7 Life Insurance Lies You've Been SOLD

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Life Insurance can be a great financial tool, or it can rip you off. In this video, we go over 7 o the biggest life insurance myths you've been sold.
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7 Life Insurance Lies You've Been SOLD
1:09 - Myth number 1: All life insurance is the same. In this video we will be focusing in on term life insurance and whole life insurance. Here’s term life insurance vs. whole life insurance
2:14 - Myth number 2: Whole life insurance is better because you get a guaranteed check. If you know how to use your money, term life insurance is better.
3:13 - Myth number 3: Life insurance is a great investment. Life insurance is a better risk management strategy than it is investment.
5:04 - Myth number 4: Life insurance is a wealth building tool. Debunking the whole life insurance myth of using cash value to build wealth.
9:51 - Myth number 5: You have to deal with pushy life insurance people when you buy life insurance. That’s not true if you use someone like Policygenius.
11:35 - Myth number 6: Everyone needs life insurance. Life insurance is crucial when you’re building your wealth but your goal shouldn’t be to rely on life insurance.
12:59 - Myth number 7: You can’t qualify for life insurance. Getting life insurance is a lot easier than you think if you have the right financial education.
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We are a financial news & education company. The Minority Mindset has nothing to do with the way you look, your ethnicity, or your skin color. It's the mindset of thinking differently than the majority of people when it comes to your money. #MIH #GetMoneySmart
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This Video: • 7 Life Insurance Lies ...
Channel: / minoritymindset
Video host: Jaspreet Singh
DISCLAIMER: This description may contain links from our affiliates, sponsors, and partners. If you use these products, we will get compensated - but there's no additional cost to you.
DISCLAIMER CONT'D: Jaspreet Singh is not a financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.

[@JamHatt1975]

Maybe the best breakdown I’ve ever heard on the difference between term and whole insurance. Nicely done.

[@paulkoller8104]

It might be the best one you've ever heard, but it just scratched the surface.

[@isajthereable]

A lot of confidently presented misinformation here. Read Nelson Nash’s becoming your own banker for a factual account of the function of whole life.

[@PassiveIncomeTom]

*The key point, everyone should have at least a little but of life insurance otherwise their family and friends resort to Go Fund Me.* 😉

[@Riqrob]

Better to have SAVINGS. No, not another credit card.

[@Aliens-Are-Our-Friends2027]

Thanks Jaspreet!

[@Riqrob]

@UCjyqGFuEZho7Wc7TT5MyFwg Agree-to a point. I like to have savings (5-10) and the rest invested. Rentals have been best for me.

[@Aliens-Are-Our-Friends2027]

@@Riqrob run from rentals

[@Riqrob]

@@Aliens-Are-Our-Friends2027 Actually, I'm doing that. After owning rentals for 30 years, I'm fixing the last one up for sale and moving to my wheat ranch in Montana.

[@jjr694]

Thx for posting. Great info that most people out there don't know about this. I've known this for years. When I got married many years ago, I found out my mother in law had a whole life policy from London Life. Since she still had financial obligations, she was able to get a term policy for a crazy fraction of the cost. The difference in savings we got her to put it in a mutual fund. Well, about 8 or so years later she passed away from cancer. My father in law still had bills, but he received a death benefit check from the term insurance company, plus he still had the money + growth in the mutual fund savings. It was crazy what the alternative would have been if she had the whole life policy in place. Thanks again for educating people.

[@dextersuos]

I'm a life insurance agent, and I enjoy this video. I give my client different options. Allowing them to make a well informed decision.

[@leehorsfall8257]

"Is that a Big Mac? 45 years " :-D

[@EricWPowell]

Financial Advisors who sell life insurance are crying after this video. "Life insurance is a great risk management strategy". Great tips!!!

[@nastyya19858]

wow this was by far the best video I found on KZbin that explains whole life insurance and gives honest pros and cons ... much appreciated!!

[@InvestToLive]

I have heard the, "but it has a cash benefit!" so many times! Great video. I've said it before and will say it again, we need to teach our young adult children these things!

[@tammy9000_.]

BEST EXPLANATION OF THE TWO DIFFERENT LIFE INSURANCES OUT THERE!I am a financial services advisor and life insurance is one of the things I assist my clients with. I always stress the fact of the evils of whole life and the money spent could be invested.Whole life agents take pride into people's ignorance.

[@theentheosdetinagas]

@Tamika Mighty Do you sell term only? As a financial services advisor as well, products like Indexed Universal Life or Overfunded Life Insurance are some of the best products out. Those are Permanent life products. Term is just like renting. Are you telling me Bank Owned Life Insurance is term? Key Person Life insurance is term? Banks and Corporations use life insurance as an asset. Are these policies term policies?

[@stevenanderson7194]

Jaspreet, my man! I've been an insurance underwriter (not salesperson) for a national insurance company for over a decade. Everything you've outlined here is exactly right from my knowledge base. A few things, though (1) I've never heard you talk about conversion in any of your insurance videos. Since I'm not a salesperson I don't know a lot of the ins and outs, but I know most term policies can be converted to whole life policies at the end of the term. That might be at topic you want to cover. I'm not even sure whether or not that's a good option. (2) While a perfectly healthy 30 year old who doesn't smoke may get a $20 per month term policy, that definitely doesn't hold for most people, although term insurance will always be immeasurably more affordable than whole life. (3) Some people DEFINITELY ARE uninsurable! If you're 57 with a quadruple bypass, diabetes and are 100 pounds overweight, you're NOT getting insurance! That ship has sailed. While we always try and make an offer for an applicant, when you get into poor medical history you encounter what we call a table rating, which will raise the monthly premium significantly, and most people don't even take those policies, so don't waste your or our precious time if you are in terrible health. (4) You cannot use insurance to "create an estate." If you are a fast food worker making $25,000 a year you cannot buy $10 million of life insurance. We will measure your income against your policy amount and lower it if it is not in line.

