Re: Whole Life vs Term Insurance

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.

Category:

News & Politics

Tags:

• Primerica
• term
• insurance
• whole
• life
• invest
• mutual
• bonds

[a1prime1]

@carsonc29 They build a product that’s supposed to combine insurance & investments & actually craps out on both accounts. They can make it seem good when they market it but in actual practice the client gets screwed over big time. The only winners with this garbage are the crooks who sell it & the companies that they work for. You’re right about leebertsk not knowing how whole life works. I don’t think he has a clue as to what he’s doing.

[carsonc29]

@aIprime1 wy even deal with n ins company for retirement planning when i can just purchase mutual funds, IRA,ROTH IRA, annuities..you know, vehilces designed for just retirement..you wouldnt walk into an HR block to get your taxes done and ask them if they can do your hair, or change your oil while your there?..they have a specific purpose..why would a perosn want a LIFE INSURANCE comany handling their RETIREMENT planning?

[carsonc29]

@leebertsk you must not fully understand how a WL policy works..the face ammount is what the benificiary gets, not the cash value..unless the policy is canceled..a company is not goin to pay out both face ammount and cash value..cash value is essentially the permiums paid into plus the interest accured from investments..WL policies are great policies for the rich and wealthy who can put more money into it, thus aquiring higher returns..but not for everyday people

[carsonc29]

@leebertsk at death a person either get the face ammount, or cash value..they dont get both..if i paid only 50k in premiums with a WL policy with faced amount of 100k plus cash value of 30k, your telling everyone the company will pay out 130k to the families benificiary, even tho the company only pocketed 50k..from a business standpoint, thats takin a financial loss..and tellin a person about dividends is speculative, dividends are never garuanteed

[carsonc29]

@leebertsk why bundle your investments into a life policy..you wouldnt want your car insurance company to add a saving plan into the ploicy?..or savings plan into your homeownes ins??those have specific functions...life ins should be just that, life...i can open a mutual fund, IRA,ROTH IRA, annuity, other investment vehicles desinged for just retirement, that would probably out do any whole life returns

[carsonc29]

@leebertsk is that info you know for sure, or is that just specualtion?..primerica reps are not finaincial planners, anyone who claims to be is not bein accurate..they do put together a Financial needs anyalsis to assess the clients needs and give them an idea where they are at, just as alot of finance companies do, exceppt they dont charge a few for that service..but a state required life insurance license and SEC required series 6,63,26 license is required as well..

[carsonc29]

@leebertsk it depends on who you target..if you target only the wealthy and affluent and upper middle class then yeah they can afford the high permiums of whole life..that the issue with whole life salesmen and alot of investment companie..if a person cant affordt their high dollar prodct, they dont care to help them..in their eyes, why help a 10 people who can only invest $100 per month when i can help out this one guy who can pu away 10,000k..its all about compensation to them

[carsonc29]

@a1prime1 well said..they can very easisly open up an annuity, mutual fund, IRA, ROTH IRA..actual retirement investment vehilces..you wouldnt walk into HR block to get your taxes done and ask them if they can do your hair while your there? your there for your taxes, you go to a salon to get your hair done..each place has its own desingend purpose

[carsonc29]

@a1prime1 ive always belived insurance and investments should be seperate, it would sound dumb to put a saving plan on your car insurance, or health, or hoemowners,..those have a specifc purpose..the idea of putting a savings plan on life insurance is totally ridiculous

[carsonc29]

@leebertsk oh and by the way saying "crimerica" instead of primerica isnt exactally professional either? where is your professional courtiousy? and ive read other post that whole obvious whole life salesmen cussing and sayin all type of foul mouthed things