Thx for posting. Great info that most people out there don't know about this. I've known this for years. When I got married many years ago, I found out my mother in law had a whole life policy from London Life. Since she still had financial obligations, she was able to get a term policy for a crazy fraction of the cost. The difference in savings we got her to put it in a mutual fund. Well, about 8 or so years later she passed away from cancer. My father in law still had bills, but he received a death benefit check from the term insurance company, plus he still had the money + growth in the mutual fund savings. It was crazy what the alternative would have been if she had the whole life policy in place. Thanks again for educating people.
@@Aliens-Are-Our-Friends2027 Actually, I'm doing that. After owning rentals for 30 years, I'm fixing the last one up for sale and moving to my wheat ranch in Montana.
BEST EXPLANATION OF THE TWO DIFFERENT LIFE INSURANCES OUT THERE!I am a financial services advisor and life insurance is one of the things I assist my clients with. I always stress the fact of the evils of whole life and the money spent could be invested.Whole life agents take pride into people's ignorance.
@Tamika Mighty Do you sell term only? As a financial services advisor as well, products like Indexed Universal Life or Overfunded Life Insurance are some of the best products out. Those are Permanent life products. Term is just like renting. Are you telling me Bank Owned Life Insurance is term? Key Person Life insurance is term? Banks and Corporations use life insurance as an asset. Are these policies term policies?
I have heard the, "but it has a cash benefit!" so many times! Great video. I've said it before and will say it again, we need to teach our young adult children these things!
I’m smiling at this because I took out Term years ago and my new Insurance Agent came at me hard a couple months ago trying to convince me to convert to Life ..... like nah uh, no thanks.
Jaspreet, my man! I've been an insurance underwriter (not salesperson) for a national insurance company for over a decade. Everything you've outlined here is exactly right from my knowledge base. A few things, though (1) I've never heard you talk about conversion in any of your insurance videos. Since I'm not a salesperson I don't know a lot of the ins and outs, but I know most term policies can be converted to whole life policies at the end of the term. That might be at topic you want to cover. I'm not even sure whether or not that's a good option. (2) While a perfectly healthy 30 year old who doesn't smoke may get a $20 per month term policy, that definitely doesn't hold for most people, although term insurance will always be immeasurably more affordable than whole life. (3) Some people DEFINITELY ARE uninsurable! If you're 57 with a quadruple bypass, diabetes and are 100 pounds overweight, you're NOT getting insurance! That ship has sailed. While we always try and make an offer for an applicant, when you get into poor medical history you encounter what we call a table rating, which will raise the monthly premium significantly, and most people don't even take those policies, so don't waste your or our precious time if you are in terrible health. (4) You cannot use insurance to "create an estate." If you are a fast food worker making $25,000 a year you cannot buy $10 million of life insurance. We will measure your income against your policy amount and lower it if it is not in line.
Ryan Weston oh really? How’s that going for the boomers? 11,000 boomers are retiring every day! They just lost 30-37% in 3 week in their Mutual funds. now most of them who bought term back in the late 80’s and early 90’s are about to expire. Then what? Buy another 30 years? It’s going to be super expensive at that age. Buy term and invest the difference is such an out dated method in today new economy. I work in financial services and I have never seen a client who got term and invested the difference and ended up w/ millions at retirement.
David Herrera you’re assuming those folks were heavily invested in the stock market as they approach retirement. That’s not good, and that’s on them and their financial advisors for not shifting to conserving their wealth. You’re right, most people DON’T invest the difference, and again that’s on them. IUL’s are expensive and not a good idea for most people. Hell, most people don’t even buy term insurance. You’re just one of those people trying to make a big commission that Jaspreet is talking about. I bet you sell IUL’s to people that don’t even have an emergency fund.
Ryan Weston like I told someone else on here, IUL’s aren’t for everyone! I wont sell an IUL to someone that I know can’t keep it long term. The person is either getting a term policy or final expense policy if that’s the case. You’re assuming all life insurance agents are the same. Let me inform you that’s not how I built my book of business sir. I built my book of business off term policies in the beginning. Now 10 years later I’m in a bigger and better market, I do a lot of IUL’s for high end earners! I’m always looking out for my clients best interest.. I don’t over target the policies like some agents. I give them just enough coverage so they’re money grows faster. Mission before the commission! And just so you know I have term insurance too! I’m not against it I just know eventually it’s going to expire before I do ( I hope ) Only 2% of term policies pay out due to the client dying, most ppl out live their term policies. I only have a term LB In case I get sick and need money to pay for bills and my IUL’s.
Very informative. I, here and there, contemplated looking into a full-life insurance policy, and you saved me from wasting my time. Also, thank you for explaining the title of your channel. I recommended the channel to a co-worker, and he had an indifference with the title because... racially speaking... both of us are in minority groups in our country. I considered commenting so that you can elaborate a bit about the meaning behind 'minority mindset'... which I pretty much gathered myself before I recommended it, but I kinda wanted to get it 'from the horses mouth' to placate my coworker, and make him more open to being receptive. However, once again, you saved me some time. Your channel is awesome! Thanks again.
This is from the about section of this channel, hope it helps, “ The Minority Mindset has nothing to do with the way you look, it's the way you think. The Minority Mindset is the mindset of thinking differently than the majority of people when it comes to your money.”
When you ask someone what they do and they’re in the insurance industry they’ll tell you “I SELL insurance.” That “sell” verbiage is very important to take note of.
@@thisisatrium it may be different with life insurance I'm speaking on property and casualty insurance. If I worked for an agency I can potentially enjoy my job but I work in a corporate environment with nothing but non stop micro management and no creative outlet at work. I did it for the salary I quit because of the environment and Managers
@@supermario111s I used to be in work comp Insurance, my bosses and co workers were fine and made the kib bearable, I left when I got pregnant and knew I wanted to raise my kids not daycare
Professional life insurance underwriter here. Life insurance policies cannot and do not exclude specific diseases. (There may be exceptions but I've never seen it.) We WILL, however, verify whether you have, or have had, any medical conditions, including coronavirus.
ABSOLUTELY BODY BAGGED THIS TOPIC!!!! I CONCUR 1000%! IM A FORMER TERM LIFE PRODUCER/ AGENT AND I USED TO INFORM PEOPLE WEEKLY ON HOW WHOLE LIFE AND UNIVERSAL LIFE AND ALL OTHER POLICIES BESIDES TERM WAS PURE ROBBERY! THANKS AGAIN FOR THE CONFIRMATION!
My friend’s part-time job was a life insurance agent. She tried very hard to persuade me to buy the insurance. After I knew the cost and return of the insurance, I refused to buy it because that plan sucks. and then, my friend never talked with me again. I realized that she was nice to me just because she wanted commission.
If she was really your friend, she would have agreed to a lower commission in the form of splitting your premium between base and PUA, so you could have high cash value year one.
