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The Best and Worst Types of Life Insurance!
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Another option would be a term policy with return of premium rider. This would allow you to receive most, if not all the money you paid at the end of term.
The price is typically double to get a rop rider. You’re losing money on the opportunity cost if you had invested the additional money you’re paying for the rop
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“Life insurance has a lot of fees and makes a lot of money for the sales person. Avoid fees. We make no money off life insurance.” (Not stated —> we make 1.25% AUM off your money no matter what we do EVERY. SINGLE. YEAR. in perpetuity/FOREVER. Why is this not stated/addressed since it’s somewhat contradictory and just another form of “fees”?
I think they are pretty clear how they are paid if you watch them, and it’s obviously better than advisors who are paid by putting you into specific products.
@Ryan Dolleythey still have their preferred “products”. Really just need to pay someone an hourly rate to get set up and then periodically. 1.5% AUM forever is also just another form of robbery that’s not needed.
You could always ask to limit the engagement to areas outside of insurance, like to investments, taxes, etc. You might be able to negotiate a lower fee that way.
@Evan Suttongood idea! Just depends if a financial advisor is willing lower their fee
It’s Not LIFE insurance. It’s DEATH insurance. It will not make you live longer.
Have you heard of Northwest Mutuals T80 life insurance? I can’t find any neutral information on this topic?
NWM T80 is good, however not the cheapest out there if that’s your worry.
You also have to remember that you’re paying a slightly higher premium to go with a AAA rated company not mom and pop and also have a rep who is more relationship and planning focus then transactional. Not swaying you either way.
As a former life insurance agency owner I 100% agree that term life insurance is most appropriate for 99% of clients and investments should be done seperate. Insurance companies spend billions of dollars running the numbers and hiring actuaries to make sure the numbers are skewed in their favor even on products such as IULs.
Talk about timing!! I was literally, just this moment, starting to reach out to get some additional life insurance quotes. On a lark I thought I’d hit you guys up first to see if you had any content about the best/worst choices! Seriously…remarkable timing! Thanks, fellas!
Whole life term insurance with a 20 year locked in annuity with early withdrawal fees and complete surrender of investment profits at time of death is *chef’s kiss*
Not sure that follows the K.I.S.S. I know – Keep It Simple XXXX 🤷♂️
It’s funny, whenever videos mentioning insurance are released, you can see the insurance salesmen climb out of the woodwork in the comments. Drinking game, take a drink every time you see a profile with a full name and corporate style face pic say something along the lines of “Insurance product X with a proper structure can be a powerful part of your financial life”.
Generally, when people try to speak authoritatively on stuff they don’t understand, it makes good sense that experts would counter the misinformation. It’s mindless to think that experts weighing in is a negative thing.
@Maliq Matthew These guys have received MORE training than most insurance sales people, deal with insurance on a daily basis, and one of them is a former insurance salesman. That certainly doesn’t make them immune to making mistakes, but I think claiming they don’t know what they’re talking about is kind of ridiculous. And my point wasn’t that experts weighing in is a bad thing, it’s that commission-based salesman weighing in about how product THEY are selling is exempt from the criticism is awfully convenient. In the realm of experts, there’s a term for that; “conflict of interest”.
@Alan Their training was not in how dividend paying life insurance policies from top mutual insurers work, historical rate of performance, and uses, thus claiming they dont know what they are talking about regarding this is not ridiculous. Saying how “insurance companies control your behavior” as if 401K, Roth, or any long term investing instruments don’t is ridiculous.These policies are, when designed properly, to function as fixed income replacement due to the liquidity and comparative rate of return with tax advantage; for retirement they are for stock market volatility buffer and then to act as emergency fund/”buy the dip” fund pre retirement. They arguably don’t know how soon they can be liquid, historical rate of return, or policy loan feature. AUM fee advisors have just as much conflict of interest since if $100k of the money that would otherwise be in AUM account with them goes instead to dividend paying life insurance, that’s money that comes out of their pockets.
What do you guys think about return of premium term life insurance l?
It’s amazing how people don’t understand why trying to use insurance for investing is silly. Why don’t I buy “whole auto” or “whole homeowners”? Because I just want it to cover acts of god and there’s nothing emotional about covering my car and home.
Love your videos!
Odells Law: The more complex the financial product the better it is for the seller and the worse it is for the buyer.
Unfortunately the comparison for permanent policies have been compared with the wrong benchmark again. For a balanced portfolio where the investment arm is well fueled, permanent LI should be compared with the fixed income investment bucket. The number of tax benefits for the permanent products was skipped over. For most folks out there, term LI makes most sense, but often people miss out on the benefits of permanent LI due to a lack of understanding and a focus on the fees. A huge miss.
One other often overlooked factor that can lower your life insurance need is the Social Security survivor benefit for minor children. If you pay into Social Security and die when you still have minor children, your children are likely eligible for monthly ongoing payments, a portion of your Social Security benefit, until around when they turn 18 or graduate from high school. Something else to look into to make sure you’re not paying for more life insurance than you need to…
Why not get a 50k whole life with a stage and level 450k term? It doesn’t have to be “either or” Can’t we get the best out of both world.
Lol, top mutual insurers have been providing ror of around 4.5% tax free even when the interest rate was near zero for over 15 years. There is a lag in following the interest rate because not all of their money is getting the new rate but it should go up in coming years as it has done historically. It’s not meant to compared to equities, its meant to compared to fixed asset portion, or is everyone suppose to put all their money except weekly grocery bills into the stock market?
If you are young and single, is insurance still a good option, or should I wait till I’m a little older?
Nvm. They answered my question.
I’m 23, single, no kids, no debt and yet I watch this thinking I’ll miss something important for my age. Oh well, the more I know the better!
Your opinion is not a relevant answer to research. What does research show? If you don’t know it, get familiar with it. Otherwise, you’re offering advice based on conjecture and pretending that authoritative knowledge isn’t readily available.
19:47 “my wife having the child” 😂 thanks for clarifying