit return years with near 0 fees. It's sad that these advisors are mooching on the middle class. Thankful for videos like these, educate yourself!
Whole life is not much of an investment than it is a savings vehicle it's a fixed account on average earning 4% it's a great alternative to a bond CD or a savings account it's not meant to keep Pace with a mutual fund or a stock portfolio but you don't ever borrow your own money you take a loan against your paid up insurance once you build enough equity
429mas dude whole life is garbage. You can make much more buying equity and selling deep in the money covered calls .... 4% lmfao
@@haynej3 whole life is definitely not for everybody it's specifically designed to provide safety liquidity and guarantees not 10 or 12% rate of return it's a great alternative to other fixed accounts it's not meant to outperform the market
Robert Schafer how long did have whole life before cashing out because I think I want to switch to term
@@429mas with your fees and such, are you really earning even 4%. Whole life barely does better than that in best years? Which Whole life are you using? Any individual with a mentality to have ownership in ones finances can make investments and earn much better than whole life insurance products. It is truely a sucker's game. Basically slightly better than just parking money under a mattress or in a regular savings account.
I went with 35years term with living benefits at 38$ a month & 20$ a month for 200k Accidental D&D. I’m turning 27 and I got it when I was 25. The way I look at it is JUST IN CASE since I have a daughter and son to worry about.
What company? I’m looking to sign up for one
Company?
Thanks for the video!!! Was told not to mess with Term, but now that you explained it well I’m going to stick with Term.
Only 2% of term insurance ever pays out. I'm an agent this was a very bad and misleading explanation of whole life. I sale term and whole and its based on the clients needs. Walt Disney borrowed from his whole life to start Disney
Thank You. It was clear and simple to understand without any hidden objective. Thank you again.
Thanks for this video and explaining them both so well!
Wow! Lots information I didn't know about whole life insurance. Thanks Marko
my pleasure shane thanks for watching buddy
I been an insurance agent for a few years now. You are spot on brother! Buy term and invest the difference!
Hello, how do you invest the difference?
When you say invest the difference what do you mean?!
one of the best explanation about Term vs Whole life, Marko has made it so simple to understand, will ask more friends to subscribe to your channel
Dude your vids are very informative. Thanks for your knowledge
Marco back at it again with some straight facts 👏👏
I’m so glad that I got Term. Great video!
Correct you got term ,but until when? 20 or 30 yrs. After that your insurance lapsed. When you get older you need insurance because we get sick like stroke, cancer etc. He explained about whole life with fixed interest, Now we have IUL, Indexed universal life. You can maximize it. There is option A and option B. In option A you beneficiary will get the face amount only not the cash value, but in option B your beneficiary will get cash value plus face amount. Not only that. IUL, you dont need to die, if you get sick like Terminal illness, critical, and chronic you can use your insurance. That's what we call life insurance with living benefits. If you want to know more about it ask ne how?
Rose Dilla yes term ends but depending on the age you can convert to whole life if needed or requalify for another term up to 20-30yrs again at a lower death benefit if you still healthy & still pay way less than the CV. Choosing option B means guess what, higher monthly premium. Why do all that when you can just invest that money yourself & it’s yours & become self insured, granted with discipline & if agents do their job we can help the client reach that goal. Why save for that money to only go back to the insurance company when your family can have both, term insurance also has living benefits also, most of the companies I write for have living benefits on their term critical/chronic illness up to 90% of the death benefit death does not have to be in the picture, terminal illness up to 100%.
Can you do a video on indexed universal life please thx.
Thanks. This saved me from a big mistake.
Great video! Your work has paid off, you earned my subscription. Congratulations 🎊🎉🍾
Just stumbled over this video. I think I’ll be purchasing your recommended home security system AND purchasing term life insurance rather than whole. Thank you for spelling it out like I’m a 5-yr old!
My question: who’s the best insurance company to purchase term through? And is it smart to purchase small term through my credit union or through an actual insurance agent/company?
BTW, I hit subscribe before the end of this video. Thanks, again, for all the great advice!