Amazing video! Financial education is key to changing your family's future. Sadly too many people will never learn and continually get screwed. Remember folks, the primary reason for life insurance is income/asset protection in the event you have an untimely death, not as a great investment tool. Think about it, we don't have a savings component in our car, health or home insurance so why in life insurance? Minority Mindset for the win 🏆
@stardeem Much of what you said is true. Now what is incorrect is you sumised life insurance to be like car insurance and so on. Here is a tidbit of information you must not be privy to. Life insurance has more benefits for living than any other asset you can have. How did Ray Kroc use life insurance to pay his debts during a recession? What about J.C. Penny who used life to keep his stores open during the Great Depression? If what you say is true how did these magnates of industry utilize something that is only for death benefit/asset protection? Do you know that Life Insurance is a Tier 1 asset with banks and Corporations? Do research on the Infinite Banking Concept, High Cash Value life insurance, Over funded life insurance.... Indexed Universal Life insurance or Paid up additions life insurance. You have been lied to indeed and I can provide more sources of information to give you information not propagated on fallacy about a properly structured life insurance policy. Peace, wealth and health to you.
stevefbzzie I actually have term and Permanent life Insurance. Not whole life tho, that shit is garbage. Whole the hell has whole life when there’s IUL’s.
stevefbzzie you didn’t answer my question tho? How’ are those boomers doing who got a term policy 30 years ago? not only did they lose money in their 401k’s, some are about to lose their term policy bc it’s about to expire in the mist of a pandemic.
David Herrera ok I’ll answer your question boomer should’ve been more financially educated, like this channel teaches. If Boomers like my parents were more financially educated and prepared they wouldn’t have to cling to a whole life trash value that’s only going to pay them $100 if they die, how is a company going to say they could borrow their cash value but you have to pay it back with interest? Then the company tells them its your money! Not it’s not!? It’s criminal! With term insurance you get what you pay for no catches no hidden bs. I learned from my parents mistakes. So you want people to rely on their life insurance? How is that a smart idea? If people from a young healthy age get a cheap term policy and invest about $300 a month with a 9% from age 25 to 65 they would be a millionaire. But I guess you would rather sell whole life and only give them $100k for retirement.
There are two categories of life insurance: Term life & Permanent Life. Whole-life insurance is one type of Permanent Life insurance. If tax-efficient investing is your goal, cash value oriented VUL (variable life insurance) or IUL (indexed life insurance) are types of Permanent life insurance to consider. There aren't many agents selling Whole life insurance anymore, not since we've entered into this low-interest environment. This video could make people think whole life insurance is the only type of permanent life insurance, which is far from the truth.
There's another mean trick: they use the first year's to pay for the expenses that have been calculated for the entire running time! Thus, some contracts can legally give you nothing back at all!
If you add in how 'dividends' are defined by the IRS for WL and then see what the 'dividends' are calculated from, it begins to look a lot worse. There is a phrase I would like to say but am afraid if I was wrong being legally liable. 🤣
This is why I love this channel, 100% honesty. Equality for all people! Definitely live up to your name Singh. ( Lion ). Cause your a lion fighting for us.
Unfortunately he just sold you on a load of bull feces. Look up the Infinite Banking Concept, Tax Free Retirement, or High Cash Value life insurance. IUL life, Universal life, Variable life. He talked about none of those and sold you term because Policy Genius sponsors him. Term is there backbone. If term is the best choice why do only 1%-2% pay out? After you're done with that and your stock investments have lost 40 or 50% like in 2007/08 or 2020 right now what do you do? Think deeper than anyone pushing there sponsors. Everything is but a half truth.
@@theentheosdetinagas if stocks is 50% down, I will continue to buy more since they are on sale and ride the market. I believe in the American economy and that it will always go up. He is absolutely right. Term is the way to go! I absolutely think you are wrong on this topic!!! Keep up the good work, Jaspreet!
For the simple minded investors this information is correct. For anyone that is willing to think about it and use it properly, a properly set up cash value whole life policy is among the best places to put money before investing it, using the investments to pay the policy back. Plus, as an attorney, it's sad you don't bring up the asset protection value of whole life. Your simple view of whole life is just plain sad. This is more of an "FI" movement viewpoint and not true investing.
I Love my whole life policy. It’s worked for me and has many times. I use them to vacation and for investments ie real estate because my returns are great and don’t worry about losing money. First, video with MM that I don’t agree with. .
If you don’t have insurance your assets will be your insurance. Not everyone wants the risk involved in real estate and stock market. WL and IUL are different strategies to grow your money and can be used as leverage to buy real estate or fund business aka infinite banking. Different vehicles have different strategies if used correctly.
The difference between Whole life insurance and Short-Term is $9,840/yr. No wonder most people surrender their Whole life insurance plans 10 years in. With almost $10K being spent on something no one will see the benefit of for decades and with how many better investment options there are out there, you'd be crazy not to cancel the policy. Even if you don't invest the other $9,840, that's still a lot of chedda that could be used elsewhere. And does anybody really need a $1,000,000 policy?!
I really like your channel. I think you did a hasty job here. I'm not a fan of WL but most companies give you 4% straight up and a dividend of 2-4%. I have an indexed policy I'm averaging 12% on. I take policy loans to invest in multi family real estate among other things. The interest earned on my contributions pay my loan off. Any interest on my loan goes into my cash value. I pay $75 a month for 500k.
The average ROI on a cash value policy (after fees/commissions) is about 1.5% BORROWING against your own money only to lose the CV to the insurance company is a stupid plan.
@@astroman30 That's absolutely not true. I've been hearing Primerica guys say that forever. I have multiple policies with North American and Midland where the are no fees outside of premium and I can profit off the top 200 companies in the S&P 500. My policy loans are simple interest 2.5%. The abitrage is 8% or better most years.
You went over every last one of my thoughts in this video! Same frustration and passion about investing and everything! I even used Policygenius. I just did it before seeing this video.... On the ball and all.
Good information Jaspreet, one of my friend joined a whole life for his kids from " world financial services " ... basically a money chain with the same way Jaspreet talks about Wholelife , he is paying $200 month thinking its th best whole life for his kids , I told him several times to do your homework n it was too late now.. to me, i would take a Term life n save money....Thanks for the Video
Thanks for the video!. As soon as I heard the description for whole life insurance, I thought, "hey isn't that just a savings account with more steps?"
The take away from a random TH-cam guy name Jaspreet:Save and Invest your own money in income producing seeds and just say NO to whole life insurance - don’t be willing to give the insurance co your cash value! Get a term life insurance policy and be willing to BUILD your own wealth.
True, but how many people are disciplined enough to do that? It’s sad, but most people get a raise or save on a mortgage by refinancing and they just spend the extra. They end up back where they started, noting saved and possible in more debt, because now they have more disposable income so they run up there credit cards because they have more money to pay the bill.
thisisatrium Floralandia Me, i’m disciplined enough to do this because I did it my entire life. Those that Possess financial literacy are the ones that will come out on top after this pandemic. Those that don’t know can still learn but they have to want to learn, if not they will be in the same boat for the rest of their lives. It’s all about good habits,responsibility and accountability so people should know by now running to the government for help won’t work.
