The TRUTH About Whole Life Insurance (What Salesman WON'T Tell You!) | Wealth Nation
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Күн бұрынFind out all the details of whole life insurance before you get your next policy.
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⏰ Timecodes ⏰
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00:00 Introduction
01:05 What is Term Insurance
03:23 Convertible Term Insurance
04:17 What is Whole Life Insurance
05:29 Cash Value Whole Life Insurance
07:58 Buy Term and Invest the Difference
08:44 Use Cash Value To Invest
10:13 Term & Whole Life Comparison
12:55 Death Benefit should Increase with your Income
14:00 What happens if I get a terminal Illness?
14:29 How Do Wealthy People buy Life Insurance?
16:05 Conclusion
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Whole life insurance is a financial product that often sparks both curiosity and debate. Is it a smart investment or a financial trap? What are the pros and cons that you should be aware of? We've got you covered.
Our goal is to provide you with the knowledge you need to evaluate whole life insurance objectively and make the best decision for your financial future.
If you appreciate our dedication to financial education, please give this video a thumbs up, subscribe to our channel for more insightful content, and hit the notification bell to stay informed about our latest releases. Share your thoughts and questions in the comments below, and our team will be here to assist you.
Thank you for choosing our channel as your reliable source for financial clarity. Let's demystify whole life insurance together and make confident financial choices!
@WealthNation 2 ай бұрын
✍🏾 Are you ready to Start a Policy? Complete our new client application. bit.ly/WN-New-Client
@ranauldogreer2711 6 ай бұрын
Whole Life insurance isn’t a investment so you shouldn’t use it as such I would advise people to learn how the Rockefellers use it and other wealthy people including banks…..
@davidhayes7596 7 ай бұрын
Listen to this video several times. Thanks for cleaning things up
@chriscarmona7725 10 ай бұрын
Hey guys, just discovered this channel. Love the way your presentation and the way you break down the info. Thank you for the knowledge share!!
@chrishowell1413 6 ай бұрын
Great video. Thank you!
@AdamDoran Жыл бұрын
Great explanation! Thank you for clarifying the difference between term and whole life. Also, thank you for clarifying that whole life is not an investment, but can be used to support and work together with your investments.
@astroman30 11 ай бұрын
Says the insurance salesman.
@deborahbrown6029 7 ай бұрын
Thanks for explaining great video
@jacquetbrown708 5 ай бұрын
Very helpful and informative. I love the way he started giving information, and you come in and make it all come together
@davidhayes7596 7 ай бұрын
Great video. Good information. In the state that I live in , it's not really legal to call life insurance an investment.
@ralphwilliams8083 8 ай бұрын
Hey, Wealth Nation! I'm brand new to your channel. Somehow, you came up on my feed. Never heard of you before. Here's a little background on me. Currently, I'm 63, married, and have a $300K term life insurance policy with Northwestern Mutual when I was 56. I had lung blot clots at that time and thought it a good idea to get life insurance to protect my wife and give something to my children. However, for the last two years, our insurance salesman has been contacting me about converting $100K of the $300K to whole life. Now, honestly, I didn't really know the benefits of whole life insurance. Additionally, the monthly premium would increase over $120. Both my wife and I have term life insurance at $300K each. Our monthly premium is about $150.00. I just thought this guy wants to make more money off of us. However, this video and another video of yours have sparked interest in whole life insurance. Is there a less expensive whole life insurance policy that helps us have a better financial life? It's still a bit confusing to me. Dividends, cash value, policy loans? Help? Thanks.
@barbaramccullough3057 8 ай бұрын
Thanks for Info. Wish you had been around when I was young !
@Elsarealtor 9 ай бұрын
Hi guys, I love you videos. I am only month doing whole life with o infinity bank. But I have to say that TERM has living benefits on it, special with National Life, it is not only for terminal cases..
@Moneymakinlav 2 ай бұрын
This was helpful thank you
@SheisEileenLang Жыл бұрын
Thank you for this detailed explanation.
@WealthNation Жыл бұрын
Our pleasure 🙌🏾
@user-fr8yt1cj6f 5 ай бұрын
Very interesting presentation,I am really interested in applying one of the life insurance you guy just said
@CBearLandkirk6076 4 ай бұрын
Good video ✅️
@AhavYAH_Yisrael 4 ай бұрын
Beautiful ❤
@danielj5136 7 ай бұрын
In the example of a person with a terminal illness (I'm healthy, just asking), would the convertible insurance policy still work or would it be denied?
