Different Types Of Life Insurance Explained | Term Life, Whole Life, Universal Life, Variable Life

I don't sell life insurance, so this is just educational. This video explains life insurance from scratch and by the end you will confidently understand the differences between the major types of life insurance like Term Life Insurance, Whole Life Insurance, and Universal Life Insurance.
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[@orionstafa]

"People are impressed by his ability to explain, and that's because he truly knows what he's talking about. When someone struggles to explain something, it's often because they don't fully understand it themselves, leading to a lack of clarity."

[@piomarcsuarezrn4656]

The way you explaim things clearly is an amazing talent. If youre a professor i bet your students loves you

[@PreetBanerjee]

Thank you so much!

[@kwasidapaah8383]

There is not too many of these videos on KZbin. Very easy to understand

[@riffmania]

this was the best video om KZbin talking about this! thank you

[@Maloha486]

One of the best youtube videos on life insurance video I've seen, and I've seen many

[@iyanashane]

Being able to explain things in the simplest form for anyone to understand is a skill only a VERY FEW can do….thank you sir 😊

[@Rhuarc]

I definitely recommend this video to everyone. Extremely well explained. So simple and straight forward that a 10 year old can understand

[@PreetBanerjee]

Thank you very much!

[@6alisk]

Much better than my professor. Thanks.

[@josemarshallo1045]

My best video ever clear concise and elaborate about insurance . God bless you Sir . Much love bro.

[@stayhard2796]

This was the most simplistic explanation of life insurance. 👍🏾

[@justrandomuseronyoutube8621]

Well done....thank you for not skewing the information with your own personal opinion. Great video!

[@jnerikaat]

Wow 👏 ❤❤❤❤❤ where were you all my life. What a job explaining 👏

[@percivalbuenaventura7337]

This is by far THE best explanation of different types of insurance. So glad I found it

[@PreetBanerjee]

Thank you!

[@amitapatel6602]

Thank you...great job explaining the concept!!

[@ruthgar1519]

I am studying for the life license in my state, omg its confusing. Thank you for this video, really helpful

[@abrown7577]

Thank you! I'm just updating all my insurance and needed this!

[@PreetBanerjee]

Glad you found it helpful!

[@Zoulkarnein]

This is the best explanation I’ve ever got. thank you so much

[@PreetBanerjee]

You’re welcome! Glad it could help!

[@san.j594]

Thank you. I needed to know the differences. 🙏🏾

[@ladyt9560]

I have watched life insurance videos from time to time and this is the only one that makes sense to me. Thank you! I will be sharing this video with kids! A thousand thumbs up!

[@PreetBanerjee]

Thank you so much!

[@charles1843]

Wow! This is amazingly easy to understand! Glad I found this channel , learned a lot today!

[@borysjr]

I love the way he explains. ❤❤❤.

[@JoseHernandez-sq8yh]

Just the clarity i needed. Great job.

[@PreetBanerjee]

Thanks!

[@aparganiha]

amazing explanation, loved the charts, so easy to understand a tough subject

[@ramankapoor9208]

Omg! this video is great. Thanks a lot Preet for educating us haha!

[@user-im6nt6jp2h]

This was a very detailed over view. Thank you

[@badrimanidevarajan8697]

Nice work Preet. After a long time I am visiting your page.

[@mikehasthemic]

Studying for the exam to license, and Preet did a great job of carefully explaining this complex topic. Thanks Preet! I even used 1.5 speed and got it all figured out now.

[@ulisesr835]

Clear explanation, thank you!

[@shyneempress6059]

Thank you for explaining this 🤗

[@Jojo01171]

Crystal Clear!

[@Aline-Hans]

Just wow!! you are the best!

[@ttbolton80]

Thank You. Explained well.

[@MegaWellGal]

This is a very descriptive video and MUCH better to listen to than the AI voice on my Text-to-speech application. Thank you! :)

[@PreetBanerjee]

Thank you!

[@studywithme-adhdfocus6992]

I appreciate you so mcuh!! It is amazing to get great info that doesnt push me in either direction.

