189-Term Life Insurance
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 6 May 2015
⏱️ 95 minutes
🧾️ Download transcript
Summary
Today we continue our life insurance series dig into the topic of term life insurance.
Term life insurance is an incredible financial product and extremely useful. It also has some options that are not commonly understood or explored.
We discuss:
- What is term life insurance useful for?
- Normal life insurance policy designs:
- level term insurance
- annual renewable term insurance
- decreasing term insurance
- increasing term insurance
- Key policy features:
- renewability
- convertibility
- disability waiver of premium
- reentry term insurance
- return of premium rider
- Group term insurance
- How to analyze costs
- What about those who say term insurance is the only appropriate solution?
- How to find a policy
- How to get insurance with a medical condition
Enjoy!
Joshua
- If you'd like access to the spreadsheet with return of premium rate of return calculations and the annual renewable term vs. level term discussion, support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Transcript
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| 0:00.0 | When you come |
| 0:03.7 | come away thinking man I got at least 15 cents worth of value from that show |
| 0:08.4 | if you do then consider becoming a patron of the show at $3 a month. |
| 0:12.9 | And in exchange for helping me with the show, |
| 0:16.4 | I'll give you some additional benefits |
| 0:17.7 | that you don't get just from listening for free. |
| 0:20.6 | One of those benefits is input into each day's show in advance and today as an example |
| 0:25.6 | you're going to hear several questions that came in from the audience that are |
| 0:29.3 | specifically being answered in today's show because of the patrons. |
| 0:33.7 | Details are at radical personal finance.com slash patron. |
| 0:38.6 | Today we dig into term life insurance. And I promise it's going to be fun, it's going to be interesting, and |
| 0:47.3 | it's going to be useful to you. Don't buy term life insurance until you listen to this show. Don't buy term life insurance until you listen to this show. Welcome to the Radical Personal Finance Podcast. My name is Joshua Sheets. Thank you for being here. |
| 1:16.0 | This is going to be fun and I hope that this show is extremely practical for you. |
| 1:21.0 | My intention is to give you the overview that you need to make a good decision with regard to term life insurance. |
| 1:27.0 | I'm going to define some key terms and help you to navigate the maze |
| 1:32.0 | so that you can get a good deal for yourself. |
| 1:35.0 | Term life insurance is probably the most ubiquitous product in today's world and that's a great thing because it's an awesome way to do life insurance and it's going to be the best fit for a large and I would say vast majority of life insurance needs. |
| 1:59.0 | But very few people actually understand how to compare term life insurance beyond just |
| 2:03.9 | simply seeing a quote and seeing it's something like a 15 year level term insurance and |
| 2:08.8 | a price. So I'm going to give you a little bit of the depth, some of the things that are actually written in the policies, and hopefully it'll give you what you need to know to be able to make better decisions. |
| 2:19.0 | If this is your first time listening to an episode of Radical Personal Finance, please note that this show is part of a longer term life insurance. Please note that this show is part of a longer term life insurance series. |
| 2:28.4 | So we've gone back, we've talked about what is the use of life insurance and personal family |
... |
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