@Breeze-gd8wj 6 ай бұрын
What company your recommend for term and for whole life and do all insurance policies age out at 100 yrs old?
@ruhtrohraggy7497 9 ай бұрын
To anyone watching this video thinking they need whole life insurance, DONT DO IT! That is a predatory policy by insurance salesman who just want to get a commission off of you. Go term life and invest the max you can into your investment accounts. PERMANENT OR “WHOLE LIFE” is a scam and people lose thousand each year from it!
@my1stchance 9 ай бұрын
This video was an awesome explanation of the sole topic at hand. I personally believe all insurance sold pays a commission and the investment account also pay a commision. Purchasing one or the other take common sense to what works with your individual budget. Do your due diligence in finding an ethical and morally sound agent that will cater to Your needs. When you find them refer them!!! Out of your getting, get an Understanding!
@thomasmorris2245 2 ай бұрын
Hello - I am a long time Life Insurance agent 🧑💼 that has written over 500 Life Policies and delivered Death ☠️ Claim checks on Universal Life Policies- Whole Life - and only one large term policy-never has the beneficiary said that it was too much
@misstaytay9694 Ай бұрын
So you do know you’re throwing money away on a term too right? Unless you got one with a ROP. And how much do you think investment companies make off of you?
@christinegary6642 7 ай бұрын
I opened a whole life policy in 1998. My kids are grown and gone. do I still need any insurance or just burial insurance.
@wickedvmac Ай бұрын
Thank you.
@sewingseeds. Ай бұрын
What are the formalities when you take cash out to invest? Are there penalties, fees, do you have to pay that back?
@user-fr8yt1cj6f 5 ай бұрын
Please send me more info, regarding this thank you and how to apply
@tj.henderson 4 күн бұрын
Ok,so there is universal, permanent/whole life insurance. That is cool. I will check you guys out.. You guys explained it very well.
@Lon1001 9 ай бұрын
You almost made a convincing argument that there could be a case for whole life for someone. You do explain some of these concepts very clear, better than most other salesmen I've heard pitches from and I appreciate your knowledge... however everything you get with whole life you can do better with other products, so why bother packaging those features into a inferior policy? Once you start talking about "OPM" then yeah I guess WLI allows you to leverage more of your equity, but you'd be better off and have more fun just learning to become a professional poker player.
@emhchannel2842 6 ай бұрын
because if you invest using your own money, you pay capital gains taxes on the returns. If you invest using OPM, you don't pay capital gains taxes on your returns. Taxes are the #1 killer of wealth.
@Lon1001 6 ай бұрын
@@emhchannel2842, you are overpaying to your insurance company by as much or more as you would pay capital gains tax (assuming all your tax advantaged accounts are maxed)... I would rather that money go into tax revenues and be used for public spending on infrastructure and social programs that benfit the community as a whole rather than into the pocket of a bunch of overpaid execs with the dividends going to foreign investors.
@john8890 20 күн бұрын
They're good salesmen. However, I realized I couldn't trust this video once I saw the description, which included a link to an insurance policy. They're just trying to make sales
@amirasiya07 5 күн бұрын
@@john8890EXACTLY…and they still left out a bunch of pertinent information about Term and Whole Life policies.
@mysticalwolfakela4131 9 ай бұрын
This needs to be taught in HS! Thanks for the the info. I have a rep. Coming out to go over my policy. Im not sure if I have the best policy for me. How does it work if I decide to go through a different company?
@jddonmoyer2489 6 ай бұрын
Never do whole life
@2acastaneda 2 ай бұрын
This does not need to be taught in hs. Whole life is a scam
@user-mt7fo5bg8v Жыл бұрын
Got to sit with a Primerica Rep saved my Life and taught me how to look forward to financially freedom with their 35yr term policy and investments as well.
@peterparker2068 3 ай бұрын
How is that going for you? I'm surprised they didn't try to whole or universal life insurance.
@maxpaine1000 2 ай бұрын
Me too. Primerica is a great company
@yehmessenger Ай бұрын
Is very expensive term insurance and it doesn’t include return of premium. If you live past the term period they get to KEEP all the $$$$$
@peterparker2068 Ай бұрын
@@yehmessenger Primerica, like any company, has its share of opinions and experiences. Some people who have worked there may not have positive things to say. During interviews, they often emphasize the allure of high commissions tied to selling products that may or may not be the best fit for clients, all in pursuit of profits. As someone who hasn’t been a Primerica customer but possesses knowledge about finances, investing, and risk management, you raise valid points. Term insurance serves as a risk management tool. Much like auto insurance, it’s designed to provide protection when needed. You hope you won’t have to use it, but having that safety net can be crucial. Just as auto insurance companies retain your premiums even if you don’t have an accident, term insurance premiums contribute to the overall risk pool. It’s a balancing act between financial security and the company’s profitability.