[@PreetBanerjee]

Thanks Lorenzo - that’s very kind of you! 😀

[@Junk65]

Excellent video. Excellent vocal and presentation skills. You should be teaching the media world how to speak in front of a camera!!!!!

[@MrThemosthayted1]

This free video was better than the course I had to pay for. 😂

[@PreetBanerjee]

I’m glad it was helpful!

[@spokothreadsgoods2395]

super informative video. thank you!

[@pheldonmajors2999]

I have a background in health insurance. Thank you for your insight!

[@Charmazing1]

Thank you for this very informative video!

[@sharoncadena5]

Amazing! I learned so much

[@g5realestate280]

Quite amazing explanation. One of the best. Crystal clear.

[@PreetBanerjee]

Thanks!

[@sportskid777777]

Excellent video and clear explanations on the different types of life insurance. Only diagram that confused me was the whole life one with death benefit and cash values, and the difference being the amount the insurance company has at risk. What about policies where the death benefit increases as the cash value increases? Anyways after thinking about it for some time I understood what you were getting at with the diagram. Perhaps a lot of policies have a fixed death benefit, but for the policies that do not the diagram doesn't fit. However for a video like this it's understandable to keep it simple and go with what is generally the case.

[@user-du7qp3qq6d]

Thank you sir 🙏🏾 you explained very well

[@mact.7333]

Great info on the difference.. thanks

[@somin3d1080p]

Thank you for this awesome and very simply explained video on life insurance

[@Keepcalmcalvin]

Mind blown sooooo clear

[@Keepcalmcalvin]

Thank you

[@jnerikaat]

Beautifully explained ❤❤❤❤

[@jamesking6636]

Fantastic presentation 👏🏻

[@lettymedina-ss8nb]

Thanks for the info,helped me alot❤

[@StephanieEvergreen]

This was so incredibly helpful.

[@PreetBanerjee]

Thank you!

[@aliciawinstead3101]

Thank you for breaking down and explaining. Just got hired to be a Call rep for insurance company, I'd like to know who I'm working for and how it works.

[@user-eq3kb2or7u]

Great work explaining 💯

[@samal8339]

Great content. Thanks!

[@ximenamiranda3032]

Thank you for making this video!

[@PreetBanerjee]

You are welcome!

[@JonzandNinz]

Thanks for simplifying all these types of insurance!! Great help

[@doubleg1239]

Thank you,

[@johnt.foreman5356]

Thank you

[@victoriang2182]

Timely -- I'm looking forward to that next video about which policies work for which situations! This is great content -- keep it up!

[@BriMarie929]

did i miss which video this is?? i dont see it on his page:(

[@elboogz82]

Thank you for this because you taught me more than my upline was willing to when I asked him questions ! I keep getting told girls training is how u learn but I just needed an explanation like yours beforehand. Again Thank you !

[@bjstengel]

Great video, thank you!! My wife and I studying for the insurance exam and this helped by keeping it simple.

[@est4084]

All best ,I just did mine 2 months ago and I’m working with WFG,it’s the best decision I made for my next journey

[@prakalp9422]

Very succulently explained Preet! Kudos and well done!! (Y)

[@streaxinthesky24]

I have to say this. I am an EMR trainer currently working in healthcare who is also a finance student at the moment. I understand the value of explaining things in a way that people off the street can understand. The way you explain this information is perfect and far clearer than many of my college professors. Thank you!

[@PreetBanerjee]

Thank you!

[@ainsleystewart4844]

Totally agree

[@karstenerdinger2167]

Agree 100%

[@truewordsworth8659]

Teaching is such a skillset...teachers must first understand how their student processes information the best before anything..standard methods aren't the most effective in my opinion...just because someone knows information doesn't mean they also understand the information well & in depth enough to translate so that's it's obtained

[@umkatakam]

Thanks for this video. Very easy to understand and follow these complex topics. You mentioned you will have a follow up video on permanent life insurance policies, and talked about a framework. Couldn’t find the link to that video.

[@PreetBanerjee]

I never got around to making that unfortunately. I’ve been on hiatus but currently plan and producing content again in June.