I used to work for a life insurance company. That's why I don't carry a life insurance policy except for the term life policy I have through my work. I'm single with no dependents. I don't NEED life insurance. The policy I have through work would bury me if I died broke. Other than a small term life policy to pay burial expenses, a person in my position should NEVER carry life insurance. It is a waste of money.
Great video. I appreciate your effort and ability to make confusing topics more simple. What is your opinion on life insurance from an employer versus 3rd party term life insurance (let's assume both are for the same amount by paying a bit more through your employer)? I welcome and value your thoughts.
Jaspreet, excellent 👌 video on life insurance. Did purchase term insurance when I purchased my 🏡 and that the house is covered and given to my children. Again thanks for the presentation.
Whole life is a joke in every sense. The investment side of a whole life policy gives poor returns. Buy term and invest the rest in the traditional methods to get a good return. There is no, "it depends what works best for you".
@@DenzelNapoleonRodriguez Whole life makes good money for the insurance company! Come on, man. Credit cards make money for the card company. Most people over spend and pay interest. Car loans, especially the longer the term, makes money for the lender. Lease make even more money for the lender. Payday loans... Need I say more?
Ryan Lewis I’m not worried about any of that because I know how to use those other tools you mentioned to my advantage via tax write offs. But back to my main point I’m genuinely curious as to why Bank of America dumps billions of dollars into cash value life insurance premiums. What am I missing here? Bank of America is not an insurance company their a bank. This is public information by the way you can look at their balance sheet.
Whole life. Reduced paid up when you retire. You have the life insurance in to old age for burial. Idk who the hell gets a 1million whole life policy. Get a small whole life like 20k for burial. Get term for covering house and protecting income. Indexed universal life with tiny death benefit and huge cash value for retirement. Return will be around 5 to 8 percent year over year depending on company. Go with mutual company so you get dividends. Downside? Smaller return than you can get in stocks. Upside? You don't deal with the volatility of the stock market as you have floors on the ROI. In short: Term insurance makes sense if you're younger. There's a balance though, if we're talking your average to low income person. You don't want to wait to get whole life as it will become stupid expensive to get at an old age. I'd only go with a small whole life policy for burial like I mentioned above though. There are issues with term insurance like price going up every time you renew or get a new policy. And a lot of companies don't cover people past around 80 with term. Edit: long term care, disability, etc makes life insurance worth it especially for people getting old. Long term care being the big one due to health care costs. (You don't necessarily need life insurance for long term care insurance, a lot of companies have it as a rider though). So yeah it does depend on what people want and their goal. Insurance isn't like a one size fits all thing. In general just get something that's affordable and has enough to cover debt if you have family or just to cover burial cost.
And another note. If you just want term and nothing else, look at getting return of premium. You die, family gets death benefit. If you live you get the premium payments back. It cost more than just term though. For most people a plan that covers shit would basically be like this: Whole life: 20k Term: 200k (or whatever is left on mortgage) Or Whole life 20k Accidental Death Benefit of a few hundred thousand. For old people on ss ... like 10 - 15k whole life. Cuz they arent going to suddenly make more money at that age, and term will go away from most companies in to old age. Just talking about something to help with burial costs there. Nothing big.
Great video. There is one aspect I would add though. If that same 30 year old outlives his 30 year term, how much would term life cost him at 60? Assuming he did not accumulate assets as he should have in his lifetime...
Dude I love you videos, your advice is invaluable, to the uneducated and reassuring to me that I have made good choices along the way, every day is a learning day thank you 🙏
I love your channel Jaspreet, but you had so many things in this video that are just not true. You mentioned many types of insurance, but did not mention dividend paying whole life with a IPUA. It is not an investment, it is an emergency savings account. Wealthfront pays .26% interest on savings accounts. Properly structured WL with dividend pays 5 to 6%. It pays compound interest, even when you borrow against it. That is the reason you pay 5% interest to borrow, because you are not borrowing your cash value, you are borrowing against it. If I owned a $250,000 dollar home, and took out a home equity loan of $50,000, and then sold the house for $250,000, am I going to get $250,000 or $200,000 after the sale? My $500,000 policy I bought 20 years ago is now valued at $835,000 because of IPUA. I have borrowed around $200,00 from it over the last 10 years to purchase 9 rental properties. I do not plan on paying the $200,00 back, so it will be deducted from my death benefit. Which means I would only get $635,000.....from my $500,000 policy. And, after year 14, I no longer had to make payments, because the dividends can be used. Many WL sales people are greedy, and will try to sell you the wrong policy, or things you don't need. But, I would not refuse to buy a car because some car sales people are greedy. WL is a great savings tool (it is NOT an investment) that is allowing me to retire from public school teaching 10 years early. I still love you Jaspreet, and keep hustlin!
Gladiator4her finally someone who understands the other side of high cash value permanent life insurance. These people all forget about PUA rider and the fact that we can have both term and whole life put together. In his example I don’t have to pay 850 a month for the death benefit I can have most of that 850 a month in PUA then a small amount cover the term might even end up with more than a million. I’ve been finding my policy for 2 years now dumping in 70k a year and I’ve been investing in the market, real estate, and my own business. I follow what the ultra rich do and have always done :)
I'm at a crossroad. I'm torn about what to do. What do you do when a term life policy runs out and the person is not dead? Isn't there a certain age where a person can't get get big insurance policies anymore? (You get stuck with being able to get just about 25k or less which is no money.) And if I invest in real estate instead how do I not leave the burden of making payments on my properties with my loved ones if at the time any of them are unoccupied (at least until they sell)? Right now if my death depended on my stock, my money would be down by 50% bc of the crash right now so my fam would be screwed. It is clear that the whole life benefits aren't huge, but Whole Life Insurance just seems to be safer and less of a head ache for the benefitor. I don't know what to do and I don't want to regret my decision. The cost of life insurance goes up every 6 months as I age so Im feeling a lot of pressure to decide soon. Nervous.
@Sunnyside Thank you for being analytical of what was said. The safety in Permanent life insurance is unmatched. There is a concept called Infinite Banking, Tax Free Retirement, or High Cash Value policies. Look into those. Banks and Corporations use life insurance as a Tier 1 asset. Bank Owned Life Insurance. Key Person Life insurance. Don't be fooled by sponsorships and affiliate commissions. If you need further assistance in research or UK information let me know.
paye youpele it’s the Swiss Army knife of financial services. The more ppl dig the better it gets w/ IUL’s.. disclaimer; IUL’s aren’t for everyone not everyone qualifies.
IUL is a scam. They take your money and invest it in Index funds while charging high fees. You can buy term and invest in index funds yourself saving lots of money.