@Fe.Y.Finanzas 6 күн бұрын
@yehmessenger if you undestood their policy benefits you will see the value of that policy. Need to do some reasearch buddy.
@Mr.Delgadollc 22 күн бұрын
Why not just start off with whole life if you plan on continuing your term insurance with the “convertible” option?
@Moist_yet_Crispy Жыл бұрын
@15:06 I don't understand how to get that going. I see it's important but I feel like the explanation kind of fell off. Could you please give some more information about how to bank will give you insurance like that? There's something I'm missing and I've rewatched that portion more then once. There defiantly missing info, meaning, why would the bank pay the premium? and what account would they be looking at to make that kind of decision and where or how to go about setting something like that up. What or how much money is required and in what kind of account or investment in order to qualify for this? Thanks in advance and great video!
@benbelap 11 ай бұрын
Yea it was definitely rushed but I think that's specific to people with considerable wealth/net worth. Ala Musk, Zuckerberg, Bezos because the banks just know they'll get that money back regardless. The wealthy person now takes the cash that they would've had to pay for a premium and invests it elsewhere. The collateral for the banks is the cash value over the agreement of the term, say 15yrs. I don't know if I'm correct here, I'm really not sure. But I hope it helps you, open to corrections and better clarity. If you find out, please share as well. Cheers.
@codygustafson4665 9 ай бұрын
Only after you’ve paid tens of thousands of dollars of the commissions of the agents + built up your cash value that the 2-5% IRR will then pay for the premium. Totally not worth it
@Moist_yet_Crispy 9 ай бұрын
@@codygustafson4665 If that's the case then I'd get why
@waifungilism2004 Жыл бұрын
How does the bank finance the premiums? What kind of net worth would qualify?
@codygustafson4665 9 ай бұрын
Only after you’ve paid tens of thousands of dollars of the commissions of the agents + built up your cash value that the 2-5% IRR will then pay for the premium. Totally not worth it
@drzhivago9825 4 ай бұрын
Can I used the cash value to buy an annuity?
@davidcasalaspro77 9 ай бұрын
Hello friends! Nice video! Just a side note… term insurance does have living benefits… depending on the company terminal, chronic, crytical illness and Crytical injury with NLG … just a quick side note. Thanks for your videos. Hi from Utah!
@americatruecrime 7 ай бұрын
What is NLG
@jparekh18 7 ай бұрын
@@americatruecrime national life group
@americatruecrime 7 ай бұрын
@@jparekh18 thank you
@TheMhmm456 7 ай бұрын
You didn’t mention the interest you are charged for borrowing against your cash value
@cmorr72 11 ай бұрын
Great video. Thank you.
@nafizhasan4349 6 ай бұрын
This would be great if the cash value loan you take out to invest was interest free.
@matthewgarcia43 8 ай бұрын
Hello. What software do you use to make these videos?
@DrewHolmes 11 ай бұрын
you can also get whole life policies that allow you to add more money...rather than getting a separate term or another policy.
@natanidrati4043 9 ай бұрын
It’s called additional purchase benefit
@Lon1001 9 ай бұрын
but why would you want to, you'd have way better ROI investing that in the market than putting it in a terrible insurance policy.
@ianvogelmedia 3 ай бұрын
Cash value life insurance is a savings alternative, not an investment. If your goal is to try and get the highest ROI and are comfortable with the risk of losing that money then the market makes sense. You if you want a place to save money where it will grow at a modest, yet predictable rate without risk of losing it then whole life is a viable option. Saving and investing are two different things with different purposes. What works for one person may not be ideal for someone else.
@4771cu5H 9 ай бұрын
How do I get a bank to loan me my whole life insurance premium? 14:47
@jamiehorne2048 Жыл бұрын
Since a lot of these banks have life insurance where do they get or hold there Insurance?