This video was extremely helpful! 😊 It's great to finally understand the differences between term and whole life insurance. Thank you for breaking it down so clearly! 🙌
He made a lot of statements not correct. Like term pay out never had to be lump sum and it can set how to be payout like you hitting the lottery. The reason for this is that can collect interest from the insurance while the beneficiary is alive. It is never about term vs whole life. It really depends on what client need and want. Can they fit to them
He is terrible explaining this
man, you are precise to the point! great job.
Thank you for an honest discussion of Whole Life Insurance. It all makes sense.
Great vid! Very important subject that i needed to be informed on
Great video - the breakdown and explanation make this very easy to digest as someone newly looking into life insurance. Thank you!!!
Damn recently got my whole life policy they say i have 10 days to cancel. Now its all here on paper it doesn't seem as good as i thought. Thank you for the video explantaion. They caught me on a happy day
Like he said you can take your money out. You can get back some of the premiums you paid.
Thank you so much for explaining. I’m sticking to term.
awesome 'studio'. awesome content (that's ALOT of lights, wow)
I really knew nothing about life insurance until just know.. Thanks Marko.
thanks!
Maaaann, you have made this soooooo simple to understand. THANK YOU!!
Thank u for clearify the difference just subscribed!
What a great video! Can you also talk about index universal life insurance?
I've heard that whole life is bad but I had no idea it was this bad! Thanks for this informative video.
There are a couple problems. First is that it is marketed as an investment product as well as an insurance product. The second, and more important to remember, is that it does a lousy job at both. I was unfortunate to buy into a whole life policy but fortunate enough to get out after eight years. In those eight years, my return was around NEGATIVE 13%. Investing the premiums in a term life policy and the difference in a Roth IRA will do your beneficiaries far more good. Your "financial advisor" loves whole life because the commissions and fees are so lucrative for them and their firm.
Better late than never my friend!
@Evan Panowicz Nah dude, Whole Life is garbage for anybody buying it.
@Evan Panowicz Go ahead princess, please elaborate. What makes WL insurance so great?
@Evan Panowicz what’s makes WL so great princess?
classic dont judge a book by its cover, u are in image last person I expect to teach me about life insurance, an yet u wer super efficient an education thanku
thank you so much. Finally I can understand what is term not life insurance. great job.
Sold insurance, whole life commissions were nice to sell. There are different life insurance policies that tie into the market to give you a better return. More complex for people to understand so they’re not as popular.
I myself have a term life policy. And some companies will let you buy another term policy at the same rate. Good stuff though!
Thanks for sharing
Yea, I believe you can buy 2 life insurance policies in 1 yr, so you can have multiple, but like the guy said in the video, I guess it just gets more expensive to get term life the older you get, due to higher possibility of death
So you sold whole life but you own term?? Hmm
No I completely understand life insurance. But to sell someone an expensive cash value policy when you own term and invest the difference yourself? That should tell you everything you need to know right there. Cash value policies "sound good" and conceptionally make sense, but they are a nightmare contractionally. Clients always end up under insured and over charged! But hey at least the agent made a fat commission instead of doing what is right for the consumer
@@JeremyMcTaggart That's right - whole life insurance is a complete ripoff. You could buy a 25 year term life policy and with the savings compared to whole life insurance invest in an SP500 index fund. For a $500,000 whole life insurance policy on average the insurance company is making $2,500,000 by investing all your premiums over 30 to 40 years before you die. Sure some people will die earlier than average and the insurance company will lose a little but for those that live to average or above average, the insurance company will be only paying out about 20% of what they made by investing the money. Also, with super high premiums with whole life policies if you can't make the monthly payment at any time for example due to losing your job, you will lose the policy.
Every dollar invested in an SP500 index fund will grow to about $30 after 30 years. Most people don't realize how this makes such an impact. Also, if somehow everyone died early (far less than average life expectancy) and the insurance company did not have enough money to pay out claims, they could just declare bankruptcy.
Dislikes? I see some whole life agents have found the video already! Great job Marko.
genglebretson lol
genglebretson *cough* snake farm
Some? It looks like an infestation. Lol.
@@danielkicksable Writing a thesis about life insurance is boring and doesn't validate your point.
