Life insurance basics and what beneficiaries need to know

[@forestforthetrees1111]

Why wouldn't someone need whole life insurance, especially someone living paycheck to paycheck who don't have the means to invest as well like the wealthier people on TV talk about. This is not a dig, it's just a fact, so I think talking about life insurance for people with less money to spend monthly would have been a great addition to this conversation. Term life insurance isn't a good risk for everyone because what if it expires before you do?

[@zIvan024]

The whole purpose of life insurance is to protect your family God forbid something we're to happen to you. Term life policy's can go up to millions while most whole life policy's cap off at 50k, because they are meant for 65+ seniors looking to cover final expenses such as burial or cremations. Now the reporter was stating not to go with whole life if you are looking to make money because whole life policy's generate cash value but the rate that is accumulated is very low and usually don't see a crazy return in cash value so that's why she said get a term and invest the rest in stocks which I agree.

[@zIvan024]

Now their are also term police's that have a ROP(return on premium) if you out live the policy you get 25%-100% of premiums back. Depending on % of premium you get back that you choose the initial monthly premium will be higher. If you have any other questions lmk

[@thedoctorpk_]

I work in the industry and theres way more to this, but this is how i simplify Whole life if you want to protect assets, and family. term if you want low cost and temporary coverage. IUL if you want to make money and protect family. again way more info on this matter but a YT comment section isnt the place for this. |reach out if you want more information :) stay blessed.