[@PaddyGee79]

I’m smiling at this because I took out Term years ago and my new Insurance Agent came at me hard a couple months ago trying to convince me to convert to Life ..... like nah uh, no thanks.

[@saundaugherty7004]

Very informative. I, here and there, contemplated looking into a full-life insurance policy, and you saved me from wasting my time. Also, thank you for explaining the title of your channel. I recommended the channel to a co-worker, and he had an indifference with the title because... racially speaking... both of us are in minority groups in our country. I considered commenting so that you can elaborate a bit about the meaning behind 'minority mindset'... which I pretty much gathered myself before I recommended it, but I kinda wanted to get it 'from the horses mouth' to placate my coworker, and make him more open to being receptive. However, once again, you saved me some time. Your channel is awesome! Thanks again.

[@gigahad3891]

This is from the about section of this channel, hope it helps, “ The Minority Mindset has nothing to do with the way you look, it's the way you think. The Minority Mindset is the mindset of thinking differently than the majority of people when it comes to your money.”

[@CaseyBurnsInvesting]

When you ask someone what they do and they’re in the insurance industry they’ll tell you “I SELL insurance.” That “sell” verbiage is very important to take note of.

[@nolanroesler4126]

As opposed to selling investments? What is the difference? How does selling something automatically make it suspect?

[@supermario111s]

I sell insurance and I have to agree. I hate Insurance with a passion

[@thisisatrium]

supermario111s Why do you do it? I’m not being an a$$. I really want to know. I know agents and they are happy with their career choice.

[@supermario111s]

@@thisisatrium it may be different with life insurance I'm speaking on property and casualty insurance. If I worked for an agency I can potentially enjoy my job but I work in a corporate environment with nothing but non stop micro management and no creative outlet at work. I did it for the salary I quit because of the environment and Managers

[@YPEFFLE]

@@supermario111s I used to be in work comp Insurance, my bosses and co workers were fine and made the kib bearable, I left when I got pregnant and knew I wanted to raise my kids not daycare

[@battletoads22]

The difference between Whole life insurance and Short-Term is $9,840/yr. No wonder most people surrender their Whole life insurance plans 10 years in. With almost $10K being spent on something no one will see the benefit of for decades and with how many better investment options there are out there, you'd be crazy not to cancel the policy. Even if you don't invest the other $9,840, that's still a lot of chedda that could be used elsewhere. And does anybody really need a $1,000,000 policy?!

[@boomerleo89]

If you add in how 'dividends' are defined by the IRS for WL and then see what the 'dividends' are calculated from, it begins to look a lot worse. There is a phrase I would like to say but am afraid if I was wrong being legally liable. 🤣

[@bethanyVee2009]

I Love my whole life policy. It’s worked for me and has many times. I use them to vacation and for investments ie real estate because my returns are great and don’t worry about losing money. First, video with MM that I don’t agree with. .

[@jasonmendoza323]

For the simple minded investors this information is correct. For anyone that is willing to think about it and use it properly, a properly set up cash value whole life policy is among the best places to put money before investing it, using the investments to pay the policy back. Plus, as an attorney, it's sad you don't bring up the asset protection value of whole life. Your simple view of whole life is just plain sad. This is more of an "FI" movement viewpoint and not true investing.

[@theentheosdetinagas]

The Policy Genius is a sponsor for him. Great break down you gave by the way.

[@stardeem6177]

Amazing video! Financial education is key to changing your family's future. Sadly too many people will never learn and continually get screwed. Remember folks, the primary reason for life insurance is income/asset protection in the event you have an untimely death, not as a great investment tool. Think about it, we don't have a savings component in our car, health or home insurance so why in life insurance? Minority Mindset for the win 🏆

[@theentheosdetinagas]

@stardeem Much of what you said is true. Now what is incorrect is you sumised life insurance to be like car insurance and so on. Here is a tidbit of information you must not be privy to. Life insurance has more benefits for living than any other asset you can have. How did Ray Kroc use life insurance to pay his debts during a recession? What about J.C. Penny who used life to keep his stores open during the Great Depression? If what you say is true how did these magnates of industry utilize something that is only for death benefit/asset protection? Do you know that Life Insurance is a Tier 1 asset with banks and Corporations? Do research on the Infinite Banking Concept, High Cash Value life insurance, Over funded life insurance.... Indexed Universal Life insurance or Paid up additions life insurance. You have been lied to indeed and I can provide more sources of information to give you information not propagated on fallacy about a properly structured life insurance policy. Peace, wealth and health to you.

[@shakezmaybe3192]

Great cardigan, Jaspreet.

[@tongtyyang]

If you don’t have insurance your assets will be your insurance. Not everyone wants the risk involved in real estate and stock market. WL and IUL are different strategies to grow your money and can be used as leverage to buy real estate or fund business aka infinite banking. Different vehicles have different strategies if used correctly.

