Term Life Insurance Benefits And Disadvantages In Your 20s And 30s - EXPLAINED

Term life insurance explained! This video - Term Life Insurance Benefits And Disadvantages In Your 20s And 30s EXPLAINED - goes through term life insurance basics, pros & cons, the 4 reasons for buying term life in your 20s & 30s & one of the key term life insurance riders.

If, like many of our clients during the pandemic, you’ve been wondering - should I buy life insurance - then watch on! This is our guide to life insurance for dummies!

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0:00 Intro
1:58 Life Insurance Basics | Terminology
3:15 Reasons For Buying Life Insurance
5:07 Why Buy Term Life, Cost and Pros & Cons
8:45 Four Reasons To Buy In Your 20s & 30s

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[kiansisondelarosa]

Hi! I'm a 20 year old working student and I have a life insurance with pru life UK, are they good?

[bunniehoney]

Thank you for this video! I was so confused about life insurance

[coocoocachooglin]

You said the biggest con of term life is not getting anything after the term. That's actually a good thing, If you take the difference of what you are paying in premiums for term, vs what you would have paid for the same death benefit in a whole life cash value policy, and you invest that difference in a low cost broad market S&P 500 Index fund like SCHB or VOO, in twenty years in your example, you would be well on your way to having a sizable balance in your brokerage account. Also, if you had done that, and grown a nice balance in a brokerage account in one of these funds, your need for insurance goes down as your net worth grows, so even though you would be older and might have to pay more in premiums for the same amount, you might not even need to buy insurance after the 20 years, you might be self insured at that point. Or, if you do still need insurance, you can lower the benefit you would need based on the difference of what you had grown in your low cost broad market investment vehicle. And oh by the way, you didn't have to give your money to the insurance company (fees) and the salesman commission to build your investment that you are in full control of.

[msdinba]

I did. Getting rid of it this round of open enrollment. I’m 52 and have no dependents