Do You NEED This TODAY? - Whole VS Term Life Insurance - Ep. #59

Have you ever wondered if Whole Life Insurance is right for you? What are the pros and cons? Is there anything wrong with term life insurance?

00:00 - Intro
01:00 - Rob Gills video reaction
05:44 - Joshua's Story video reaction
15:13 - Forbes Advisor Article review
27:44 - Money Guy video reaction
32:41 - Two Cents video reaction
35:17 - Consumer Reports article review
36:43 - White Coat Investor article review
40:30 - What I'm Doing For My Life Insurance
41:47 - Closing Statements

Today's story reviews a sales pitch for whole life insurance followed by a heartbreaking story about how Joshua made a $20,000 mistake with his life insurance. The lessons learned from the contrast speaks volumes.

Today's main topic covers life insurance, whole vs term, and Jay's personal life insurance plan. Life insurance is an essential part of healthy finances, but not every life insurance product is a need. Your situation will dictate what you need. It is important that you can identify what wants you may have for life insurance beyond those needs, and that you firmly clarify them as genuine wants.

To kick things off, Jay reviews a solid Forbes Advisor article to establish the main differences between term and whole life insurance options. Next, we turn to the Money Guy show where they recommended a whole life product. For example purposes, Jay included a "run the numbers" case study from the PBS show Two Cents. Lastly, before sharing his plan, the White Coat Investor has a good bit to say on this topic that will largely make for good continued reading.

These are the links to sources used in this episode:

Rob Gills Video: https://www.youtube.com/watch?v=JFZRwkl9xd0&t=68s
Joshua's Story: https://www.youtube.com/watch?v=Y_V6n3GZFVA
Forbes Advisor Article: https://www.forbes.com/advisor/life-insurance/term-life-vs-whole-life-insurance/
Money Guy Show Clip: https://www.youtube.com/watch?v=ed7IIE9pRW4
Two Cents Example: https://www.youtube.com/watch?v=AgBhy8iXjpI
Consumer Reports Study: https://www.consumerreports.org/cro/news/2015/04/is-whole-life-insurance-right-for-you/index.htm
White Coat Investor Article: https://www.whitecoatinvestor.com/debunking-the-myths-of-whole-life-insurance/

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Music: "Take Me Higher" by Jahzzar

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