Ha! After co templating for the past couple of months, this video has helped me make the final decision. I'm dumping my whole life policy for a term life policy. 😁
I believe Jaspreet advises to do your due diligence & not just take what a random internet person suggests. I think that includes not been too quick to dump "thing". Concept is key which includes investing in self & things/businesses you Understand, passive income, financial discipline, etc.
@@ogarip9299 I don't jump to do anything. This has been in the works for months. Coincidentally, Jaspreet Sighn posted a video about it which reassured my original decision. Thanks for the advice though Ogar Ip. Blessings.
@shaylas78 This video is misleading, untruthful, and bias. Most of what he said is a selling ploy. This is a video sponsored by a Company, Policy Genius, that sells term life insurance. Talk to someone who is really knowledgeable. He is selling you term in this video. This is not a video to take advice from.
Hey nice to meet you! My office is looking for sharp individuals to bring on board in the field of Finance, no experience needed, work from home opportunity. We can meet through zoom, doesn't matter which state you're located at, if you're serious about it.
Rome Rome I love the Nelson Nash theory been doing for the past 2 years now I’m putting 70k a year into my whole life policy and then I borrow the money out and invest and 10X my income. I never lose the principle money 💰
@@astroman30 explain. Why it's a scam. Because I can explain why it's not a scam just another vehicle of hedging. Please prove me wrong so I can learn what u know. If you can't prove it then it's a wtv comment. Thanks for your time
@@romerome6968 The only way to get money out of the "cash savings" in a WL policy is to BORROW against it. That's right, borrow against your own money paying it back PLUS interest. Plus, it takes YEARS to build-up any sizable amount for your "cash savings." But wait there's more, the ROR on the "cash savings" (after fees/commissions) is less than 2 %.....Sound like a good deal to you?
Great job Jaspreet. But you only talked about the original whole life insurance though. an Indexed Universal Whole life insurance policy does give your cash value to your beneficiaries and does provide better roi. Not to mentional the founders of Walt Disney, JC Penney, McDonald's, etc. all used their whole life insurance policy to fund their business. Why would the rich use it if its not a good investment? I will checkout Policy Genius
Japrseet, you should be a comedian on the side 🤣 no but seriously you give the best advice. I was just thinking about this the other night with this whole corona virus going around. Thank you for this free advice!
@SeidyFigueroa Hi. I implore you to research IUL Life, Infinite Banking Concept, Bank Owned Life, Key Person Life, or High Cash Value Life. He has missed the ball here ma'am. This is not unbias promotion. If he is sponsored by a company,Policy Genius, that sells term life insurance and only around 1% of term policies payout what is he promoting? Banks and Corporations use life insurance more than the stock market. Why would that be?
Yeah, investment grade insurance contracts, although unpopular for not being as profitable for agents, is a different way to do what these marketing ploys are selling. The yeild vs cost of loan is so tight, there's actually a feedthrough arbitrage built by tax and inflation benefit. It's not a wealth building foundation, but rather, the icing on a very complex cake that often combines IBC with Velocity Banking. Most people who don't live and breathe finances don't quite get this, as it is VERY counterintuitive, and few people can actually pull it off.
At the end of the day, it just depends on your situation. Whole life I’ve never found helpful. I own a variable universal life because the cash value grows depending on how the S&P does. It also pays the death benefit plus the cash value accumulated. Finally, it has a long term care rider on the policy in case I were to ever end up in a long term care center. Most of the people I work with I suggest term, but it always depends on the situation.
Not a great idea because the insurance component of your policy is an annual renewable term which means your premium payments annually will be putting less and less into the savings since cost of insurance increases annually
Part of the cash value can go into paid up addition and the life policy grows. Also if you surrender the policy a little pass half way through you get all your money back
Maybe the best breakdown I’ve ever heard on the difference between term and whole insurance. Nicely done.
It might be the best one you've ever heard, but it just scratched the surface.
A lot of confidently presented misinformation here. Read Nelson Nash’s becoming your own banker for a factual account of the function of whole life.
I'm a life insurance agent, and I enjoy this video. I give my client different options. Allowing them to make a well informed decision.
Thx for posting. Great info that most people out there don't know about this. I've known this for years. When I got married many years ago, I found out my mother in law had a whole life policy from London Life. Since she still had financial obligations, she was able to get a term policy for a crazy fraction of the cost. The difference in savings we got her to put it in a mutual fund. Well, about 8 or so years later she passed away from cancer. My father in law still had bills, but he received a death benefit check from the term insurance company, plus he still had the money + growth in the mutual fund savings. It was crazy what the alternative would have been if she had the whole life policy in place. Thanks again for educating people.
"Is that a Big Mac? 45 years " :-D
*The key point, everyone should have at least a little but of life insurance otherwise their family and friends resort to Go Fund Me.* 😉
Better to have SAVINGS. No, not another credit card.
Thanks Jaspreet!
@UCjyqGFuEZho7Wc7TT5MyFwg Agree-to a point. I like to have savings (5-10) and the rest invested. Rentals have been best for me.
@@Riqrob run from rentals
@@Aliens-Are-Our-Friends2027 Actually, I'm doing that. After owning rentals for 30 years, I'm fixing the last one up for sale and moving to my wheat ranch in Montana.
wow this was by far the best video I found on TH-cam that explains whole life insurance and gives honest pros and cons ... much appreciated!!
BEST EXPLANATION OF THE TWO DIFFERENT LIFE INSURANCES OUT THERE!I am a financial services advisor and life insurance is one of the things I assist my clients with. I always stress the fact of the evils of whole life and the money spent could be invested.Whole life agents take pride into people's ignorance.
@Tamika Mighty
Do you sell term only? As a financial services advisor as well, products like Indexed Universal Life or Overfunded Life Insurance are some of the best products out. Those are Permanent life products. Term is just like renting. Are you telling me Bank Owned Life Insurance is term? Key Person Life insurance is term? Banks and Corporations use life insurance as an asset. Are these policies term policies?
Financial Advisors who sell life insurance are crying after this video. "Life insurance is a great risk management strategy". Great tips!!!
I have heard the, "but it has a cash benefit!" so many times! Great video. I've said it before and will say it again, we need to teach our young adult children these things!
I’m smiling at this because I took out Term years ago and my new Insurance Agent came at me hard a couple months ago trying to convince me to convert to Life ..... like nah uh, no thanks.
Jaspreet, my man! I've been an insurance underwriter (not salesperson) for a national insurance company for over a decade. Everything you've outlined here is exactly right from my knowledge base. A few things, though (1) I've never heard you talk about conversion in any of your insurance videos. Since I'm not a salesperson I don't know a lot of the ins and outs, but I know most term policies can be converted to whole life policies at the end of the term. That might be at topic you want to cover. I'm not even sure whether or not that's a good option. (2) While a perfectly healthy 30 year old who doesn't smoke may get a $20 per month term policy, that definitely doesn't hold for most people, although term insurance will always be immeasurably more affordable than whole life. (3) Some people DEFINITELY ARE uninsurable! If you're 57 with a quadruple bypass, diabetes and are 100 pounds overweight, you're NOT getting insurance! That ship has sailed. While we always try and make an offer for an applicant, when you get into poor medical history you encounter what we call a table rating, which will raise the monthly premium significantly, and most people don't even take those policies, so don't waste your or our precious time if you are in terrible health. (4) You cannot use insurance to "create an estate." If you are a fast food worker making $25,000 a year you cannot buy $10 million of life insurance. We will measure your income against your policy amount and lower it if it is not in line.