@@astroman30 - I’m sorry your brain can not comprehend this so called “ Boring Thesis” If money & Tax free wealth is boring to you; then, I guess I’m bored in an abundance of wealth. 😉 which makes me concerned for you and your demising financial future eroding away.
I really do hope you change your horrible mindset; because, it is definitely skewed in the wrong direction, for your sake anyway. 👌
I learnt a lot from your video in a short period of time than I would in 2 hours.
Can you please upload more videos for term- life vs whole life insurance.
Thank you very much.
Hi I really enjoyed the lesson. Thanks for sharing 😀 Have a blessed day.
Great video. I like you broke it down. Easy to understand.
ive been looking at dropping our whole life insurance policy for a term policy and then invest the left over into my current IRA and this has helped make the decision clear. very well done and thank you!
while whole life truly does suck, I wouldn't cancel it until your term life policy is fully active because the application process can take a few weeks depending on the company you go with. It's not very likely to happen, but you'd be hating yourself if something (heaven forbid) tragic happened to you or your family.
Permanent insurance is great product until you have the cash flow and the income to do it. First, make sure that you're contributing to everything that you can where you're going to have tax advantages like maximizing a Roth IRA and if your employer offers matched 401k, max that out and if you have a death benefit need, go with term. Then after all that and you still have cash flow left to invest for the long term and want to grow your tax-deferred and safe dollar segment then you go whole life.
Ryan Burt - What are your thoughts on TAX FREE WEALTH & LIFE INSURANCE ?!💰🧠💸 •CASH VALUE - (E.I.U.L.) & (M.F.T.A.) ARE SACRED FINANCIAL COWS; THAT ARE PROTECTED, BY THE IRS TAX CODE CITATIONS: * The Tefra Act of 1982 - 72(e) ,
* The Defra Act of 1984 - (7702) ,
* & The Tamra Act of 1988 - 101(a)
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These acts; allow one to ACCUMULATE, ACCESS, & TRANSFER their money TAX FREE. 😉🤙🙂
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As ADVANCED MARKET & SOPHISTICATED life insurance agents; we are suppose to help show people, how to Make, Protect and Move their money from UNSAFE places, such as (401k's, 403b's, TSP’s, Pensions, Stocks, Mutual Funds, Cd's, IRA's, Social Security, etc..) Which are all exposed to the volatility risks of the stock market, inflation and Taxes. 😬
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And Help place them Into SAFE places, such as Life Insurance; giving you protection from the stock market & a guaranteed Compounding Interest rate of return on your money! (TAX FREE!!!)😉 with, the 0-3% GUARANTEED MINIMUM as a floor protecting you from financial devastation! (COVID-19)
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So, when the stock market corrects itself again (Crashes) as it does on average, every 7-10 years. (the last one being, the 2008 housing bubble burst.) Your money and assets, along with your family, will all be protected in the event of that crash; due to the Guarantee Protection of the 0-3% as a floor, Preventing you from losing your money!
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LIFE INSURANCE = SAVINGS ACCOUNT?! .
With banks giving (1%) interest back and inflation being at (3.5%) plus, taxes at (1.5%) = a total of (5%) against your $ By Default, your losing (4%) of your money every year just by having it in the bank!
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HOW MUCH LIFE INSURANCE DO WE NEED?! 🤔😀
(EXAMPLE): (apply the D.I.M.E. Method in order to help calculate, exactly how much Insurance is needed.)
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Debts (all debts, Credit cards, etc..)
Income x(10) or x(20) years
Mortgage
Education x(# of children) $60k per child
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Add up the total and that's your Life Insurance necessity.
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💥THE POWER OF LIFE INSURANCE💥
Did you know?! After the Collapse of the 2008 housing market bubble, a total of $5 TRILLION DOLLARS in Pension funds, 401k’s, Real Estate Values, & Bonds, just up and Disappeared?!😳🤬🤯 Can you imagine that?!
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Just how bad was this collapse?! 8.8 MILLION people lost their jobs; and 6 MILLION people lost their homes, and that’s just in the UNITED STATES!” 🤭😱 ($19.2 TRILLION DOLLARS 🌎 WORLD WIDE!)
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THINK 2008 WAS BAD; WAIT UNTIL, YOU SEE WHATS COMING?!