@peterparker2068 3 ай бұрын
Banks themselves don't hold life insurance in the traditional sense, where individuals take out policies to protect their loved ones. However, a specific type of insurance called bank-owned life insurance (BOLI) exists. Here's how BOLI works: Banks purchase BOLI policies on specific individuals, typically key employees or executives. The bank becomes the owner and beneficiary of the policy. In case of the insured's death, the bank receives the death benefit. Banks use BOLI for various purposes, including: Funding employee benefits: BOLI offers tax advantages, allowing banks to accumulate funds for future employee benefits in a tax-efficient manner. Key person insurance: BOLI helps mitigate financial losses arising from the death of a critical employee. Loan collateral: In some cases, BOLI policies can be used as collateral for loans. It's important to remember that BOLI is not a typical life insurance product offered to individuals by banks. It's a specific financial tool used by banks for their own purposes.
@user-my1ug7ie1x 10 ай бұрын
Thank you
@grumylynn 11 ай бұрын
borrowing Cash value from WL insurance needs to be paid back, correct
@astroman30 11 ай бұрын
Yes (plus interest) or it gets deducted from the death benefit. Either way, you're out the money.
@amirasiya07 5 күн бұрын
THIS IS THE COMMENT I WAS LOOKING FOR… He purposely “Glazed” over that tidbit. Any money you take from your so called ‘Whole Life Insurance Savings’, you have to pay that money back or it’s deducted from the DEATH BENEFIT!
@ricardoalcides7184 9 ай бұрын
I recommend you guys to learn more from a top mutual company about Whole Life. You guys only know the basic of a WL policy. ¿Do you guys know what is a 10-90?
@UpACreekProductions 3 ай бұрын
Ok so i have 42k to start something for me and my fiance. Im very interested in learning more about a whole life.
@marktyrelle6866 Жыл бұрын
what would you recommend for people in their 50's plus?
@maylenealexandra9615 10 ай бұрын
Whole life
@RedAvery1 10 ай бұрын
Speak to a financial advisor. It’s free. Don’t ask the internet because WE DON’T KNOW YOUR SITUATION!
@Oooooooommp 9 ай бұрын
@@RedAvery1100% agree on this😍
@suredude5291 4 ай бұрын
So basically, insurance you’re parking your money…but to invest you got to MAKE A MOVE with the funds..right?
@FannyCha-pn6lh 6 ай бұрын
Nice words: Dead is guaranteed 😅. So truth🎉. Win the prizes die early 😂.
@sdanzey6962 3 ай бұрын
What’s a good life insurance company?
@josephgalatolo9612 2 ай бұрын
You just had another video of how whole life insurance is a great investment??
@mafamasaga 11 ай бұрын
Don't you have other videos recommending whole life?
@davidd6626 7 ай бұрын
The dollars & cent do not add up in reality. Stated to use the cash value to invest to pay your premium so you don't have too. You still pay interest on that loan so when added together with your premium is paying a rather large ROI to do so (not including the repayment of the actual loan). Also, AGE and HEALTH are HUGE factors in premium prices and will price most folks in mid life out. Those that use it teach it to their children. Government Schools will not do this or anything else that is not in the government's interest. The only way for change is to use your vote, sadly most people will not vote at the local level (where change must start).
@Sirkeverickclay 7 ай бұрын
What happens to the cash value in a whole life policy if you die before you take it out? Also why would I have to borrow my own money?
@jessicav1015 6 ай бұрын
It goes to the insurance company.
@jessicav1015 6 ай бұрын
This is why its better have your life insurance and investments separate.
@raltoriche9128 6 ай бұрын
Great video. But how can you invest the money of the whole life if you don’t have access to it . Because it’s not a bank that you can just ask for that money ?
@WealthNation 6 ай бұрын
Whole life is not an investment. For the record. It’s a life insurance policy that has a “perk” of having access to cash. You DO have access to cash as soon as you pay your premium, as long as the policy is designed for max cash value. If it is not designed as such there is a possibility of having to wait a few years until there’s enough cash built in the policy for you to access.
@chidum 10 ай бұрын
So what if i dont like the risks involved with stock market investments? If there is an actual cash value amount from whole life insurance that is worth it?
@AcEyDeViLLe 9 ай бұрын
Index Universal life is what you’re looking for
@jddonmoyer2489 6 ай бұрын
@@AcEyDeViLLeworst idea ever
@jddonmoyer2489 6 ай бұрын
Just put in bonds
@BeingErikaWhite 8 ай бұрын
Lord this is a lot. I need a zoom consultation. 🤦🏽♀️
@carlajones8741 Жыл бұрын
I need a consul right away. Let me try Caleb
@WealthNation Жыл бұрын
Hi Carla! If you click on the link in our description you can apply to meet with a member of our team ASAP.