I have a whole life 20 year pay policy, that I am 4 years into. Got some things to think about now.
Kode Street whole life is like the flip phone of insurance. Upgrade to the iPhone 11 of life insurance. The IUL
David Herrera IUL’s aren’t much better. Term and invest the rest.
Ryan Weston oh really? How’s that going for the boomers? 11,000 boomers are retiring every day! They just lost 30-37% in 3 week in their Mutual funds. now most of them who bought term back in the late 80’s and early 90’s are about to expire. Then what? Buy another 30 years? It’s going to be super expensive at that age. Buy term and invest the difference is such an out dated method in today new economy. I work in financial services and I have never seen a client who got term and invested the difference and ended up w/ millions at retirement.
David Herrera you’re assuming those folks were heavily invested in the stock market as they approach retirement. That’s not good, and that’s on them and their financial advisors for not shifting to conserving their wealth. You’re right, most people DON’T invest the difference, and again that’s on them. IUL’s are expensive and not a good idea for most people. Hell, most people don’t even buy term insurance. You’re just one of those people trying to make a big commission that Jaspreet is talking about. I bet you sell IUL’s to people that don’t even have an emergency fund.
Ryan Weston like I told someone else on here, IUL’s aren’t for everyone! I wont sell an IUL to someone that I know can’t keep it long term. The person is either getting a term policy or final expense policy if that’s the case. You’re assuming all life insurance agents are the same. Let me inform you that’s not how I built my book of business sir. I built my book of business off term policies in the beginning. Now 10 years later I’m in a bigger and better market, I do a lot of IUL’s for high end earners! I’m always looking out for my clients best interest.. I don’t over target the policies like some agents. I give them just enough coverage so they’re money grows faster. Mission before the commission! And just so you know I have term insurance too! I’m not against it I just know eventually it’s going to expire before I do ( I hope ) Only 2% of term policies pay out due to the client dying, most ppl out live their term policies. I only have a term LB In case I get sick and need money to pay for bills and my IUL’s.
Very informative. I, here and there, contemplated looking into a full-life insurance policy, and you saved me from wasting my time. Also, thank you for explaining the title of your channel. I recommended the channel to a co-worker, and he had an indifference with the title because... racially speaking... both of us are in minority groups in our country. I considered commenting so that you can elaborate a bit about the meaning behind 'minority mindset'... which I pretty much gathered myself before I recommended it, but I kinda wanted to get it 'from the horses mouth' to placate my coworker, and make him more open to being receptive. However, once again, you saved me some time. Your channel is awesome! Thanks again.
This is from the about section of this channel, hope it helps, “ The Minority Mindset has nothing to do with the way you look, it's the way you think. The Minority Mindset is the mindset of thinking differently than the majority of people when it comes to your money.”
When you ask someone what they do and they’re in the insurance industry they’ll tell you “I SELL insurance.”
That “sell” verbiage is very important to take note of.
As opposed to selling investments? What is the difference? How does selling something automatically make it suspect?
I sell insurance and I have to agree. I hate Insurance with a passion
supermario111s Why do you do it? I’m not being an a$$. I really want to know. I know agents and they are happy with their career choice.
@@thisisatrium it may be different with life insurance I'm speaking on property and casualty insurance. If I worked for an agency I can potentially enjoy my job but I work in a corporate environment with nothing but non stop micro management and no creative outlet at work. I did it for the salary I quit because of the environment and Managers
@@supermario111s I used to be in work comp Insurance, my bosses and co workers were fine and made the kib bearable, I left when I got pregnant and knew I wanted to raise my kids not daycare
I really love this video so honest
Great cardigan, Jaspreet.
Make sure coronavirus is covered under the policy.
I see you everywhere....
Zachary Laid Finding Freedom gold!
So far it covered.
Professional life insurance underwriter here. Life insurance policies cannot and do not exclude specific diseases. (There may be exceptions but I've never seen it.) We WILL, however, verify whether you have, or have had, any medical conditions, including coronavirus.
ABSOLUTELY BODY BAGGED THIS TOPIC!!!! I CONCUR 1000%!
IM A FORMER TERM LIFE PRODUCER/ AGENT AND I USED TO INFORM PEOPLE WEEKLY ON HOW WHOLE LIFE AND UNIVERSAL LIFE AND ALL OTHER POLICIES BESIDES TERM WAS PURE ROBBERY!
THANKS AGAIN FOR THE CONFIRMATION!
My friend’s part-time job was a life insurance agent. She tried very hard to persuade me to buy the insurance. After I knew the cost and return of the insurance, I refused to buy it because that plan sucks. and then, my friend never talked with me again. I realized that she was nice to me just because she wanted commission.
😂😂😂😂Damn
If she was really your friend, she would have agreed to a lower commission in the form of splitting your premium between base and PUA, so you could have high cash value year one.
Life insurance is not a financial investment - Life insurance is a great RISK management strategy! SUBSCRIBED!!!
Amazing video! Financial education is key to changing your family's future. Sadly too many people will never learn and continually get screwed. Remember folks, the primary reason for life insurance is income/asset protection in the event you have an untimely death, not as a great investment tool. Think about it, we don't have a savings component in our car, health or home insurance so why in life insurance? Minority Mindset for the win 🏆
@stardeem
Much of what you said is true. Now what is incorrect is you sumised life insurance to be like car insurance and so on.
Here is a tidbit of information you must not be privy to. Life insurance has more benefits for living than any other asset you can have. How did Ray Kroc use life insurance to pay his debts during a recession? What about J.C. Penny who used life to keep his stores open during the Great Depression? If what you say is true how did these magnates of industry utilize something that is only for death benefit/asset protection? Do you know that Life Insurance is a Tier 1 asset with banks and Corporations? Do research on the Infinite Banking Concept, High Cash Value life insurance, Over funded life insurance.... Indexed Universal Life insurance or Paid up additions life insurance. You have been lied to indeed and I can provide more sources of information to give you information not propagated on fallacy about a properly structured life insurance policy. Peace, wealth and health to you.
I was quoted $49.84 per month for term life insurance of a $1,000,000 and that was the cheapest. I’m healthy and 23 years old
per month?
@@thaik56 yes
@@danielmartinn nice I'll shop around for mine too soon enough.
Thank you for exposing the whole life scam trash value scam.
stevefbzzie how’s that term scam working for boomers rn in 2020? Most of them are about to lose their 30 year term during this virus.