[@lamie13]

Life insurance is not a financial investment - Life insurance is a great RISK management strategy! SUBSCRIBED!!!

[@wmbedsole1]

This is why I love this channel, 100% honesty. Equality for all people! Definitely live up to your name Singh. ( Lion ). Cause your a lion fighting for us.

[@rajbeekie7124]

Jaspreet you are wrong. I trust my insurance guy. He told me that he could structure a variable life policy that would work for me. He said the problems are most people don't have the "correctly structured" policy. Poorly structured plans are why people don't make a lot of money when they use life insurance as an investment vehicle to build great wealth. When "correctly structured," it is the best investment plan. This is what rich people use to keep their wealth. I am about to cash out my 401 k and IRA and invest in a life insurance policy. Next year when the taxes are due, I will borrow from the "correctly structured" plan to pay the taxes. In this way, no money comes out of my pocket. The money will grow tax-deferred and when I die my family will get tax free money. Jaspreet, what is there not to like about this "correctly structured" plan??? Okay, I am kidding. I am not buying this "correctly structured" plan. I run the numbers and I believe I can do better on my own. I think the guy used the word "correctly structured" plan about 50 times as he tried to separate me from my money. RUN from life insurance as a wealth building tool.

[@paulkoller8104]

Partially true. The problem with life insurance, and annuities for that matter, is people buying what they don't understand. Life insurance and annuities are fairly complicated and take work to understand. People are lazy about it and don't do the work to understand what they are buying.

[@titonothere6179]

What company is your agent w/? He or she seem like a well educated agent.

[@rajbeekie7124]

@@titonothere6179 Hi David, judging from your response it seems you believe life insurance if structure correctly can be used as a wealth-building vehicle. Life insurance as wealth building is a rip off. RUN

[@rajbeekie7124]

@@paulkoller8104 Paul, I don't believe people are lazy. I believe they just haven't taken the time to wrap their heads around wealth building and how insurance companies make money.

[@titonothere6179]

Raj Beekie haanji, correct!

[@jasonjin115]

There are two categories of life insurance: Term life & Permanent Life. Whole-life insurance is one type of Permanent Life insurance. If tax-efficient investing is your goal, cash value oriented VUL (variable life insurance) or IUL (indexed life insurance) are types of Permanent life insurance to consider. There aren't many agents selling Whole life insurance anymore, not since we've entered into this low-interest environment. This video could make people think whole life insurance is the only type of permanent life insurance, which is far from the truth.

[@titonothere6179]

Jason Jin you nailed it! ✊🏽

[@joeysanchez6777]

Life Insurance is for risk mitigation. If you invest properly and save money your risk is already mitigated therefore you won't need life insurance.

[@farocean111]

My friend’s part-time job was a life insurance agent. She tried very hard to persuade me to buy the insurance. After I knew the cost and return of the insurance, I refused to buy it because that plan sucks. and then, my friend never talked with me again. I realized that she was nice to me just because she wanted commission.

[@bgully8472]

😂😂😂😂Damn

[@multimeter2859]

If she was really your friend, she would have agreed to a lower commission in the form of splitting your premium between base and PUA, so you could have high cash value year one.

[@danielmartinn]

I was quoted $49.84 per month for term life insurance of a $1,000,000 and that was the cheapest. I’m healthy and 23 years old

[@thaik56]

per month?

[@danielmartinn]

@@thaik56 yes

[@thaik56]

@@danielmartinn nice I'll shop around for mine too soon enough.

[@egod7m995]

I really love this video so honest

[@CCoburn3]

I used to work for a life insurance company. That's why I don't carry a life insurance policy except for the term life policy I have through my work. I'm single with no dependents. I don't NEED life insurance. The policy I have through work would bury me if I died broke. Other than a small term life policy to pay burial expenses, a person in my position should NEVER carry life insurance. It is a waste of money.

[@VAGO4FUN]

You do everyone a disservice when you don't have your facts right , yet give advice about the subject. You are talking about Insurance from the 90's. The Insurance of today is much more beneficial to the consumer. Todays Insurance has death benefit, living benefits, life time income on a tax free bases. My personal policy made me 12.5% compounded monthly last year. And when the market crashes I go to a zero floor and when It picks up , I start from where I left off. Show me a product that will do better for the average person to invest in their future.

[@bethanyVee2009]

Jesse Villasenor Thank You!!! I was wondering what he was talking about. My policy is working well for me and it’s not even close to $850.

[@calebderavil7464]

Can you use the money without having to borrow it?

[@VAGO4FUN]

@@calebderavil7464 I'm assuming your talking about a life Insurance product and the answer is it depends. There are many factors to consider in your question. It would have to do with what type of policy it is and how it was structured. I specialize in IUL's and the best way to use the accrued value is to take out a loan. The advantage of this strategy is that loans are not taxed because you pay a small percentage fee. This fee can either be used as a tax write off or payed out of the growth percentage.

[@astroman30]

Liar.

[@VAGO4FUN]

@@astroman30 Are you calling me a liar or someone else? If it's me please tell me what I've lied about, in your opinion.

[@rodrigomontoya1145]

Perfect presentation, thanks.

[@edi9892]

There's another mean trick: they use the first year's to pay for the expenses that have been calculated for the entire running time! Thus, some contracts can legally give you nothing back at all!

[@winchucky]

Finally a simple explanation about life insurance. Thank you.

[@irishtanael8459]

thank you for this crystal clear info.

