The Complete Guide To Permanent Life Insurance

Confused about permanent life insurance? This video is for you! In 30 minutes, I explain the ins and outs of whole life insurance, universal life insurance, variable universal life insurance, and indexed life insurance so you can understand the benefits and drawbacks of each. I also introduce you the 5 terms you need to understand when evaluating permanent life insurance policies, including death benefit, beneficiary, premium, cash value, and cash surrender value. After watching, you should also understand how the premium, cost of insurance, and cash value work together to provide you a life insurance policy.

I'm a financial planner with my own "opinion" of these products and their purported benefits to policy holders, but my intention here is to provide you all of the facts so you can make your own decision. At the end of the video, I give you 5 reasons why I do not recommend permanent life insurance to my clients and also provide 3 exceptions where a professional might recommend permanent life insurance.

Use the timestamps to help guide yourself through the video! I hope you come away with a better understanding of these products and their applicability as both a safety net for you and your family and investment vehicles. If you have had any personal experience with these products or have some reason to have a different perspective please share in the comments!

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Timestamps:
00:00 – What this video will cover
01:17 – The 5 life insurance terms you should understand
----- 01:40 – What is the death benefit and beneficiary?
----- 02:53 – What is the premium?
----- 03:37 – Cash value vs. cash surrender value
05:47 – Understanding the cost of insurance
----- 06:05 – Mortality tables
----- 07:10 – Example of exponential insurance increases
----- 08:35 – How your cost of insurance gets paid
----- 11:37 – Why you might have a flexible premium
12:02 – Understanding how the cash value gets invested
----- 13:47 – Universal life policy
----- 15:20 – Indexed universal life policy
----- 18:17 – Variable universal life policy
----- 20:40 – Whole life policy
23:32 – The 5 reasons I don’t like permanent life insurance products
----- 23:55 – #1 A good financial plan should't need life insurance
----- 24:54 – #2 There are superior investment options
----- 26:15 – #3 They are too complex
----- 27:01 – #4 The compensation structures are questionable
----- 27:23 – #5 I have not seen a good policy in my personal practice
28:38 – Possible exceptions
----- 28:59 – #1 Estate planning for tax reasons
----- 29:49 – #2 If you need long-term care
----- 30:22 – #3 Pension planning
30:51 – Final thoughts: talk to a fee-based financial planner!

#lifeinsurance #wholelifeinsurance #financialplanning