@lenering1084 11 ай бұрын
I wish you guys had a quiz to help me to figure out what is the bet WLI for me
@hinicetomeetyou8292 5 ай бұрын
If I have whole life and I have money in cash value . And if I pass away will my beneficiaries get the death benefit and my investments?
@The_Real_Les 5 ай бұрын
Yes, in the case of a whole life insurance policy, when the policyholder passes away, the beneficiaries will typically receive both the death benefit and any accumulated cash value. Here's how it generally works: 1. *Death Benefit: - The primary purpose of a life insurance policy is to provide a death benefit to the beneficiaries upon the death of the insured. - The death benefit is a predetermined amount specified in the policy and is generally paid out to the beneficiaries income tax-free. 2. *Cash Value: - Whole life insurance policies have a cash value component that grows over time. This cash value is a savings or investment component within the policy. - If the policyholder passes away, the beneficiaries receive not only the death benefit but also the cash value that has accumulated within the policy. 3. *Combined Payout: - The death benefit and the cash value are typically combined into a single payout to the beneficiaries. - The beneficiaries receive the total amount, which includes both the face value of the policy (death benefit) and any cash value. 4. *Use of Cash Value During Lifetime: - While the policyholder is alive, they may have the option to access the cash value through policy loans or withdrawals, depending on the terms of the policy. - Any outstanding loans, along with accrued interest, may be subtracted from the death benefit when paid out to beneficiaries. It's important for policyholders to review and understand the terms and conditions of their specific whole life insurance policy, as features and options can vary among policies and insurance providers. Additionally, the death benefit and cash value are influenced by factors such as premium payments, policy riders, and investment performance. Before making decisions about accessing cash value or making changes to the policy, individuals should consult with their insurance company or agent to ensure a clear understanding of the potential impact on the policy and its benefits.
@maxpaine1000 2 ай бұрын
No
@joshieb7446 Ай бұрын
You should contact the insurance and ask them this question. Videos I been watching say no to this question. Beneficiary only gets the death benefit. So please confirm with your policy.
@WealthNation Ай бұрын
The cash value and the death benefit is the same. Cash value is prepayment of death benefit. Funds you can access while you are living. If you pass away you will get the death benefit. If you have an outstanding loan you will get the death benefit minus the loan you've accessed. This is why it's important to strategically access these funds to make more money.
@user-rk4ev4sv1o 23 күн бұрын
But when you borrowed from it they raised your premium even higher which I think is a rip off
@rajbeekie7124 8 ай бұрын
Call me surprised. Yes, whole life is a terrible investment. So is Index life, variable life, and any type of cash value life insurance.
@TalootB 9 ай бұрын
so what Company do we buy whole life insurance.? It seems like all are just looking for your monthly payment
@amirasiya07 5 күн бұрын
As They Should…let me give you a bit of life insurance advice. LIFE INSURANCE COMPANIES ARE NOT YOUR FRIENDS! They are in the business of making MONEY 💰‼️ People think that these Life Insurance companies are the “Catholic Charities” or UNICEF😂… Your job as a potential customer is to make sure that on your PAPERWORK that all of your “I” are dotted and your “T’s” are crossed. Don’t miss a payment and live as healthy as you possibly can.
@arthurjohnson2924 Жыл бұрын
My policy is $180,000 for $4500 a year with Northwestern Mutual...I did something wrong 😢
@Dwilliams33 Жыл бұрын
Northwestern Mutual is the worst. Their financial advisors make most of their commissions on the insurance plans.
@evazquez595 Жыл бұрын
I also purchased a couple whole life policies from Northwestern Mutual before discovering the infinite banking concept. The policies take forever to build up cash value and most of the premiums go towards the cost of insurance. If I didn’t lose money for backing out of my insurance policies, I would fire my agent yesterday. The only fortunate part of all this is the policies will get more efficient the older they get which I will use to leverage the cash value. Expensive lesson but I will stay the course. I also just added a 10 pay policy from mass mutual that will create more cash value than all my northwestern policies combined in year 1.
@evazquez595 Жыл бұрын
I was actually part of their internship program and not once did they teach about the infinite banking concept. They pitch whole life as become your own bank, yet they sell these horribly structured policies with maximum death benefit to collect massive commissions. To add one last thing, Northwestern is also a direct recognition company which tells you they really don’t like the infinite banking concept.