[@tomikoeaton9786]

Term life saved my life

[@ZacharyLaid]

Make sure coronavirus is covered under the policy.

[@felipebarron3479]

I see you everywhere....

[@NicolasGanea]

Zachary Laid Finding Freedom gold!

[@thisisatrium]

So far it covered.

[@stevenanderson7194]

Professional life insurance underwriter here. Life insurance policies cannot and do not exclude specific diseases. (There may be exceptions but I've never seen it.) We WILL, however, verify whether you have, or have had, any medical conditions, including coronavirus.

[@KodeStreet]

I have a whole life 20 year pay policy, that I am 4 years into. Got some things to think about now.

[@titonothere6179]

Kode Street whole life is like the flip phone of insurance. Upgrade to the iPhone 11 of life insurance. The IUL

[@ryanweston9677]

David Herrera IUL’s aren’t much better. Term and invest the rest.

[@titonothere6179]

Ryan Weston oh really? How’s that going for the boomers? 11,000 boomers are retiring every day! They just lost 30-37% in 3 week in their Mutual funds. now most of them who bought term back in the late 80’s and early 90’s are about to expire. Then what? Buy another 30 years? It’s going to be super expensive at that age. Buy term and invest the difference is such an out dated method in today new economy. I work in financial services and I have never seen a client who got term and invested the difference and ended up w/ millions at retirement.

[@ryanweston9677]

David Herrera you’re assuming those folks were heavily invested in the stock market as they approach retirement. That’s not good, and that’s on them and their financial advisors for not shifting to conserving their wealth. You’re right, most people DON’T invest the difference, and again that’s on them. IUL’s are expensive and not a good idea for most people. Hell, most people don’t even buy term insurance. You’re just one of those people trying to make a big commission that Jaspreet is talking about. I bet you sell IUL’s to people that don’t even have an emergency fund.

[@titonothere6179]

Ryan Weston like I told someone else on here, IUL’s aren’t for everyone! I wont sell an IUL to someone that I know can’t keep it long term. The person is either getting a term policy or final expense policy if that’s the case. You’re assuming all life insurance agents are the same. Let me inform you that’s not how I built my book of business sir. I built my book of business off term policies in the beginning. Now 10 years later I’m in a bigger and better market, I do a lot of IUL’s for high end earners! I’m always looking out for my clients best interest.. I don’t over target the policies like some agents. I give them just enough coverage so they’re money grows faster. Mission before the commission! And just so you know I have term insurance too! I’m not against it I just know eventually it’s going to expire before I do ( I hope ) Only 2% of term policies pay out due to the client dying, most ppl out live their term policies. I only have a term LB In case I get sick and need money to pay for bills and my IUL’s.

[@XxW4FFL3MAnxX]

"Wait is that a Big Mac? 45 years" LMAOO

[@a.s.b.194]

I'm at a crossroad. I'm torn about what to do. What do you do when a term life policy runs out and the person is not dead? Isn't there a certain age where a person can't get get big insurance policies anymore? (You get stuck with being able to get just about 25k or less which is no money.) And if I invest in real estate instead how do I not leave the burden of making payments on my properties with my loved ones if at the time any of them are unoccupied (at least until they sell)? Right now if my death depended on my stock, my money would be down by 50% bc of the crash right now so my fam would be screwed. It is clear that the whole life benefits aren't huge, but Whole Life Insurance just seems to be safer and less of a head ache for the benefitor. I don't know what to do and I don't want to regret my decision. The cost of life insurance goes up every 6 months as I age so Im feeling a lot of pressure to decide soon. Nervous.

[@theentheosdetinagas]

@Sunnyside Thank you for being analytical of what was said. The safety in Permanent life insurance is unmatched. There is a concept called Infinite Banking, Tax Free Retirement, or High Cash Value policies. Look into those. Banks and Corporations use life insurance as a Tier 1 asset. Bank Owned Life Insurance. Key Person Life insurance. Don't be fooled by sponsorships and affiliate commissions. If you need further assistance in research or UK information let me know.

[@RoyalCopper]

ABSOLUTELY BODY BAGGED THIS TOPIC!!!! I CONCUR 1000%! IM A FORMER TERM LIFE PRODUCER/ AGENT AND I USED TO INFORM PEOPLE WEEKLY ON HOW WHOLE LIFE AND UNIVERSAL LIFE AND ALL OTHER POLICIES BESIDES TERM WAS PURE ROBBERY! THANKS AGAIN FOR THE CONFIRMATION!

[@Gladiator4her]

I love your channel Jaspreet, but you had so many things in this video that are just not true. You mentioned many types of insurance, but did not mention dividend paying whole life with a IPUA. It is not an investment, it is an emergency savings account. Wealthfront pays .26% interest on savings accounts. Properly structured WL with dividend pays 5 to 6%. It pays compound interest, even when you borrow against it. That is the reason you pay 5% interest to borrow, because you are not borrowing your cash value, you are borrowing against it. If I owned a $250,000 dollar home, and took out a home equity loan of $50,000, and then sold the house for $250,000, am I going to get $250,000 or $200,000 after the sale? My $500,000 policy I bought 20 years ago is now valued at $835,000 because of IPUA. I have borrowed around $200,00 from it over the last 10 years to purchase 9 rental properties. I do not plan on paying the $200,00 back, so it will be deducted from my death benefit. Which means I would only get $635,000.....from my $500,000 policy. And, after year 14, I no longer had to make payments, because the dividends can be used. Many WL sales people are greedy, and will try to sell you the wrong policy, or things you don't need. But, I would not refuse to buy a car because some car sales people are greedy. WL is a great savings tool (it is NOT an investment) that is allowing me to retire from public school teaching 10 years early. I still love you Jaspreet, and keep hustlin!

