Whole life, term, universal… A lot of people have no idea what they’re buying. Dave and John Campbell discuss why life insurance is one of the most misunderstood financial products out there.
Thank you for this!!! People aren’t aware of the pitfalls of Whole Life Insurance. As you stated “you can’t be alive (to benefit) and simultaneously dead (to benefit). Folks need to understand what happens to their cash value when they pass. #buyterminvestthedifference #understandinglifeinsurance #termlife
You can take a policy loan on your insurance policy, which is cheaper than a HELOC interest rate. Used mine to buy an investment property.
A little one-sided, gents. The cash value of whole life policies is an asset that can be leveraged in retirement. With tax advantages. Maybe a future topic?
Dave makes an argument between two actuaries must see TV. My guess is it wasn't as dramatic as reported. Whole life insurance has a purpose. Not everyone has that need. Affordable premiums for life and guaranteed insurability are important features that matter for some consumers. While I agree that some insurance agents sell their clients the wrong products it doesn't mean we have to throw the baby out with the bath water.