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Term Vs. Whole Life Insurance (Life Insurance Explained)

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SimpliSafe is award-winning home security that keeps your home safe around the clock. It’s really reliable, easy to use, and there are no contracts. Check out SimpliSafe here: http://simplisafe.com/whiteboardfinance

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 itโ€™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!

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ABOUT ME ๐Ÿ‘‡

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.

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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.

Comments

Marko - WhiteBoard Finance says:

Thank you for watching! Sponsorships allow me to release free content, which helps many people around the world. I would only recommend something to my audience that I would use myself! http://simplisafe.com/whiteboardfinance

MD1849-50 says:

Sorry but to me it seems that theyโ€™re always pushing term life rather than whole. What heโ€™s not saying is that when that term runs out you get nothing. Term is like Paying rent versus whole life is owning a house.

Mustafa Saeed says:

I have a whole life policy that the death benefit grows with the cash value. I got it 30 years ago 100K now it is worth 173K. I also have the option to pay the premium with dividends. Marko's video is biased toward whole life insurance. Marko failed to mention that Whole life insurance pays Dividends and has living benefits. Your money grows tax-deferred and you have tax free access to your money. whole life insurance is permanent and the premium is guaranteed to never increase. Term insurance is temporary and very expansive in the long term. Term insurance is great for the short term and it is not sustainable for your entire life. If your goal is short term then term insurance is great and if you are a long term planner like me then whole life the best option. I personally have both. I have term insurance to protect my income for 20 years and I have whole life insurance to save money tax-deferred for my retirement and final expanse. My term insurance is upgradeable at my current health rating so I am planning on upgrading them in the future. Marko, please educate yourself before making these videos.

Tamuno-Opubo Cookey-Gam says:

Hey Marko, currently considering getting insurance. An MLM (WFG) is trying to sell me UL (Universal Life). A quick PFC Reddit review led me to an insurance quote website that quoted me less than 50% of the insurance premium (discounting the investment).
Now my question is what happens at the end of the term insurance? Do I get any money at the end of the term?

V.A G.A says:

Correct. But in the other hand how much does the bank give you in return? Also, I've called my insurance company and I recorded them telling me that yes the benifeciary does receive the guarantees. Something you failed to disclose.

Debojit Mandal says:

So term is better then whole

Cindy Chavez says:

I feel ready to argue with a primerica agent after watching this video

C B says:

But term and invest the difference.
#1 way to win the money game.
Not all term is the same and any insurance that involves a โ€œsavingsโ€ account is screwing you and your family. ๐Ÿ‘๐Ÿป

Sim Lash says:

This video is for the Middle Class who want to remain in the Middle Class. Why do wealthy investors and huge companies have more exotic policies?

Chuck T says:

I just left insurance office regarding variable universal life… 200k death benefit for $200 month fixed. Could you speak to this. 35y/0 black man non smoker.

Dominika K says:

Ok so no point in the cash with whole life..but I mean if we live longer, then term sucks to…cause what if you live to 90….

kwesi158 says:

when you said cons for whole life i was like hold up you just told us the cons !!!!

Jonathan Krech says:

Great video! Very educational!

nirab dhungana says:

Where on earth do we get 8% return on your savings? I wonder

Arturo Johnson says:

I used to have a ton of issues getting new clients by cold calling networking and relying on referrals. Now I am doing everything virtual and my results have been amazing, I went very quickly for broke to 6 figures in 6 months. That's when everything changed! If you would like to check out this free training here's the link https://go.arturojohnsonconsulting.com/case-study

Korean Beauty says:

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!!!

Rob Martin says:

Stock funds investing is not a true compounding vehicle……roller coaster……gain….loss…..that's mutual funds hype on "average" return…..not actual return….

Rob Martin says:

There's always fee's….cost's…..managed accounts….no one,company works. For free….

Rob Martin says:

Dow down 8000….much loss to equity accounts…..

Rob Martin says:

Are you licensed?…..cfp….clu….chfc?

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