[@DenzelNapoleonRodriguez]

Gladiator4her finally someone who understands the other side of high cash value permanent life insurance. These people all forget about PUA rider and the fact that we can have both term and whole life put together. In his example I don’t have to pay 850 a month for the death benefit I can have most of that 850 a month in PUA then a small amount cover the term might even end up with more than a million. I’ve been finding my policy for 2 years now dumping in 70k a year and I’ve been investing in the market, real estate, and my own business. I follow what the ultra rich do and have always done :)

[@astroman30]

Show me a WL policy that pays (after fees/commissions) 5 - 6%. Tell us what company you represent so we can tell them your claims.

[@sammyp3383]

Would you please make a video about IUL!!! The good and bad lol you energy and insight are awesome 🤩

[@ryanhuber9842]

Your the man Jaspreet, always enjoy watching your videos. Highly informative and I study a lot of finances. Your always on point

[@lavigne2929]

Thank you!!! Now I get it. This helped me a lot!!

[@earlharden175]

I really like your channel. I think you did a hasty job here. I'm not a fan of WL but most companies give you 4% straight up and a dividend of 2-4%. I have an indexed policy I'm averaging 12% on. I take policy loans to invest in multi family real estate among other things. The interest earned on my contributions pay my loan off. Any interest on my loan goes into my cash value. I pay $75 a month for 500k.

[@astroman30]

The average ROI on a cash value policy (after fees/commissions) is about 1.5% BORROWING against your own money only to lose the CV to the insurance company is a stupid plan.

[@earlharden175]

@@astroman30 That's absolutely not true. I've been hearing Primerica guys say that forever. I have multiple policies with North American and Midland where the are no fees outside of premium and I can profit off the top 200 companies in the S&P 500. My policy loans are simple interest 2.5%. The abitrage is 8% or better most years.

[@astroman30]

@@earlharden175 So, what happens to all your cash value when you die? Be honest.

[@sumeshkuriakose]

Good information Jaspreet, one of my friend joined a whole life for his kids from " world financial services " ... basically a money chain with the same way Jaspreet talks about Wholelife , he is paying $200 month thinking its th best whole life for his kids , I told him several times to do your homework n it was too late now.. to me, i would take a Term life n save money....Thanks for the Video

[@DenzelNapoleonRodriguez]

Sumesh Kuriakose it’s never to late to amend an existing policy and design something that is better and more efficient

[@sumeshkuriakose]

@@DenzelNapoleonRodriguez yes sir

[@donniefhosein]

So true.... just like how an expensive car is not an investment

[@iamnottheone3020]

The take away from a random KZbin guy name Jaspreet:Save and Invest your own money in income producing seeds and just say NO to whole life insurance - don’t be willing to give the insurance co your cash value! Get a term life insurance policy and be willing to BUILD your own wealth.

[@thisisatrium]

True, but how many people are disciplined enough to do that? It’s sad, but most people get a raise or save on a mortgage by refinancing and they just spend the extra. They end up back where they started, noting saved and possible in more debt, because now they have more disposable income so they run up there credit cards because they have more money to pay the bill.

[@iamnottheone3020]

thisisatrium Floralandia Me, i’m disciplined enough to do this because I did it my entire life. Those that Possess financial literacy are the ones that will come out on top after this pandemic. Those that don’t know can still learn but they have to want to learn, if not they will be in the same boat for the rest of their lives. It’s all about good habits,responsibility and accountability so people should know by now running to the government for help won’t work.

[@hpdpco6634]

Its not an investment if you can claim it only when you already dead. It is a one time gift though that you give to your loved ones when you die.

[@DuhIdiot1]

If the Big Mac comes with a big ol' side of guac, do you get any of the five years back? 🤣

[@Unclesteve16]

Thank you for exposing the whole life scam trash value scam.

[@titonothere6179]

stevefbzzie how’s that term scam working for boomers rn in 2020? Most of them are about to lose their 30 year term during this virus.

[@Unclesteve16]

David Herrera you must have whole life trash value.

[@titonothere6179]

stevefbzzie I actually have term and Permanent life Insurance. Not whole life tho, that shit is garbage. Whole the hell has whole life when there’s IUL’s.

[@titonothere6179]

stevefbzzie you didn’t answer my question tho? How’ are those boomers doing who got a term policy 30 years ago? not only did they lose money in their 401k’s, some are about to lose their term policy bc it’s about to expire in the mist of a pandemic.

[@Unclesteve16]

David Herrera ok I’ll answer your question boomer should’ve been more financially educated, like this channel teaches. If Boomers like my parents were more financially educated and prepared they wouldn’t have to cling to a whole life trash value that’s only going to pay them $100 if they die, how is a company going to say they could borrow their cash value but you have to pay it back with interest? Then the company tells them its your money! Not it’s not!? It’s criminal! With term insurance you get what you pay for no catches no hidden bs. I learned from my parents mistakes. So you want people to rely on their life insurance? How is that a smart idea? If people from a young healthy age get a cheap term policy and invest about $300 a month with a 9% from age 25 to 65 they would be a millionaire. But I guess you would rather sell whole life and only give them $100k for retirement.