David Herrera you must have whole life trash value.
stevefbzzie I actually have term and Permanent life Insurance. Not whole life tho, that shit is garbage. Whole the hell has whole life when there’s IUL’s.
stevefbzzie you didn’t answer my question tho? How’ are those boomers doing who got a term policy 30 years ago? not only did they lose money in their 401k’s, some are about to lose their term policy bc it’s about to expire in the mist of a pandemic.
David Herrera ok I’ll answer your question boomer should’ve been more financially educated, like this channel teaches. If Boomers like my parents were more financially educated and prepared they wouldn’t have to cling to a whole life trash value that’s only going to pay them $100 if they die, how is a company going to say they could borrow their cash value but you have to pay it back with interest? Then the company tells them its your money! Not it’s not!? It’s criminal! With term insurance you get what you pay for no catches no hidden bs. I learned from my parents mistakes. So you want people to rely on their life insurance? How is that a smart idea? If people from a young healthy age get a cheap term policy and invest about $300 a month with a 9% from age 25 to 65 they would be a millionaire. But I guess you would rather sell whole life and only give them $100k for retirement.
There are two categories of life insurance: Term life & Permanent Life. Whole-life insurance is one type of Permanent Life insurance. If tax-efficient investing is your goal, cash value oriented VUL (variable life insurance) or IUL (indexed life insurance) are types of Permanent life insurance to consider. There aren't many agents selling Whole life insurance anymore, not since we've entered into this low-interest environment. This video could make people think whole life insurance is the only type of permanent life insurance, which is far from the truth.
Jason Jin you nailed it! ✊🏽
There's another mean trick: they use the first year's to pay for the expenses that have been calculated for the entire running time! Thus, some contracts can legally give you nothing back at all!
If you add in how 'dividends' are defined by the IRS for WL and then see what the 'dividends' are calculated from, it begins to look a lot worse.
There is a phrase I would like to say but am afraid if I was wrong being legally liable. 🤣
This is why I love this channel, 100% honesty. Equality for all people! Definitely live up to your name Singh. ( Lion ). Cause your a lion fighting for us.
Jaspreet, you have just saved my life!
Thanks
💪💪💪
Unfortunately he just sold you on a load of bull feces. Look up the Infinite Banking Concept, Tax Free Retirement, or High Cash Value life insurance. IUL life, Universal life, Variable life. He talked about none of those and sold you term because Policy Genius sponsors him. Term is there backbone. If term is the best choice why do only 1%-2% pay out? After you're done with that and your stock investments have lost 40 or 50% like in 2007/08 or 2020 right now what do you do? Think deeper than anyone pushing there sponsors. Everything is but a half truth.
@@theentheosdetinagas if stocks is 50% down, I will continue to buy more since they are on sale and ride the market. I believe in the American economy and that it will always go up. He is absolutely right. Term is the way to go! I absolutely think you are wrong on this topic!!! Keep up the good work, Jaspreet!
For the simple minded investors this information is correct. For anyone that is willing to think about it and use it properly, a properly set up cash value whole life policy is among the best places to put money before investing it, using the investments to pay the policy back. Plus, as an attorney, it's sad you don't bring up the asset protection value of whole life. Your simple view of whole life is just plain sad. This is more of an "FI" movement viewpoint and not true investing.
The Policy Genius is a sponsor for him. Great break down you gave by the way.
Perfect presentation, thanks.
Finally a simple explanation about life insurance. Thank you.
I Love my whole life policy. It’s worked for me and has many times. I use them to vacation and for investments ie real estate because my returns are great and don’t worry about losing money. First, video with MM that I don’t agree with. .
Nice video!
If you don’t have insurance your assets will be your insurance. Not everyone wants the risk involved in real estate and stock market. WL and IUL are different strategies to grow your money and can be used as leverage to buy real estate or fund business aka infinite banking. Different vehicles have different strategies if used correctly.
thank you for this crystal clear info.
The difference between Whole life insurance and Short-Term is $9,840/yr. No wonder most people surrender their Whole life insurance plans 10 years in. With almost $10K being spent on something no one will see the benefit of for decades and with how many better investment options there are out there, you'd be crazy not to cancel the policy. Even if you don't invest the other $9,840, that's still a lot of chedda that could be used elsewhere. And does anybody really need a $1,000,000 policy?!
Your the man Jaspreet, always enjoy watching your videos. Highly informative and I study a lot of finances. Your always on point
I really like your channel.
I think you did a hasty job here. I'm not a fan of WL but most companies give you 4% straight up and a dividend of 2-4%. I have an indexed policy I'm averaging 12% on. I take policy loans to invest in multi family real estate among other things. The interest earned on my contributions pay my loan off. Any interest on my loan goes into my cash value.
I pay $75 a month for 500k.
The average ROI on a cash value policy (after fees/commissions) is about 1.5% BORROWING against your own money only to lose the CV to the insurance company is a stupid plan.
@@astroman30 That's absolutely not true. I've been hearing Primerica guys say that forever. I have multiple policies with North American and Midland where the are no fees outside of premium and I can profit off the top 200 companies in the S&P 500. My policy loans are simple interest 2.5%. The abitrage is 8% or better most years.
@@earlharden175 So, what happens to all your cash value when you die? Be honest.
You went over every last one of my thoughts in this video! Same frustration and passion about investing and everything! I even used Policygenius. I just did it before seeing this video.... On the ball and all.
Good information Jaspreet, one of my friend joined a whole life for his kids from " world financial services " ... basically a money chain with the same way Jaspreet talks about Wholelife , he is paying $200 month thinking its th best whole life for his kids , I told him several times to do your homework n it was too late now.. to me, i would take a Term life n save money....Thanks for the Video
Sumesh Kuriakose it’s never to late to amend an existing policy and design something that is better and more efficient
@@DenzelNapoleonRodriguez yes sir
Its not an investment if you can claim it only when you already dead. It is a one time gift though that you give to your loved ones when you die.
This guy is great
So true.... just like how an expensive car is not an investment
Very informative and simple explanation. Thank you!
Thank you!!! Now I get it. This helped me a lot!!
Awesome! Awesome! Awesome! This is just what I've been needing to know! Thank you! I love you!❤🙏
Thanks for the video!. As soon as I heard the description for whole life insurance, I thought, "hey isn't that just a savings account with more steps?"
1,656,000 views and counting in the last 4 weeks. You are CRUSHING it Jaspreet!
Would you please make a video about IUL!!! The good and bad lol you energy and insight are awesome 🤩
The take away from a random TH-cam guy name Jaspreet:Save and Invest your own money in income producing seeds and just say NO to whole life insurance - don’t be willing to give the insurance co your cash value! Get a term life insurance policy and be willing to BUILD your own wealth.
