Term Life Insurance Better Than Whole Life? / Wealth Labs Podcast with Garrett Gunderson

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"I help people build sustainable wealth, increase monthly cash flow, and Live Their Richest Life without using budgeting or limiting your lifestyle along the way.” ~Garrett Gunderson
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Video host: Garrett Gunderson
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DISCLAIMER CONT'D: Garrett Gunderson is not a licensed financial advisor. He is an Entrepreneur, Wealth Strategist, and Author of the New York Times and #1 Wall Street Journal bestselling personal finance book - Killing Sacred Cows: Overcoming the Financial Myths That Are Destroying Your Prosperity. He is not providing you with financial advice in these videos. This video, the topics discussed, and ideas presented are Garrett'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.

[stephenlagana]

the problems here include comparison to the DJIA which is not a common investment vehicle. SP500 much more typical and fees are almost non-existent.

[kennethbaker]

Always great stuff, Read your book "What would the Rockafellers do" and that along with a very informative friend ( insurance agent and IBC advocate) has kept me learning everything I can to make an informed decision. I'm now planning to set up a policy with Ameritas looking at it and following along as we speak!

[soniajoshblodgett]

I think one thing that changes this whole scenario is that In most cash value policies, you do not get the death benefit AND the cash value. Lots of policies are written that way. We see them all the time.

[deweybunch]

Thank you! Taking my life insurance test Monday and I really want to be able to help people with the best information possible, thank you for sharing! I’m about to order your books now!

[creativityrevealed]

So I have been following you for awhile now and decided to spend time on your two books. I was once briefly involved with primerica and got indoctrinated that having a whole life insurance policy is like holding hands with the devil. Hoping to relearn some things and help secure my families future better than I have been.

[jacobreis]

One thing you guys may have forgot to mention or deliberately left out is that money in an investment account and money in a cash value policy are not even close to the same thing. You can withdraw money from your investment account and use it for things like retirement or making large purchases, but if you withdraw from a cash value policy, you are borrowing the money you put in on a loan and owe it back PLUS interest to the insurance company, AND if you were to pass away, the company only pays the death benefit NOT the money in the cash value. Plus, taxes are due if you've put less money into cash value policies than what you pull out if you surrender the cash value life insurance so saying "cash" and "tax-free" is extremely misleading.

[jrongway]

Since I'm in my 50's and my term insurance rates start going up next year it sounds like I'm screwed.

I can't afford the coverage that I need for a death benefit for my family.

What do you suggest I do?

[amandathompson]

This is what people don't understand about term insurance. It gets very expensive in your 60s. But the need for life insurance is still there. Term insurance is very expensive long term. Permanent insurance is better.

[bobby_ewan]

Max funded IUL. At age 60, CV $176k, DB $293k. Age 80, CV $1, 076, 098 DB $1, 192, 853 Cost of insurance at age 80 is $2, 842 for the year (WL guys love to say the COI in the later years is so expensive but they don’t know how to build them correctly with the right carriers).

[itsyourboyyeahmen]

Good day. I would ask which is better Buy term invest the difference or Variable Unit Link/ whole life insurance? Thanks

[chrisa.]

Hey Garrett,
When you mention cash values in WL, can you use cash values in the same way without dividends? In other words, does the system you talk about still work for non participating WL policy’s? Curious, from a licensed agent.

[smyrnachase]

does the market return of 5.34% information include dividends?

[kimbrough]

I love the truth concepts calculator. I found out about it when I read “Head I Win Tails You Lose”. Love your content.

[Clarc]

which insurance companies offer the client the most options? Are a paid-up-front policies, with the option to add more money, a benefit to the policy holder?

[rosejones]

What are the best companies to use to buy whole life insurance? And can you get policies if you are older or have any health issues?

[chrisrobbins]

Where can I get that software that he used?

[AndrewLXiong]

Great conversation...thanks for sharing this info

[evaprasad]

Hello,
I love to watch your videos, you have great information.
Question do you used IUL for this plans? I’m insurance agent and I do cash-flow IUL (using it as a bank from the beginning of the policy) that’s works out great, if structure properly.

[jP-nwnm]

New challenge! Some one who is in there late 20’s making minimum wage and has an emergency funds for 6 months in a money market and investing in a index fund do you go with whole life or what’s aa good move to grow? What about convertible you wrote about? Thanks this is all awesome

[brandongrennan]

Amazing info!! Can’t wait to research more and grab a whole life insurance policy.