[@smallk6453]

Great video

[@hip2dadip]

Awesome! Awesome! Awesome! This is just what I've been needing to know! Thank you! I love you!❤🙏

[@waterheaterservices]

This guy is great

[@JackTGreat]

Thanks for the video!. As soon as I heard the description for whole life insurance, I thought, "hey isn't that just a savings account with more steps?"

[@Rogue-Sentinel]

1,656,000 views and counting in the last 4 weeks. You are CRUSHING it Jaspreet!

[@yorkpa3767]

Love you Jaspreet Brother!!! Would LOVE to hear thoughts on a small whole life with long term care rider, sounds like a more promising approach???

[@chesterdeocaris7889]

Nice video!

[@15KHPCLUB]

Wow, it really pains me to see the lack of due diligence being done by the majority of people in this comments section! 😂😂😂 This is another example of BTID (Buy Term, Invest the Difference) philosophy. Jaspreet didn't even discuss other types of life insurance such as variable universal life insurance, which can be used to grow a cash value with market-linked investment options. Not to mention, he is exaggerating the cost of whole life just so he can push term insurance and sell more investment products. If you're considering purchasing life insurance and investing, please work with someone who is a lot more transparent and lays out all of the options on the table and then you can determine which option works best for you and your case. Think about it, would you go to a doctor who is only willing to prescribe you one drug? Or would you rather go to one who gives you several different options that may work a lot better for you? The choice is yours...

[@srkn100]

Tyler Lowe you must be an agent

[@15KHPCLUB]

@@srkn100 CFP for the last year

[@astroman30]

Liar

[@a225577]

Very informative and simple explanation. Thank you!

[@andrewpeyton5167]

I am 45 years old, non smoker/good health, $2M 35 Term policy is $4393 per year.

[@astroman30]

How much is the death benefit?

[@andrewpeyton5167]

@@astroman30 $2Million

[@rcarbonell07]

Yeah, investment grade insurance contracts, although unpopular for not being as profitable for agents, is a different way to do what these marketing ploys are selling. The yeild vs cost of loan is so tight, there's actually a feedthrough arbitrage built by tax and inflation benefit. It's not a wealth building foundation, but rather, the icing on a very complex cake that often combines IBC with Velocity Banking. Most people who don't live and breathe finances don't quite get this, as it is VERY counterintuitive, and few people can actually pull it off.

[@luisoar1277]

Jaspreet, you have just saved my life! Thanks

[@MinorityMindset]

💪💪💪

[@theentheosdetinagas]

Unfortunately he just sold you on a load of bull feces. Look up the Infinite Banking Concept, Tax Free Retirement, or High Cash Value life insurance. IUL life, Universal life, Variable life. He talked about none of those and sold you term because Policy Genius sponsors him. Term is there backbone. If term is the best choice why do only 1%-2% pay out? After you're done with that and your stock investments have lost 40 or 50% like in 2007/08 or 2020 right now what do you do? Think deeper than anyone pushing there sponsors. Everything is but a half truth.

[@iamokay5676]

@@theentheosdetinagas if stocks is 50% down, I will continue to buy more since they are on sale and ride the market. I believe in the American economy and that it will always go up. He is absolutely right. Term is the way to go! I absolutely think you are wrong on this topic!!! Keep up the good work, Jaspreet!

[@tsadkiel2008]

"SANTA'S REAL?" Lmao i needed that little chuckle after the end of this week.

[@arun7kurup]

Great video. I appreciate your effort and ability to make confusing topics more simple. What is your opinion on life insurance from an employer versus 3rd party term life insurance (let's assume both are for the same amount by paying a bit more through your employer)? I welcome and value your thoughts.

[@stillness4610]

You went over every last one of my thoughts in this video! Same frustration and passion about investing and everything! I even used Policygenius. I just did it before seeing this video.... On the ball and all.

[@ozzyceo]

I have permanent life insurance of 1 million dollars for 101$ a month at age 28

[@theentheosdetinagas]

Let them know the truth.

[@rajbeekie7124]

Oswaldo, I am guessing you have term life insurance in the shell of permanant life. I am also guessing that in the fine print in the policy you will see the policy will lapse in your 60s if additional premiums are contributed to the plan. I bought a policy just like yours. It was years after I read the fine print.

[@ozzyceo]

Raj Beekie no it’s permanent life insurance I’ve looked through the illustration, I also have term so I know the difference

[@ozzyceo]

Raj Beekie it’s an indexed universal life

[@rajbeekie7124]

@@ozzyceo Okay, I have a permanent one that will lapse in my late 60s if I don't drop a ton of money into it. I wish you well.

[@Thomas-gq2tv]

I got Term Life Insurance with Primerica, I'm not sure i pick the right company

[@chriskiser3685]

My mother purchased a whole life plan for me in 1990 through Globe Life I was born in 1986 and to this day I'm paying $30 a month to Globe Life for this little $10,000 whole life life insurance plan which I checked on about 6 months ago had a cash value that I could borrow against of $1,600, I have never put much or any thought into this policy but considering I'm 34 years old and healthy, I guess am I stuck paying this $30 a month for the rest of my life or am I looking at this or going about it the wrong way, should I be exploring other options such as a Term Policy before I get any older should I put the money I have been paying on this policy to work to earn me more money or just keep paying the $30 a month and consider this a emergency backup if I ever need it , so many questions when it comes to a life insurance policy lol but love the daily shows and definitely I have learned a lot from them, keep up the great work and stay healthy and advice is always welcomed

[@sach991]

Hey jaspreet a question for you when you soliciting a lot for Real estate all time.. I have a doubt how real estate investment is completely free..when you have to pay property taxes on your invested property...!!