@astroman30 Жыл бұрын
@@evazquez595 You finally discovered that whole life is a scam. What a shame.
@sevan8350 10 ай бұрын
@@Dwilliams33what about state farm ?
@emhchannel2842 6 ай бұрын
Good presentation. However, I didn't hear anything about the tax benefit of going with whole life over term. If I choose term and invest that $2,800 savings personally, I'm paying capital gains on the returns. If instead I invest that same $2,800 in a whole-life policy using other people's money, I don't pay taxes on the returns.
@RandomBrosHDTV 3 ай бұрын
"Whole Life insurance is a very bad investment" I vote for that; On top of this, I'd say the WL insurance is the best permanent life product that it helps you to build yourself a life time tax-free asset !
@BeingErikaWhite 8 ай бұрын
Who offers convertible term?
@sdanzey6962 3 ай бұрын
So term is better for older people?
@amirasiya07 5 күн бұрын
As long as you don’t have any health issues…but here’s a rule of thumb, Term is for the young but the older you get and the longer you wait to purchase life insurance, a “term” or whole life policy is gonna cost you BIG 💰💰💰
@CraigBarrettEsquire 3 ай бұрын
Why do you need more insurance to cover your increased income? There is a strategy that is "needs based" insurance. if you have no debt and your dividends on your investment covers your annual expenses in such a way that your principle is not touched, explain why I or my loved ones would need insurance? They wouldn't. Great presentation; however, I vehemently disagree with 97% of what is presented here.
@steve-on3234 6 ай бұрын
You don’t build up enough cash value to take out anything without surrender charges for like 7 to 10 years.
@imthatonegrl 10 ай бұрын
Will your policy charge interest for the cash value you’re taking out? (I’m assuming as a loan)
@ricardoalcides7184 9 ай бұрын
You can take it from dividends as well.
@monicaanderson3144 7 ай бұрын
Yes they do. I borrowed against mine and they charged
@ricardoalcides7184 7 ай бұрын
@@monicaanderson3144, there’s many ways to take money out from your cash value without paying interest. I could guide you how to do so. ¿Which company did you use for your policy?
@Cherrycola14 6 ай бұрын
Mine the interest goes back into to policy not to the insurance company.
@muwongeemmanuel5894 8 ай бұрын
Does it in anyway apply in Africa
@dale4350 8 ай бұрын
So is the cash value of a whole life insurance plan a part of the policy amount. (Example if have a $20000 dollar policy and cash value of 5000 and decide to use that 5000, will my policy now be worth 15000?)
@samiinfinite4642 7 ай бұрын
If you don't pay it back. But depends on what company you're with. You will still make interest and dividends with a mutual company as long as you pay the premium so those values will grow over time.
@slymboyz971 Ай бұрын
What becomes of the cash value when the insured passes?
@WealthNation Ай бұрын
The cash value and death benefit is one in the same. Cash value is the prepayment of death benefits. So when the insurer passed the death benefit is paid out minus any outstanding loans of the cash value. Here is a video we did talking about cash value @ 0:27 in. kzfaq.info/get/bejne/fpyImbSiv56YhHU.htmlsi=CMlkyExXjYe5u79x
@fittgod1976 13 күн бұрын
It's returned to the insurance company.
@kreativebeing 10 ай бұрын
i don’t get it
@monicaanderson3144 7 ай бұрын
David Ramsey said that whole life is bad because the money u borrow against the policy, you have to pay back interest on your money . Also that that money earned will not be paid to the policy holder beneficiaries when they die. So what is the upside again?
@mlucie2004 5 ай бұрын
There are permanent policies where the cash value can add to the death benefit or even be used to pay the premiums.
@valoriegarrison8570 4 ай бұрын
What they fail to tell you with whole life insurance is that your beneficiaries don't receive the face amount and the cash value. Upon the death of the insured the whole life company keeps the cash values
@CraigBarrettEsquire 3 ай бұрын
and what n one talks about is the $500 premium you are paying is AFTER Tax DOLLARS". so you have to earn $640 to pay a $500 premium. It is such a bad place to put your money you may as well flush it down the toilet. They never talk about the premium that goes purely to fees. It criminal they sell this garbage.
@peterforrest2290 5 ай бұрын
Correct! Not an investment. Why say it is?
@sdanzey6962 3 ай бұрын
So when you take out your cash value do you have to pay it back with interest?
