Re: Whole Life vs Term Insurance
Clarifying the differences between Whole Life, Universal Life, and Term Life Insurance. PLEASE NOTE: I am an engineer, video production specialist, not an insurance salesman or expert on the field. What you see in this video is information presented to me by Primerica training, when I had a brief stint with them in 2006. I do not claim this information as necessarily accurate.
Re: Whole Life vs Term Insurance
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When you thoughtful trash value agents insure the children for the same amount, or more, than you insure the parents, do you consider that to be doing what a CFP would do?
When you put a universal insurance policy on a child and tell the parents that it’s an education fund - are you actually doing it for that child’s estate and tax planning purposes? Why do your companies keep getting so many complaints and law suits? Is it because of the wonderful job you’re doing to them? Answer the question jackass. Stop being such a coward! These are real people you’re screwing over, creep!
2 days and still waiting for an answer.
Here’s a simple question no trash value agent will answer: what’s worth more - $1,000,000 held in legitimate investments or $100,000 held in a trash value insurance policy?
The answer is the one you try to avoid, troll - Person C, who never bought a `permanent` insurance rip-off and now has their original $1 million plus several more $ millions that they would have flushed down a `permanent` insurance rip-off policy. It’s the answer that `permanent` insurance selling crooks don’t want to hear.
Here’s the simple question the Primericans won’t answer - Who is better off financially - Person A with $1millon or Person B with $1 million and $1millon of permanent insurance paid up?
@Jgillie85 what are surrender charges?
BTW you can get a bank loan for less than the 6 to 8% interest that you would pay on your policy loan and that would also be tax free. Is it really worth paying 4 to 10 times more for a whole life policy, having them keep your savings for the first 2 to 5 years or longer, getting a 1 to 4% return when money eventually does accumulate - just to get a policy loan at 6 to 8% interest?
Does it make more sense to invest the difference into a real investment or overpay on a crappy life insurance policy and get pretend savings?
There are many insurance agents who have no problem misrepresenting themselves and the products they sell. If you have been scammed by an insurance agent, report them. If they did it to you, they’re doing it to others. Then find a reputable agent who will replace the policy they sold you with the proper amount of Term insurance. Remember, never cancel the old policy until the new one is in place.
By all means, read the Whole Life policy - start with the table showing cash accumulations. See the zeros in the first 2-5 years or more? Look at what you pay each month and subtract the insurance and various charges. Calculate how long it’ll take you just to break even. Now compare that to what you’re hearing from these scumbag agents who sell this crap. Remember, it’s costing you 4 to 10 times what a Term policy would have cost you. Did they quote Term?
@a1prime1 Lies - take a look at the policy - the loan rate nets down to zero or 1%, your GUARANTEED Cash Value will actually increase greater than your premium around year 4 - you will earn about 5% TAX FREE on your money and your Death Benefit will triple over time. Don’t believe a word you hear from a Primerica agent - they don’t know how life insurance works.
Whole Life where: they keep your saving for the first 2-5 years or longer. Where, when money does accumulate it’s at 1-4% at best (negative savings when you factor in the 2-5+ years they keep your money.) Where, if you want to access your own money, you have to take out a policy loan at 6-8% interest. Where if you die, they keep your “savings” and deduct any outstanding loans from the death benefit. Source - the actual policies themselves.
Remember, with Whole Life, you only get the “savings” or the insurance, never both. Besides paying 6-8% on any policy loans, any outstanding loans are deducted from the face value of the policy when you die. The only way to redeem your Whole Life “investment” is to surrender your policy. Did your agent tell you it cost you 4-10 times what a term policy would have cost you? Time to get another agent.
You can get a bank loan for less than the 6 to 8% interest that you would pay on your policy loan and that would also be tax free. Is it really worth paying 4 to 10 times more for a whole life policy, having them keep your savings for the first 2 to 5 years or longer, getting a 1 to 4% return when money eventually does accumulate - just to get a policy loan at 6 to 8% interest?
@a1prime1 And remember that loan rate nets down to zero or 1% as you receive a credit to the loan - it’s a great feature to be able to take your DB while you are alive with no restrictions - TAX FREE - you can’t do that with term unless you are terminally ill - I will take a 5% return, TAX FREE, all day long as my base or foundation for all of my other investments!!!
@insurancemike10 lol you need to read the book ” how money works” it bashes all trash value policies .
Remember, with Whole Life, you only get the “savings” or the insurance, never both. Besides paying 6-8% on any policy loans, any outstanding loans are deducted from the face value of the policy when you die. The only way to redeem your Whole Life “investment” is to surrender your policy. Did your agent tell you it cost you 4-10 times what a term policy would have cost you? Time to get another agent.
We’ve seen your disability riders troll. How many of your clients ever collect on them, none or almost none? Do you go through the fine print and show them exactly what has to happen in order for them to collect, or do you “forget” to do that as well? How many of them would get it if they knew what it actually said? The only guarantee you provide is that your clients will get ripped off. Put on you tap shoes troll, time for you to dance around the truth some more.
Interesting fantasy troll. Still trying to decide on an alias, back to the classics I see. The only thing that people are thankful for is that you leave. You can get a bank loan for less than the 6-8% than you’d be charged on a whole life policy loan, and that would be tax free as well. You forgot to mention that whatever they borrow out of their policy decreases the death benefit by that amount. My guess is when you’re dealing with clients you “forget” a lot of things.
@a1prime1 So it’s clear you don’t understand how money works - WL is perhaps the single best financial product there is. You get 4-5.5% tax free plus all that life insurance!!! And it’s protected against disability, what other product offers that? I have my clients, and I don’t work with anyone who makes less that $250k/year save 10% of their investable assests into life insurance, and I’m thanked personally each year by all of them. I provide guarantees which no one else does!!! simple
Whole Life where: they keep your saving for the first 2-5 years or longer. Where, when money does accumulate it’s at 1-4% at best (negative savings when you factor in the 2-5+ years they keep your money.) Where, if you want to access your own money, you have to take out a policy loan at 6-8% interest. Where if you die, they keep your “savings” and deduct any outstanding loans from the death benefit. Source - the actual policies themselves.
Troll switches aliases again. Economics 101? Who are you trying to fool troll? What are they going to use for retirement savings after they’ve spent their earning years pouring money into garbage like a whole life rip-off? What are they supposed to live on? The cash value? There won’t be enough to meet their needs and any money they take out (at 6-8% interest) is deducted from the death benefit. Wow, what a deal.
@a1prime1 That’s the dumbest thing you’ve ever said. You most certainly do need life insurance when you retire. Without it you are strapped in regards to your ability to spend down your wealth. The ave. 65 year olds have a 50% chance of hitting age 90 - without the insurance you can’t spend down the asset as it needs to survive two people’s death. This is economics 101, I guess you missed that class
Whole Life premiums are 4 to 10 times the cost of term. When people retire they don’t need insurance, they need retirement income - something they won’t be able to accumulate while overspending on some rip-off whole life policy. They have to surrender the policy to get the “savings” out of it (permanent insurance?). What a deal. At least they can take comfort in knowing some sleazy insurance agent got a fat commission check off of them.