[@asmarbilalsr7769]

Thanks

[@normagarcia4854]

Thank you

[@seariesbizzness1959]

Your last video on investing in market was great however the million dollar analogy was awesome but remember the whole life policy doesn’t give u that money when your family dies it goes back to insurance company and u didn’t say that so you are being dishonest. Your family doesn’t get a big check dude it’s not guaranteed pay out they only get death benefit. Also you should cover there crappy interest rate on whole Life policy it’s 1-3% at most. You must not be licensed

[@horacepearson9423]

Jaspreet, excellent 👌 video on life insurance. Did purchase term insurance when I purchased my 🏡 and that the house is covered and given to my children. Again thanks for the presentation.

[@akangell]

This started out nicely, where you made sure to explain there are lots of different kinds of insurance. Then you said you'd focus on term vs. whole life...okay, sure. But then you proceeded to compare term to only one of many different flavors of whole life. Everything you explained is indeed true of a badly designed whole life policy. Everything you've said here is exactly false of a properly written whole life policy. * The death benefit grows by as much (usually much more) as the cash value amount. You pay a premium, your cash value increases, and the death benefit increases as well. You don't lose that amount. It becomes part of the death benefit. Yes, if you have a policy loan outstanding when you die, that portion is deducted form the DB payout as it should be. The DB at that point would still be much larger than you started with. When people say this they act like the cash value grows but the DB never grows over the life of the policy (which is indeed what happens in a badly written policy.) * The policy itself is not the investment. Yes, the returns suck in the policy itself (although over time it still comes out pretty good.) Yes, you can borrow from the policy, which means you're using the insurance company's cash instead of your own, and invest that money into other things at any time. So just like "buy term and invest the difference" you can "buy whole life, and invest the difference between your base premium and what goes directly into cash value." A properly designed policy will have 90% of your premium available as cash value on day 1. You can use this cash to invest in cash flowing assets, which pay back the policy loan and then some. Meanwhile, your cash that was still sitting inside the policy was still earning its uninterrupted compounded return while at the same time, the same dollars were earning your actual investment grade returns elsewhere. The policy is essentially your cash reserves...very similar to savings account. Over time, if you don't cancel after 10 years like you're saying most do (because they had a horrible policy) the internal rate of return of the policy will be around 5%. This is a compounded return, where-as you're paying simple interest on policy loans. As such, you come out much further ahead here than you would otherwise. * It is not difficult to access that cash at all. It's about 5 clicks on a website, and the cash shows up in your bank account within a couple of days. Now you can use it for whatever you want (but again, the proper way to use this cash is a cash flowing asset of some sort that pays back the policy.) * Your example of 7% year assumes you get that return EVERY SINGLE YEAR, without EVER having a bad year. Ask anybody right now who just had 4+ years of returns wiped out in about 2 weeks how they feel about that..?? Averages are BS. Actual returns are generally much less, and in reality, end up around 5% when a variety of time ranges are reviewed, which is the same as the GUARANTEED internal rate of return in a properly designed whole life policy...which yes, is tax free. Now, I'm not saying I'm one of these people that says you should put all of your cash into life insurance. I would always suggest you utilize qualified accounts that suit your investment styles to the best of your needs, and consider whole life as a potentially powerful way to help you build your wealth AND guarantee your family legacy when you die. That's the thing, you can have this cash working for you inside the policy AND use it for whatever you want outside the policy at the same time. When you use life insurance like I'm talking about, the DB is a secondary benefit of it. Use it for the LIFE benefit, and make sure it's designed for that, and they are awesome tools to include in your overall portfolio. To only focus on what a horribly written whole life policy would be like is a disservice to your subscribers.

[@theentheosdetinagas]

You sir are a saint

[@astroman30]

There is no such thing as "a properly written whole life policy." Hence, it's garbage.

[@akangell]

@@astroman30 I laid out some very clear examples of what makes a properly written policy vs. a badly written policy. Your blanket statement does nothing to counter those points. I'm open to learning something if you can tell me where I'm wrong.

[@astroman30]

@@akangell Simple question: What happens to the "cash value" when the person dies?

[@angelleye]

@@astroman30 Very common argument against whole life, and is exactly one of the variables I am talking about with a "properly designed" policy. When I was studying all of this and shopping for myself, most of the WL policies out there had a DB assigned, and that DB stayed the same no matter how big my cash value grew. When I die, the policy pays out the DB only. I agree this is not a good design. With a policy like I'm talking about, and the way mine works, the DB increases in value by more than the growth of the cash value. So yes, the policy still pays "only the DB" when I die, but that DB has grown by more than the cash value amount. So it's not being lost. It's included in the DB that gets paid out.

[@thooker22]

If set up correctly, whole life cash value can be used in lieu of traditional bank financing for every day life we expenses, or more strategically to leverage payment for other investment opportunities while continuing to grow interest and dividends. Two folded investment vehicle, not necessarily just a life insurance policy.

[@astroman30]

Paying a company to BORROW against your own money, and you think this is a good idea?

