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Re: Whole Life vs Term Insurance
Posted by: basspig
Video duration: 116 seconds
Global video hits: 34269
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.
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Term vs Whole Life Insurance
Posted by: FamilyFinancialNJ
Video duration: 55 seconds
Global video hits: 201
Term vs Whole Life Insurance. Term vs Whole Life Insurance from www.ffgnj.com Researching term vs whole Life Insurance options can be unnerving. We realize that your choice to quote term vs whole life insurance online was made for two reasons; price and a desire to make a decision without sales pressure. Visit www.ffgnj.com for more information on term vs whole life insurance.
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Latest comments made on this video:
By: hj1016. on 19 May 10, 14:13:30
Mostly LIES! 98% of TERM insurance policies go unpaid - people outlive the term. Then, all of your premiums are LOST. At 3:20, 5%-8% "fee"??? Policy loans cost interest, but the good cash value policies credit the same rate to the cash value as to the loans, to the loans are "wash loans", and do not cost you a penny. Try borrowing money from the bank at 0%. At 3:33, Why would you drop coverage? Only if you grossly mismanage your policy. DO NOT TRUST THIS GUY!
By: insurancemike10. on 13 May 10, 01:00:51
Here is a good Primerica example - 45 year old - $1,000,000 for 20 years and 30 years - Male for 20 = $1995, for 30 = 2435 (annually for both) - females are charged the same. Pru, ING and Trans for same policy - ave male at 20 = 1200, at 30 = 1900, Here's the best - female ave at 20 = 900 and at 30 = 1400 - They use unisex rates which hurts the females - to pay monthly they then charge 14% of premium - run people run
By: insurancemike10. on 13 May 10, 00:57:32
Next untruth - Why would letting my insurance lapse or terminate at age 65 be a good thing? Imagine having a $1,000,000 policy one day and nothing the next? Wow that soulds like good financial planning. Google "why some investors may be fooling themselves - wsj" its a Wall St Journal article on the reality of what ave. americans return in the market.
By: insurancemike10. on 13 May 10, 00:55:00
What a joke - first term commission are in line percentage wish with permanent. Then to compare a mutual fund with a linear 12%??? in the last 10 years mutual funds have averaged less than 2% and most with negative returns. Don't believe these Primerica guys - term is fine but theirs is SUPER expensive and they charge you 14% to pay monthtly - they have the highest term commission in the market!!!
By: wodendog. on 11 May 10, 22:23:26
Billions of dollars worth of BOLI and COLI (bank/corporate owned life insurance) are purchased every year by money management professionals. BOLI and COLI, by the way, are Typically WL products. These policies insure the companies top employees in a more reliable way than BTID. CITIgroup owns Primerica (a company that sells only Level term products) yet is buys WL for it's own employees. Why would they do that? Your efforts are noble but your facts are incorrect.
By: wodendog. on 11 May 10, 22:15:56
Continued . . . a 200K policy today with a 2K premium will might be worth 300K in 20 years and have 60K in CV (these figures are only for conceptual purposes). So, if this person dies, the family gets 300K (tax free). If WL (and other CV) polices worked the way you claim they do, then no one would buy them. However, wealthy people, upper middle class people, banks, companies, and corporations buy billions is WL every year. All these groups know about and care about their money.
By: wodendog. on 11 May 10, 22:09:07
Regarding #5: For starts, the "bank" doesn't keep anything because there is no bank in most cases. CV in a WL policy should not be thought of as a separate account from the Life Insurance. Only one contract is signed, right? CV is more like a portion of the Death Benefit that you have access to while you are still alive. Also, Death Benefits grow over time, typically as much or more than the value of the CV.
By: wodendog. on 11 May 10, 22:03:47
The other 1/2 of the dividend continues to increase the CV and Death Benefit. Third, your 5 "funny banking" facts are anything but. In order: 1) False: Good companies have CV in the first few months. 2) False: over the long haul, CV has a 4-6% growth rate, usually tax free. 3) True: Nice job. 4) False: Most companies can pull the money out in days. 5) Technically False (seemingly True): This takes more explanation. See my next post.
By: wodendog. on 11 May 10, 21:57:08
Whole Life Insurance is called "Whole Life" for a reason. They are specifically structured so that what you describe (CV paying for the premium) does not happen. Dividends (not CV) typically pay for policies when owners choose to stop paying. And Dividends in WL polices always rise. I have a 30 year old WL policy. My dividends are twice that of my premium. That means I can stop paying for the policy at any time and have 1/2 the dividend pay for the policy.
By: wodendog. on 11 May 10, 21:37:50
FPT, I can't tell if you are another brainwashed Termite or if you are just being deceitful. Let's set a few things straight. First, you say CVLI (WL) is 3-6 times as expensive as Term. Either you are using exceedingly expensive term or exceedingly cheap WL when making that statement. WL is more like 10-20 times more expensive than term. Second, in the later years of a WL policy, CV does not pay the premiums. There may be some small rinky-dink companies that do this, but not many.