[@MigzyTV]

You are so handsome!! I was distracted the whole time :) I been in the life insurance industry for the past 2 decades and so far this vid simplifies everything. Thank you!

[@PreetBanerjee]

You are very welcome!

[@jamesbonde253]

Very helpful.

[@Star-nb1jk]

Thank You 😊

[@PreetBanerjee]

You're very welcome!

[@patriciodoig7962]

THANKS I APRECIATE YOUR YOB

[@haidar2636]

great video

[@woolerycapital5281]

Great video please send me the link where you going more in depth about these policies

[@romualdasstanenas8925]

Good review

[@rainoppus2521]

WOW! This is one of, if not the best video I watched about this topic. Just plain facts. No bias and I just realized that these terminologies are not that complicated after all. Knowledge is power indeed. Thank you so much Preet for sharing your knowledge for free :)

[@PreetBanerjee]

You are welcome! Thanks for watching!

[@Trevormy]

Crystal clear...The best edutainment so far on this subject. Its calm, collected, succinct, and well put together. It removes the boredom that several other channels on the same topic help me to sleep with. I am accidentally in the insurtech industry, and having lost a ton of cash to conservative agents who did, and do still, sell a mystery with a big promise that is never kept, I have been trying to wrap my head around this topic away from the debate on who is backing which Ramsey!

[@sarabailey-la2022]

You make insurance sound good 👍

[@michaelnaftaliev3516]

Really really solid stuff Preet! Thank you!

[@williamrobinson6680]

Very straightforward and articulate. Easiest one to follow I've seen. A lot of highly experienced financial wizards out there, but unfortunately talk themselves off into the weeds due to the complexity of the products. You remained in control. Thank you!

[@joshsicknasty]

Just started studying and learning the insurance world. And this broke down so many confusing topics!

[@Joe-ih3oi]

TERM is like leasing a car ( suck!!! Yes, it's cheap when you're young ), WHOLE LIFE is like leveraging with a 4% to 5% guarantee ( ok product, no living benefit, but you can add a rider to have it ), and UNIVERSAL LIFE and VARIABLE LIFE are very risky products to have just look at the stock market right now. ( I wouldn't touch these two products with the ten-foot stick! ) INDEX UNIVERSAL LIFE has living benefits, the death benefit, and it covers up to120 years old. IUL cap is about 11.2% right now due to the market. It used to be a 13% to14% cap. For the past 5 years, IUL averaged out 9.7%, 9.2%, and during two years of covid 8.27%. So max funded IUL, if properly structured and funded you will doubt up your money in 7 to 8 years. And your life insurance becomes a free base on the interest rate. IUL has ( level A ) focus on protection, ( level B ) focus on saving, and Max Funded is the way to go if you have a lot of money just sitting around in the saving account. I called dead money! you only earned 0.01% and with no protection. IUL if the stock market goes down you lose nothing. So zero is your hero unlike UNIVERSAL LIFE and VARIABLE LIFE. If the market continues to decline for 5 years or more. They're guaranteed a 2% payback for all those years you have lost. Which never happen yet!

[@Waly_Rabz]

Hey preet can you do one on the different types of Canadian pension plans

[@oscarconde2516]

I'm studying for my insurance license and you make this so easy to understand, Thank you!

[@rodrigomontoya1145]

You are as clear as water, your explanation is just fantastic; I dont have to be a genius to understand your clarity when it comes to life ins. Congrats I admire you a lot

[@PreetBanerjee]

Thank you so much, Rodrigo!

[@julystylez5087]

One of the better videos on this topic. Glad to see you are not pushing a side or another, but rather just providing the facts.

[@blackpow3r]

Wonderful break down. So what I heard was that I should get the cheap and temporary life insurance and invest and grow my assets so I shouldn't NEED life insurance later in life. Makes sense!!

[@PreetBanerjee]

For many people, that often turns out to be the prudent approach in general.

[@blackpow3r]

@@PreetBanerjee Unfortunately as I know through experience, (I teach this concept to people and I'm licensed in both) it is the most prudent choice, but not for the vast majority of people. There is a reason why people stay broke. They have a poor mentality and don't value the steps to take for delayed gratification. Even when it is literally laid out on a red carpet for them!