@fittgod1976 13 күн бұрын
Yes. 5-8%
@johnbanda6601 Жыл бұрын
More assets more become wealth
@sabinogalvan2116 Жыл бұрын
Halo Carmen hablas Español?
@steveweizman7888 7 ай бұрын
96 percent for term never pays out. - Why even bother throwing money away for the entire term? After the term it will be hard to find coverage in old age. - Tax benefits are awesome for whole life for borrowing to pay debt etc.
@thebullyville 8 ай бұрын
Is it a good idea to have a 30 year Term Life Insurance and a Whole Life Policy?
@oya_reign1644 6 ай бұрын
Yea it is especially if your in your 40s and up I'd think
@theonethatgotaway7378 2 ай бұрын
Please tell me why you wouldn't get a 30-yr term and invest the difference? If you're not disciplined at all then yes a whole-life policy might be for you. 30 years is enough time to self insure yourself or at least not need as much insurance in 30 years. Come on guys. You're never using OPM when you have investments within an insurance policy. You just overpaid your premiums or that money is allocated for the investment part of the policy. This is not a matching 401k program where the insurance company matches your investment. There is no OPM.
@recebaby88 8 ай бұрын
Very informative! I’m confused at 12:34-12:42
@debragiovine9797 10 ай бұрын
What happens when you borrow money from cash value whole life insurance,,, and you can’t pay back the money,,,,you borrow from the policy,,,..?
@Lon1001 9 ай бұрын
you will continue to pay interest on the loan to the insurance company and when you die they will deduct the amount you owe out of the death benefit. i.e. borrowing from your policy presents a risk to the whole reason you bought insurance in the first place: to provide for your beneficiaries.
@marcusalexander6677 9 ай бұрын
This video is so confusing I understand whole life and after watching I don’t know what they’re talking about
@elywchrist23 8 ай бұрын
Why pay for more then 1 insurance when its only for your family to replace your income God forbid something was to happen to you. $300+ a month to possibly get some money back from your insurance is a rip off. Investing the difference and getting term insurance makes more sense. This is why people get riped off getting the wrong information.
@tricord2939 8 ай бұрын
Said like a true Wall Street salesman that does not No what he is talking about. Try demonstrating the math if you can.
@Topnotchonly999 11 ай бұрын
So you are telling me that all those gurus on tiktok are trying to scam me ?
@peterparker2068 3 ай бұрын
Why else would do those videos? Or they are selling your information to China.
@athenp4147 Жыл бұрын
When you die, do you get both your savings AND the death benefit?
@SublimeThinker 11 ай бұрын
Never. The insurance company keeps the savings account.
@codygustafson4665 9 ай бұрын
Correct, it’s a scam because you lose your cash value. Better to do term for a long time and invest the money you saved
@SublimeThinker 9 ай бұрын
@@codygustafson4665 Exactly.
@Lon1001 9 ай бұрын
@@SublimeThinker and not only that but if you have borrowed against your cash value and haven't repaid it before your death then they deduct that amount... FROM THE DEATH BENEFIT PAYOUT! leaving your loved ones with less than you were supposed to leave them with (thus requiring you to pay for a much larger policy if you want to use it this way)
@SublimeThinker 9 ай бұрын
@@Lon1001 Facts!
@QueenOfTopicsTv 8 ай бұрын
The thing is, with whole life you have a set premium for the duration of your life meaning you pay what you pay forever and never have to worry about increases! With term, as you age the premium goes up every couple of years… not 15 years! Also the benefits of borrowing/cash value or getting money from your policy is a benefit for you under whole life. With term you’re not getting any benefits! You’re stating it’s a scam.. there’s no scam! It’s either you want it or you don’t. They’re not forcing you or tricking you. Lots of people falter on paying for insurance because they forget to pay it or cannot afford to pay it… so advising people to go with term insurance where their premiums will raise over time causing them to pay MORE as they age is crazy! Also advising people who simply are not knowledgeable in investing is not smart! There is no assurance in the stock market… they crash all the time! So advising investment in stocks over whole life insurance is wild! I’m sorry this makes zero sense to me! 🙄🤦🏽♀️
@BrokeMillionaire1 7 ай бұрын
Whole Life is about 10 times more expensive. Using his example, he pays around $4000/yr for $625,000 in Whole Life insurance. If you get a $625,000 Term Life policy, you are looking at around $400/yr. Take the $3600/yr difference and put it into VTSAX or another index fund. No guarantee in the performance of an index fund, but you can expect an average of 8-10%, based on history. If you die within the term period, your family will get your $625,000 life insurance AND the money from your index fund. If you die with a Whole Life policy, your family will only get the death benefit and when cash value disappears! The goal is not to be “insured” for life. The goal is to eventually be self-insured, meaning that if you die, you have enough money in investments to take care of them.