THE EVERYTHING BUBBLE?!!😶
If these crashes / collapses / Market corrections, happen so often; this means, we may be facing another one here in the near future, right?!
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🔥THE PENSION CRISIS🔥🏦 .
If you think you can still retire with a pension plan; then, you may just be in for a rude awakening. 👀
Allow me to share with you why you should begin to rely on yourself & not the government.
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Most Americans are now concerned; that company pension plans & Social Security, will not be adequate in providing them with enough income in their retirement years. Their concerns are warranted; and rightfully, so!
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According to an article on barrons.com; Social Security benefits, will start to exceed the programs cost in 2020, & the program will deplete it’s $2.9 Trillion reserve fund in 2035.
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The reserves will run out a little later than what the trustees of Social Security & Medicare projected last year; however, the bottom line is still the same. The programs deficits appear vast; making it clear, that the public should expect smaller benefits, higher taxes or more than likely, “both!” 😲
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Over the past 40 years, Congress has approved increasingly beneficial retirement options, designed to encourage Americans to save on their own, for their golden years.
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Meanwhile; no congressmen, will dare utter the fact that with mine blowing numbers of TRILLIONS & TRILLIONS of unfunded obligations; such as, Social Security & Medicare, which have now become described by many as a Ponzi scheme, that can never be fixed.
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Congress has covered itself w/ retirement legislation. So, much so, that sometime in the near future; 10 to 20 years from now, when the government system inevitably breaks; congress, The institution will be able to shake it’s finger at the American people, and point the finger back to 401(k)s, IRAs, Roth IRA‘s, & the similar in between of products they have created.
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The message will be, that the benevolent Congress gave the masses a way to save for their own retirement, years ago! 😯😶
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What will not be addressed, is why did the government continue to take 15.3% in PAYROLL TAXES from workers & businesses for a failed system; However, that will be an issue between you & the ballot box.
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The point here is; that to provide for your own retirement is prudent, as it is in all facets of life, to rely on yourself & not the government.
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I hope I was able to help.. Much Love ❤. (Instagram) 💪🏼@TheFinancial_FitGuy
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Remember; He who forgets the past, is bound to repeat it!” 😳
@@danielkicksable That entire last 3rd seems like a scare tactic to sell life insurance. None of this explained to me how life insurance will protect people from the incoming pension crisis. I mean unless if the stress of the pension crisis and your other account failing end up kill you from a heart attack. but seriously where and how do life insurance companies insure 0-3% interest on the cash value. maybe I misunderstood this part or one of the acts/bills/laws you cited protect or forcibly guarantee the"Guarantee Protection of the 0-3% as a floor" you mention. But then you mention the government system will inevitably break so again, what makes life insurance such a glorious shield to protect your wealth, what exactly protects life insurance from what will kill everything else? I'm honestly asking to become informed as I don't know if I should keep my Whole life or not but you're defensive comment as a sales rep does not feel very informative
Eric Arosemena - firstly; I am not a salesman, I am a state appointed field underwriter. Big difference. If you’d like; I’d be more than happy to educate you.
Unfortunately, 9 out of 10 people, will not know this information. In which, I can understand your lack of knowledge in this field. After all, it’s not your fault, school does not teach this subjects or financial strategies I’m referring to.
Thank you for the authenticity! You definitely broke these two terms down perfectly! Great content!
Thank you for explaining and running numbers!
Thank you for explaining this so well! I've recently started investing with a group and they were pushing this whole life insurance on me so hard... I knew it was because they were making good money on it. They were downright rude when I turned it down, but you explained it way better and more truthful then they did.
So if I come to you and ask you for a whole life insurance policy.what do you tell me?..
@@jerryb6728 No. NO NO NO NO NO! Then I'd say in case you didn't hear me, H to the effin NO.
i make just as much money on term vs whole life. That is not true at all. Whole life is the better option long term. look at it this way Term life is like liability insurance on your life. lets look at it this way.
if you pay $50 bucks a month for a term policy, that means you pay $600/yr.
$600/yr x 10 years = $6000
lets say you have a 20 or 30 yr term as suggested buy the man in the video. you pay $18k max to the insurance company to get hundreds of thousands from the insurance company.
would you exchange $200k for $18k???? then why would the company. Most term insurances pay out less than 30% of the time.