[@777sweett777]

You did such a good job at explain this! No need really to find another video that explains this. However, I searched for the second video you mentioned and I could not find it anywhere! Did you forget to make it when Corona V started? I guess I could look around for another person's video with tips/guidelines on how to chose life insurance. Thanks for what you've provided us with so fast!

[@ImranKhan-iz8gi]

How good it is to be reading your book for the second time and watching this video. Beautiful!

[@mdsumonmahamud7951]

Nice video

[@qrqr90]

Nice

[@JasonSmith-dn1bq]

NICE ON IT

[@keyweereyes1975]

Thank you sir, this is the best tutoring to all agents.. you clearly specify the needs and selection of what the clients needs. some talk about that their are bad agents around and so it seems they are the one that is knowledgeable and so clients should make an appt. with them. You do not. Instead you gave us additional knowledge and that way we have a confidence in dealing with clients.

[@PreetBanerjee]

Thanks Keywee!

[@cococabana1932]

This is gibberish

[@ohmonalisatravels8394]

Do you know what permanent life insurance or something equivalent is in Franc3? Any recomended broker in France?

[@frankhanson9260]

Great video! Perfectly explained

[@watsss]

Great content! This is exactly what I needed to learn. I have a non-participating whole life policy and I have two questions. 1. When the insurance policy gets paid out do my beneficiaries get taxed at all? 2. Can I withdraw any of the cash value before I die? Thanks!

[@PreetBanerjee]

In many jurisdictions, the death benefit is free from taxation. You can generally withdraw the cash value before death. You can also get a policy loan (which if not paid back, gets subtracted from the death benefit paid out.) I'll add that you should consult with a qualified professional to understand more about your own specific details/policy :)

[@watsss]

@@PreetBanerjee Thanks!

[@thinkingdev102]

Exceptional Teaching. I learnt a lot about finance from you. Keep it up.

[@PreetBanerjee]

Thanks Kazi!

[@stephaneringuet8486]

Which one gives you the right to borrow against the cash value?

[@mariavimacueto9203]

Thank you for these videos. I'm a fan. Is there such thing as an insurance that you pay for a certain period of time and you are insured for life? I have heard some agents would sell this way. Is this true? It looks like pay like term but insured like whole. Thank you in advance.

[@PreetBanerjee]

Maria Vima Cueto There is. Limited Pay whole life plans would have pay (a higher monthly amount) for a shorter period of time. You might hear these called “20 pay” for example in this case meaning you pay for 20 years, then no longer pay but have permanent coverage.

[@mariavimacueto9203]

@@PreetBanerjee Thank you once again. 👍 Continue what you are doing. It's a gift. 💐

[@thecollinpage]

Awesome vid. You explained this so well.

[@ghostoferlock]

lots of people say that U.L. is a bad policy. From my knowledge, it is decent, as long as it is funded to the limit for some years. Many people put the smallest amount in and want huge value in their policy. An older fellow told me some years ago that one of the best things he did was to purchase a policy and put in the most. What is your opinion ?

[@astroman30]

ULs are worse than whole life insurance policies. The fees/commissions eat up your cash value leaving you out of pocket costs to cover the ever increasing term (death benefit) coverage. Scam.

[@baltimoreboy42]

This is great but I can’t find the next video to help figure out what kind might be best for me?

[@PreetBanerjee]

Yeah - I haven’t actually posted it yet :( I’ll make sure to publish that soon. Thanks for your patience!

[@uzoidenyi7864]

Just passed my exam now thank you for this material

[@PreetBanerjee]

Congrats!

[@studywithme-adhdfocus6992]

This is honestly the best explanation on life insurance I have ever seen and I am sending this to everyone I know to explain life insurance

[@PreetBanerjee]

That is the highest compliment you could give. Much appreciated!

[@owenummayee682]

so handsome and well explained

[@marka980]

Sorry, maybe its me, but I've looked and can't find the video you mentioned on the "framework on how to determine how much life insurance you might need and who might need which type of insurance."