True, but how many people are disciplined enough to do that? It’s sad, but most people get a raise or save on a mortgage by refinancing and they just spend the extra. They end up back where they started, noting saved and possible in more debt, because now they have more disposable income so they run up there credit cards because they have more money to pay the bill.
thisisatrium Floralandia Me, i’m disciplined enough to do this because I did it my entire life. Those that Possess financial literacy are the ones that will come out on top after this pandemic. Those that don’t know can still learn but they have to want to learn, if not they will be in the same boat for the rest of their lives. It’s all about good habits,responsibility and accountability so people should know by now running to the government for help won’t work.
I used to work for a life insurance company. That's why I don't carry a life insurance policy except for the term life policy I have through my work. I'm single with no dependents. I don't NEED life insurance. The policy I have through work would bury me if I died broke. Other than a small term life policy to pay burial expenses, a person in my position should NEVER carry life insurance. It is a waste of money.
Love you Jaspreet Brother!!! Would LOVE to hear thoughts on a small whole life with long term care rider, sounds like a more promising approach???
This is great education! Thanks brother!
Facts
Hey Life Insurance agent here 👋🏾
I agree with your message
Good video 👍🏽👍🏽
Thank you for presenting the Facts
Thank you for this info Jaspreet! God bless you! 🙏🏾
Thank you very much! priceless information!
Sir, thank you so much for explaining this! You have really opened my eyes!
Great video. I appreciate your effort and ability to make confusing topics more simple. What is your opinion on life insurance from an employer versus 3rd party term life insurance (let's assume both are for the same amount by paying a bit more through your employer)? I welcome and value your thoughts.
Jaspreet, excellent 👌 video on life insurance. Did purchase term insurance when I purchased my 🏡 and that the house is covered and given to my children.
Again thanks for the presentation.
Whole life is a joke in every sense. The investment side of a whole life policy gives poor returns. Buy term and invest the rest in the traditional methods to get a good return. There is no, "it depends what works best for you".
Ryan Lewis how come all the banks 🏦 have cash value life insurance as their tier 1 asset. Am I missing something
@@DenzelNapoleonRodriguez Whole life makes good money for the insurance company! Come on, man.
Credit cards make money for the card company. Most people over spend and pay interest.
Car loans, especially the longer the term, makes money for the lender. Lease make even more money for the lender.
Payday loans... Need I say more?
Ryan Lewis I’m not worried about any of that because I know how to use those other tools you mentioned to my advantage via tax write offs. But back to my main point I’m genuinely curious as to why Bank of America dumps billions of dollars into cash value life insurance premiums. What am I missing here? Bank of America is not an insurance company their a bank. This is public information by the way you can look at their balance sheet.
Whole life. Reduced paid up when you retire. You have the life insurance in to old age for burial. Idk who the hell gets a 1million whole life policy.
Get a small whole life like 20k for burial. Get term for covering house and protecting income.
Indexed universal life with tiny death benefit and huge cash value for retirement. Return will be around 5 to 8 percent year over year depending on company. Go with mutual company so you get dividends. Downside? Smaller return than you can get in stocks. Upside? You don't deal with the volatility of the stock market as you have floors on the ROI.
In short:
Term insurance makes sense if you're younger. There's a balance though, if we're talking your average to low income person. You don't want to wait to get whole life as it will become stupid expensive to get at an old age. I'd only go with a small whole life policy for burial like I mentioned above though.
There are issues with term insurance like price going up every time you renew or get a new policy. And a lot of companies don't cover people past around 80 with term.
Edit: long term care, disability, etc makes life insurance worth it especially for people getting old. Long term care being the big one due to health care costs. (You don't necessarily need life insurance for long term care insurance, a lot of companies have it as a rider though).
So yeah it does depend on what people want and their goal. Insurance isn't like a one size fits all thing. In general just get something that's affordable and has enough to cover debt if you have family or just to cover burial cost.
And another note. If you just want term and nothing else, look at getting return of premium. You die, family gets death benefit. If you live you get the premium payments back. It cost more than just term though.
For most people a plan that covers shit would basically be like this:
Whole life: 20k
Term: 200k (or whatever is left on mortgage)
Or
Whole life 20k
Accidental Death Benefit of a few hundred thousand.
For old people on ss ... like 10 - 15k whole life. Cuz they arent going to suddenly make more money at that age, and term will go away from most companies in to old age. Just talking about something to help with burial costs there. Nothing big.
Love your videos!!
"Wait is that a Big Mac? 45 years" LMAOO
Life insurance was very complex to me until I watched this video. Great break down
Thank you so much for sharing your knowledge! I have always wondered about the difference between the both. You made it easy to understand.
You speak with all your heart ❤️ ! Love it brother. Keep rocking
Great video. There is one aspect I would add though. If that same 30 year old outlives his 30 year term, how much would term life cost him at 60? Assuming he did not accumulate assets as he should have in his lifetime...
Life Insurance is for risk mitigation. If you invest properly and save money your risk is already mitigated therefore you won't need life insurance.
If the Big Mac comes with a big ol' side of guac, do you get any of the five years back? 🤣
Term life saved my life
Thank you
Dude I love you videos, your advice is invaluable, to the uneducated and reassuring to me that I have made good choices along the way, every day is a learning day thank you 🙏
Great video and information as always!
:)
i was waiting for this type of video
Thanks
I am 45 years old, non smoker/good health, $2M 35 Term policy is $4393 per year.
How much is the death benefit?
@@astroman30 $2Million
I love your channel Jaspreet, but you had so many things in this video that are just not true.
You mentioned many types of insurance, but did not mention dividend paying whole life with a IPUA. It is not an investment, it is an emergency savings account. Wealthfront pays .26% interest on savings accounts. Properly structured WL with dividend pays 5 to 6%. It pays compound interest, even when you borrow against it. That is the reason you pay 5% interest to borrow, because you are not borrowing your cash value, you are borrowing against it. If I owned a $250,000 dollar home, and took out a home equity loan of $50,000, and then sold the house for $250,000, am I going to get $250,000 or $200,000 after the sale? My $500,000 policy I bought 20 years ago is now valued at $835,000 because of IPUA. I have borrowed around $200,00 from it over the last 10 years to purchase 9 rental properties. I do not plan on paying the $200,00 back, so it will be deducted from my death benefit. Which means I would only get $635,000.....from my $500,000 policy. And, after year 14, I no longer had to make payments, because the dividends can be used. Many WL sales people are greedy, and will try to sell you the wrong policy, or things you don't need. But, I would not refuse to buy a car because some car sales people are greedy. WL is a great savings tool (it is NOT an investment) that is allowing me to retire from public school teaching 10 years early. I still love you Jaspreet, and keep hustlin!
Gladiator4her finally someone who understands the other side of high cash value permanent life insurance. These people all forget about PUA rider and the fact that we can have both term and whole life put together. In his example I don’t have to pay 850 a month for the death benefit I can have most of that 850 a month in PUA then a small amount cover the term might even end up with more than a million. I’ve been finding my policy for 2 years now dumping in 70k a year and I’ve been investing in the market, real estate, and my own business. I follow what the ultra rich do and have always done :)
Show me a WL policy that pays (after fees/commissions) 5 - 6%. Tell us what company you represent so we can tell them your claims.