[@Pappa953]

Whole of life insurance in the UK. Is not the same animal that Mr Singh is talking about. It is a non investment contract with no cash return at the end.

[@HHHunters]

Whole is the wealth building tool out there. Hands down.

[@astroman30]

Bullshit....trash value insurance is a scam. Letting an insurance company invest your money is beyond stupid.

[@mariocontrerasgonzalez2786]

Good video 👍🏽👍🏽

[@dustinanddylc]

In an IUL You can buy a rider that provides your family death benefit and cash value The interest on the loan can be as low as 2%. That beats any other loan you can get for other assets like rental properties and the people who use it for infinite banking do pay it back so they also are paying themselves a margin of the rate The loans collateral is the death benefit, so the cash value is never reduced (if taken properly) so it is received tax free and the whole cash value continues to compound The investment is protected by a floor of zero. The most you willl lose value in any one year is The annual fees for the policy You can build in long term care coverage into the policy If you own a business the business can buy the policy for you and the premiums are tax deductible

[@maryjohnson1399]

Thank you so much for sharing your knowledge! I have always wondered about the difference between the both. You made it easy to understand.

[@romerome6968]

What about Nelson Nash. Theroy? Does it work? Or it's a scam? Please make a video. Thanks

[@DenzelNapoleonRodriguez]

Rome Rome I love the Nelson Nash theory been doing for the past 2 years now I’m putting 70k a year into my whole life policy and then I borrow the money out and invest and 10X my income. I never lose the principle money 💰

[@astroman30]

It's a scam.....Never a good idea to borrow against your own money.

[@romerome6968]

@@astroman30 explain. Why it's a scam. Because I can explain why it's not a scam just another vehicle of hedging. Please prove me wrong so I can learn what u know. If you can't prove it then it's a wtv comment. Thanks for your time

[@astroman30]

@@romerome6968 The only way to get money out of the "cash savings" in a WL policy is to BORROW against it. That's right, borrow against your own money paying it back PLUS interest. Plus, it takes YEARS to build-up any sizable amount for your "cash savings." But wait there's more, the ROR on the "cash savings" (after fees/commissions) is less than 2 %.....Sound like a good deal to you?

[@davidwhite3654]

Great video. There is one aspect I would add though. If that same 30 year old outlives his 30 year term, how much would term life cost him at 60? Assuming he did not accumulate assets as he should have in his lifetime...

[@AcesizOfficial]

Facts

[@tonylinardi3089]

Talk about disability insurance. My broker never answers the phone and the insurance company plays stupid. 20 years in who do I talk to?

[@CalebOliver]

Thank you for this info Jaspreet! God bless you! 🙏🏾

[@MiriamHartnell]

Im such a sucker for intelligent strategic minds

[@abipaye2348]

Can you make a video on index universal life insurance. Appreciate

[@titonothere6179]

paye youpele it’s the Swiss Army knife of financial services. The more ppl dig the better it gets w/ IUL’s.. disclaimer; IUL’s aren’t for everyone not everyone qualifies.

[@astroman30]

IUL is a scam. They take your money and invest it in Index funds while charging high fees. You can buy term and invest in index funds yourself saving lots of money.

[@michaelaidoo9]

awesome. If i cancel my term insurance, will I get some money? Thank you for the breakdowns

[@astroman30]

No...Hence, you only buy insurance as a risk management goal.

[@davidacave]

Sir, thank you so much for explaining this! You have really opened my eyes!

[@WealthbuilderzTV]

Life insurance was very complex to me until I watched this video. Great break down

[@mathyouschmitz]

My life insurance is paying 5% Also when you take money out of your saving account, don't you generally pay your self back to refill your account back up. With whole life PUA riders you can take the money out, but your account still grows as if you never took it out. Yes you pay your self back with interest, but why would you want to pay a bank and not yourself. Also you get to set the repayment schedule. So you could buy a rental property that could pay you back each month, use that to pay yourself back and now your money is working in 2 places at once.

[@astroman30]

BORROWING against your own money only to lose all your cash value to the insurance company, and you think this is a good idea?

[@djskinztech]

Great job Jaspreet. But you only talked about the original whole life insurance though. an Indexed Universal Whole life insurance policy does give your cash value to your beneficiaries and does provide better roi. Not to mentional the founders of Walt Disney, JC Penney, McDonald's, etc. all used their whole life insurance policy to fund their business. Why would the rich use it if its not a good investment? I will checkout Policy Genius

[@djskinztech]

I have both btw

[@tnt600]

Buy Term and invest the rest in a designer purse, a new car, a new remodel and you will never invest it. His information is generalized and misleading. Your money is your money, cash value is not taken from you. It takes usually 2 to 3 days to get your money.

[@Jose-Guerrero-1754]

Can you please review MPI or option B index IUL!?

[@astroman30]

IULs are garbage with their high fees/commissions.

[@Dapperdave-gg6vx]

Can you explain the difference between Universal Life Insurance and Whole Life Insurance? Thanks..

[@paulkoller8104]

This is the internet. Don't be so lazy. Do it yourself.

[@titonothere6179]

Hmu via zoom I can explain

[@stacyjohnson7395]

BEST EVER‼️‼️

[@gscraggster6553]

Dude I love you videos, your advice is invaluable, to the uneducated and reassuring to me that I have made good choices along the way, every day is a learning day thank you 🙏

[@l.a.williams1879]

I only market Term insurance.

[@eljuancho2]

Thank you very much! priceless information!