@@larrydavis1162 is nationwide a good company? Im 28 and looking for life insurance
@@j.vosier6786 I can’t speak on other companies that I have not done business with. What I will say is look at AM best. It’ll help you narrow it down. I’d be more than happy to help you get yourself the right coverage. Just let me know
Definitely get TERM ASAP, with or without family, it helps your parents, friends, whomever, that will help with funeral costs and fees
jup1828 whole life helps pay funeral cost and fees as well
Less than 2% of term insurance policies pay out. Have fun.
@@SilentNecrosis exactly
@@SilentNecrosis why do they not pay out are you saying they don't pay out because the people don't die or they screw you over at the end?
hi Jup, can I buy your policy for you, you are STUNNING
I love your breakdown. Thank you.
Thanks ! Very helpful. I needed this information.
By far the simplest explanation I seen. With thruth and unbiased comments. Thank You for that! It cleared so many questions I had.
I'm studying for my life insurance license and this is really helpful, thank you so much!
How’d it go? I am in the industry now, and always trying to hop on here to get the pros and cons people are looking at it from RUclipsrs versus financial planners.
@@Funnymike1026 happy to say I passed my exam on the 3rd try. (>70% pass it on the first try so don’t beat yourself up). I’ve been working in my office for about 3 weeks now and I’m a part time student so the hours are pretty lenient. I work under an agent and it’s definitely one of those careers where you get what you give. (The more effort and dedication the better results). I’ve actually recommended this career to many people since. Good luck
This isn't helpful if you are in the industry, because it's an incredibly flawed attempt at explaining whole life insurance.
@@miamysteryburns How much of your exam centered around whole life?
@@paulstutsman Hard to say, I’d say it’s about a quarter of the types of polices mixed together. Honestly my test had a lot on health insurance more than anything
Thank you for helping me understand the difference!
This was sooo easy to understand. Thank you sooo much!
This video was so informative! 😊 I'm grateful to have a better understanding of term vs. whole life insurance. 🙏
Thank you for this. I’m currently enrolled in insurance classes for licensure and I understood more in your way of explaining that this class that I feel totally lost in. Keep up the awesome work
Jen, stay away with whole life
Why
Thank you! You really broke this down for me.
Loved your video sir thank you much for explaining it so well
i may have to watch it few time to get it, yet appreciated!!
thanks
You rock you broke it down I'm going term
you've explained that EXCELLENT BRO!
Thank you, Love all your content
Extremely informative!!
Thanks a bunch Marko. U are the best! Can u do a video on the good insurance companies out there?
Thank you will do
MassMutual, Northwestern Mutual and New York Life are by far the best
Thank you, Marko. You made me understand this insurance stuff and now I also understand that term insurance is a better option.
Such a good explanation! Thank you!
Wow thanks for explaining this
From where I’m from our whole life plans are limited pay (which means you pay for a limited number of years 10,15,20) and still get covered for life compared to a term in which yes you do choose your term (10,20 years) however it doesn’t cover u for life. In which is akin to renting a house vs buying a house. Now worse case scenario is when ur term plans comes to end (your renewal obviously sky rockets ) and the very worst..is you don’t renew and something happens..
So i always believe its best to have both to complement each other ...my humble opinion that is. Cheers
So where are you from that this makes sense to you?
What a horrible example you gave. Whole Life cost at least 20 times more in premiums than term. Plus, when you die, the insurance company KEEPS the cash value that you've been paying in all these years and only pays the death benefit. Sorry, scammer. Try again.
You are better off financially getting term life for 30 years until about your expected retirement age. Invest the rest (difference in what you would have paid for whole) and by the time the term life expires, you will be "self insured" and will no longer need life insurance.
Probably smart to get Term life when you hit 40-45 and get a 35 year .. if that’s in the 20-40 dollar range it’s worth every penny.. and now eat whatever you want if you make it past 80 god bless 😂 but then I would also look into a cheap whole life to at least leave something behind
😂😂😂@@FuegoBravo1
Thanks for this video great info and easy to understand.