I'm at a crossroad. I'm torn about what to do. What do you do when a term life policy runs out and the person is not dead? Isn't there a certain age where a person can't get get big insurance policies anymore? (You get stuck with being able to get just about 25k or less which is no money.) And if I invest in real estate instead how do I not leave the burden of making payments on my properties with my loved ones if at the time any of them are unoccupied (at least until they sell)? Right now if my death depended on my stock, my money would be down by 50% bc of the crash right now so my fam would be screwed. It is clear that the whole life benefits aren't huge, but Whole Life Insurance just seems to be safer and less of a head ache for the benefitor. I don't know what to do and I don't want to regret my decision. The cost of life insurance goes up every 6 months as I age so Im feeling a lot of pressure to decide soon. Nervous.
@Sunnyside
Thank you for being analytical of what was said. The safety in Permanent life insurance is unmatched. There is a concept called Infinite Banking, Tax Free Retirement, or High Cash Value policies. Look into those. Banks and Corporations use life insurance as a Tier 1 asset. Bank Owned Life Insurance. Key Person Life insurance. Don't be fooled by sponsorships and affiliate commissions. If you need further assistance in research or UK information let me know.
Can you make a video on index universal life insurance. Appreciate
paye youpele it’s the Swiss Army knife of financial services. The more ppl dig the better it gets w/ IUL’s.. disclaimer; IUL’s aren’t for everyone not everyone qualifies.
IUL is a scam. They take your money and invest it in Index funds while charging high fees. You can buy term and invest in index funds yourself saving lots of money.
Great video! My mother taught me this!!! Jaspreet you are so wise 🥰🥰🥰. I have a whole life and I am about to get a term policy.
shaylas78 🤙🏾🙌🏾
Ha! After co templating for the past couple of months, this video has helped me make the final decision. I'm dumping my whole life policy for a term life policy. 😁
I believe Jaspreet advises to do your due diligence & not just take what a random internet person suggests. I think that includes not been too quick to dump "thing". Concept is key which includes investing in self & things/businesses you Understand, passive income, financial discipline, etc.
@@ogarip9299 I don't jump to do anything. This has been in the works for months. Coincidentally, Jaspreet Sighn posted a video about it which reassured my original decision. Thanks for the advice though Ogar Ip.
Blessings.
@shaylas78 This video is misleading, untruthful, and bias. Most of what he said is a selling ploy. This is a video sponsored by a Company, Policy Genius, that sells term life insurance. Talk to someone who is really knowledgeable. He is selling you term in this video. This is not a video to take advice from.
So I need to start a life insurance business!😁
Hey nice to meet you! My office is looking for sharp individuals to bring on board in the field of Finance, no experience needed, work from home opportunity. We can meet through zoom, doesn't matter which state you're located at, if you're serious about it.
@@briana_bee thanks for the invite.
Kidding with the insurance business. I'm a contractor and real estate investor, and I enjoy that quite a bit.
cila xo I’m interested! What company are you w/?
cila xo who do you work with?
David Herrera who do you work with?
Can you explain the difference between Universal Life Insurance and Whole Life Insurance? Thanks..
This is the internet. Don't be so lazy. Do it yourself.
Hmu via zoom I can explain
What about Nelson Nash. Theroy? Does it work? Or it's a scam? Please make a video. Thanks
Rome Rome I love the Nelson Nash theory been doing for the past 2 years now I’m putting 70k a year into my whole life policy and then I borrow the money out and invest and 10X my income. I never lose the principle money 💰
It's a scam.....Never a good idea to borrow against your own money.
@@astroman30 explain. Why it's a scam. Because I can explain why it's not a scam just another vehicle of hedging. Please prove me wrong so I can learn what u know. If you can't prove it then it's a wtv comment. Thanks for your time
@@romerome6968 The only way to get money out of the "cash savings" in a WL policy is to BORROW against it. That's right, borrow against your own money paying it back PLUS interest. Plus, it takes YEARS to build-up any sizable amount for your "cash savings." But wait there's more, the ROR on the "cash savings" (after fees/commissions) is less than 2 %.....Sound like a good deal to you?
"SANTA'S REAL?" Lmao i needed that little chuckle after the end of this week.
Great knowledge out here, it's better to invest ones money with financial knowledge
Thx bro!
I got Term Life Insurance with Primerica, I'm not sure i pick the right company
Great job Jaspreet. But you only talked about the original whole life insurance though. an Indexed Universal Whole life insurance policy does give your cash value to your beneficiaries and does provide better roi. Not to mentional the founders of Walt Disney, JC Penney, McDonald's, etc. all used their whole life insurance policy to fund their business. Why would the rich use it if its not a good investment? I will checkout Policy Genius
I have both btw
Japrseet, you should be a comedian on the side 🤣 no but seriously you give the best advice. I was just thinking about this the other night with this whole corona virus going around. Thank you for this free advice!
BEST EVER‼️‼️
I can’t thank you enough for this truth!
@SeidyFigueroa
Hi. I implore you to research IUL Life, Infinite Banking Concept, Bank Owned Life, Key Person Life, or High Cash Value Life. He has missed the ball here ma'am. This is not unbias promotion. If he is sponsored by a company,Policy Genius, that sells term life insurance and only around 1% of term policies payout what is he promoting? Banks and Corporations use life insurance more than the stock market. Why would that be?
Mr. Singh - this is a very good information. Can you do one for annunity?
Yeah, investment grade insurance contracts, although unpopular for not being as profitable for agents, is a different way to do what these marketing ploys are selling. The yeild vs cost of loan is so tight, there's actually a feedthrough arbitrage built by tax and inflation benefit. It's not a wealth building foundation, but rather, the icing on a very complex cake that often combines IBC with Velocity Banking. Most people who don't live and breathe finances don't quite get this, as it is VERY counterintuitive, and few people can actually pull it off.
Whole is the wealth building tool out there. Hands down.
Bullshit....trash value insurance is a scam. Letting an insurance company invest your money is beyond stupid.
Awesome took a Lost on Whole Life changed to Term 10 yrd 12 yrs ago
Thank-you for #THIS, Jaspreet!!
At the end of the day, it just depends on your situation. Whole life I’ve never found helpful. I own a variable universal life because the cash value grows depending on how the S&P does. It also pays the death benefit plus the cash value accumulated. Finally, it has a long term care rider on the policy in case I were to ever end up in a long term care center. Most of the people I work with I suggest term, but it always depends on the situation.
John Hornbarger they call that the Swiss Army knife of financial services.
Well done.
Don’t forget about Indexed Universal Life too. 👍🏼
Not a great idea because the insurance component of your policy is an annual renewable term which means your premium payments annually will be putting less and less into the savings since cost of insurance increases annually
Let's not forget about the extra fees for bundling an investment with your insurance
Part of the cash value can go into paid up addition and the life policy grows. Also if you surrender the policy a little pass half way through you get all your money back