199-Whole Life Insurance
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 20 May 2015
⏱️ 82 minutes
🧾️ Download transcript
Summary
Today, we continue the life insurance series with the valuable background of whole life insurance. Exciting stuff!
This show is an introduction to the various product features and design ideas. We cover:
- Ordinary life insurance
- Limited pay life insurance
- Cash values
- Policy loans
- Nonforfeiture or Surrender Options:
- Surrender for cash value
- Reduced amount of paid-up whole life
- Paid-up term
- Annuity or retirement income
- Policy conversion
- Participating versus nonparticipating policies
- Policy dividend options
- Cash
- Applied to premium
- Used to purchase more insurance (fully paid up)
- Left with insurer to earn interest
- Used to purchase more insurance (term)
- To overpay premiums until policy is fully paid up
Enjoy the show!
Joshua
- Support Radical Personal Finance on Patreon! http://radicalpersonalfinance.com/patron
Transcript
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| 0:00.0 | Today on the show, whole life insurance. |
| 0:04.0 | Bum, bam, bam, baa. And the Welcome to the Radical Personal Finance Podcast. My name is Joshua Sheets. This is |
| 0:29.2 | episode 199. We finally get the whole life insurance. We're digging our way through the concepts of insurance, |
| 0:35.4 | working our way through the five types of life insurance policies. And today I'm going to explain |
| 0:40.0 | to you what whole life insurance is, how it works, what the policy options are, this will |
| 0:46.6 | help you to be able to understand it as a useful financial tool. school. |
| 0:55.0 | Many times the problem with people who enter in and start talking about insurance and start talking about different, you know, the merits and the demerits of |
| 1:05.0 | different courses of action is you don't fully understand, many people don't fully understand |
| 1:09.6 | the nature of what it is that you're describing. And Whole Life Insurance is kind of a complex beast. |
| 1:15.0 | There are a lot of moving parts. |
| 1:17.0 | Insurance is impenetrable for many people. |
| 1:20.0 | And when you add in all of these ideas and these concepts that people aren't used to talking |
| 1:24.9 | about. |
| 1:25.9 | I'm talking about the non-forfeiture options and ordinary life and all of these different |
| 1:31.2 | words, it can be a little bit intimidating to start to dig into this. |
| 1:35.7 | But I'm not intimidated by it, and so therefore you shouldn't be, and I'm going to explain it in |
| 1:39.7 | plain language, and lay this out. |
| 1:42.6 | So what we've been doing is proceeding in an orderly way |
| 1:45.8 | across the spectrum of insurance. |
| 1:49.2 | We started with what's the value of life insurance, |
| 1:51.5 | why should you have it, what are some of the uses how |
| 1:53.6 | do you figure out how much now we're working our way through the concept of |
... |
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