Term vs Whole Life Insurance | Dave Ramsey vs
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- Опубліковано 31 лип 2024
- Term insurance or whole life insurance? Which is best for you? In this video Chris Kirkpatrick will break down how you can figure out which is best for you - whole life insurance OR term life insurance. Enjoy!
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📖 Chapter Timestamps Here ⏰
0:00 Intro term vs whole life insurance
1:45 Question 1 - WHY Do You Want Life Insurance In The First Place?
3:35 What Financial Challenge Are You Needing Life Insurance To Solve?
5:20 You Can NOT Be Over Insured
6:38 You Can NOT Be Self Insured
9:58 Rule 1 - for Financial Success "is your money in alignment with your values and beliefs"
12:25 Rule 2 - Insure Your Entire Human Life Value (HLV)
19:00 Use Whole Life Insurance First Then Use Convertible Term To Complete Your HLV
21:27 Whole Life Insurance Is NOT Just Death Insurance
25:00 Do Banks Keep The Cash Value In WL When You Die?
27:00 Living Benefits In Whole Life Insurance
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VALUABLE CONTENT TO CONTINUE THE EDUCATIONAL JOURNEY:
How To Properly Structure A Whole Life Policy
• How to Properly Struct...
Indexed Universal Life vs Whole Life - Which is Better
• Indexed Universal Life...
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🤔 ABOUT LIFE180 😃
Chris Kirkpatrick launched LIFE180 as a solution to a problem. As the director of business development for a Fortune 1000 life insurance / broker dealer, he became disenchanted with the financial industry because of the lack of education provided to clients and how "financial advisors" were really just glorified sales people.
So... LIFE180 was launched to help give relevant financial education for people to create wealth. Along the journey, LIFE180 has evolved. Chris quickly realized he was passionate about not just helping entrepreneurs on how to leverage their money, but how to build their businesses.
Over the past 5 years, Chris has spent thousands of hours mastering the art of online business development for himself and clients. In 2020, LIFE180 morphed into a full service online business launch and development agency. If you need any help creating more revenue or generating more leads online, LIFE180 can help.
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*All content in this video is for educational purposes only and is not to be interpreted as personal financial advice.
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Great Video..
Thanks for this! I’m learning about life insurance before I buy, this is helpful
Feel free to reach out to LIFE180.com/clarity-call to set up a convo if you want.
you teach soon well. Thank you Soo much. I am a newer agent who has been in the trap of learning and studying before I'm actually selling but truthfully. I must know exactly what I am doing for people or else Im doing them a disservice. you have helped me so much in terms of demystifying insurance concepts. thank you again
Hey Thomas! Glad it was helpful! Lmk if you need anything else
Very informative Chris, thank you
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Chris excellent video. Thus us what Dave Ramsey doesn't want you to know.
Wait til my video today that comes out. I react to a video where he flat out LIES about whole life insurance and I prove how he is factually wrong. IDK how he can sleep at night....
Chris your videos are very good. Didn't know life insurance was this interesting but I can't stop watching!!
Thanks! Maybe you'll become a fellow life insurance nerd like me 😜
$10,000 a year for 10 years (100K invested) and the cash value is... $104,000. What a deal!!
You are obviously comparing this to an investment....it's not. In this example, I would likely use some of that to buy an investment home for the actual investment component. Thx for the snarky comment though 🤪
Very good video. No one talks about HLV. That's an interesting concept.
I think at 27:20 you meant to write ADBR's.
My editor messed that up and I missed it....
Most don't have the discipline to invest the difference..ie..self insured fallacy
There's no doubt it looks like a good idea to a life insurance salesman. It stops there though.
Does it? These comments with opinion and zero value added or perspective are ridiculous.
@@LIFE180 Then ignore it Life sales guy
Whole life makes way more sense than term + disability - LTC insurance… you end up paying a lot for benefits you may not use versus WL which is more flexible.
Well stated.
HLV…..Why 30x? Is that a standard? And 30x what exactly? I didn’t understand this critical piece of this video. Thanks in advance.
I think he did yearly salary x 30. His example of $200k X 30 = $6mil.
I'm not sure why 30x though.
Sorry, I thought I said it in the video. 20-40x your income is what you will qualify for from a HLV perspective in the life insurance companies eyes. I used 30x as an example.
I totally agree with Chris’ that this a HLV example. When calculating HLV it is based on your age, combined with your total earned and passive income. When you’re not receiving “earned” income the HLV is 1/2 your total gross assets.
Here is a huge missing piece to this that not many people touch on and I don't think lower-middle income people understand. Just look at WHO uses these policies, all the nonsense aside. Some of the top producers I have been around, their clients are hedge fund managers, investment bankers, actuaries, lawyers, politicians, professional athletes. People that either have a VERY In depth understanding of investments or have top tier advisors around them and time after time these people still have massive whole life policies. Say what you will, but if whole life "sucked" like Dave says, I'm pretty sure these folks would've figured that out by now
So true. Well said. Garrett Gunderson and I got into that in our series a bit. Barry Dyke talks about that a lot and his books are priceless.
Would be helpful to show term and investing the difference vs the whole life strategy. All models I run the prior comes out ahead.
The buy term and invest the difference concept is flawed because it's not even the right conversation. Whole life is NOT an investment. It should NEVER be viewed or used as one. It's a savings alternative. It should replace your emergency fund. Once your emergency fund is capitalized, then you can create an opportunity fund for real estate, business or IP (IF that is your investor DNA).
@LIFE180 semantics for saying its an investment vehicle by using the term "savings"
if it is not an investment wouldn't term be the correct choice? You could use the difference in savings of a whole for an emergency fund or long-term investment. The term would be there for indeminfication of loss of income
@@LIFE180
Not very convincing...
How so? Vague statements like that do nobody any good