@nahomietchana5830 3 ай бұрын
To me neither😅
@hilariohernandez Ай бұрын
He mentioned cost of insurance going up for term. The same applies to whole life.
@sdanzey6962 3 ай бұрын
Why do you need that much money for a burial?
@edgaralvarez8295 8 ай бұрын
What insurance do you have?
@Mr.Martinez1313 10 ай бұрын
So Confusing!🤷🏽♂️ So for a person 50+yrs old what is the best option?
@youngdemon8110 10 ай бұрын
Whole life . Why so late to the party.
@Mr.Martinez1313 10 ай бұрын
@@youngdemon8110 My younger years my head wasn’t thinking rite! Didn’t have the money to put into ins.,Wish I did!Any advise on where to start looking?
@Lon1001 9 ай бұрын
If you have a nest egg and a proper will then don't take out life insurance, just "self-insure"
@tiffanylbacon 7 ай бұрын
The best option is to talk to an educated and trained financial professional. And to make it better make sure that individual is a fiduciary.
@toriarthur521 7 ай бұрын
How do I start
@jparekh18 7 ай бұрын
I can help you with this if you are looking for a term insurance......
@getinthespace7715 Жыл бұрын
Modern whole life is a scam. My wife and I are moving for her career. I get to bring my job with me. Before starting with the move we each took out a $1 million dollar 10 year term life policy. They cost less than $100/month for both. If something were to happen to one of us in close proximity to the move it would be really bad. The idea is a 7% return on $1 million plus our employer offered life insurance would completely offset one of our incomes. Our income is doubling and cost of living should be going down enough that we have a goal of getting to $1 million invested in the next 10 years. Then there will be no need for a term life policy after that. Mitigate the risk. If we don't meet our goal we'll have to figure out if we still need life insurance.
@benbelap 11 ай бұрын
Modern whole life or term insurance?
@davidcasalaspro77 9 ай бұрын
What do you menean 7% in 1million…? In the term policy!? Term doesn’t give you any interest… just wondering where that 7% came from…
@blackking5428 11 ай бұрын
How can I get a shirt
@WealthNation 11 ай бұрын
Hello, get your WN swag here >> wealth-nation-swag.myshopify.com/
@kayjay7865 11 ай бұрын
There is no job there that is going to give an employee a raise every year. If I’m wrong pls correct me
@BuddabuttDad 10 ай бұрын
Ur wrong lol. My job has been giving us a “cost of living” raise since I’ve been here and it’s been 6yrs.
@kayjay7865 10 ай бұрын
@@BuddabuttDad that isn’t really a raise
@BuddabuttDad 10 ай бұрын
@@kayjay7865 I’d say that’s a raise. Notice the quotation marks. That’s what we at the job call it. The employer calls it something totally different. All we know is, we getting about 80 cents every year. That’s not including pay for progression . I’ve more than doubled my pay in 6yrs. So I don’t know what u want to call it but, I think it fits the bill. Also, what I’ve learned is, either be grateful and not entitled, or be an entrepreneur 🤷🏿♂️
@Ni-fg6je 9 ай бұрын
@@kayjay7865that is a raise. I guess the extra pay is make believe then lmao…
@keandrishogan369 7 ай бұрын
I get raises annual raises every year. It depends on job performance whether I did, bad, good, or great. Ps I’m not sales. Allie most corporate jobs has a status of grading job performance .
@dbaby3288 9 ай бұрын
Nah in one year , your whole life insurance wont accumulate 2800$. Dont ever go whole life
@junito1008 6 ай бұрын
10:33
@englishbars 6 ай бұрын
50% of americans who have insurance is high. 25-30% are whacked and sleeping in CA. so that isn't a lot of people without policies of some sort?
@tjbehustlin6847 9 ай бұрын
...have you ever heard of Secure Wealth (high 85-90% cash value) policies....? There are different types of Life insurance products...if the Rockefellers use high cash value products..what does that say?
@nahomietchana5830 3 ай бұрын
“ get a term life insurance policy and put the difference as investment in the stock market all this instead of getting a whole life insurance policy “ ?! This is the worse advice Any whole life insurance policy is better than term life insurance
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