Whole Life Insurance SCAM?! Should You Cancel the Policy?

In this video, we'll talk about the Whole Life Insurance SCAM! Should You Cancel the Policy?

We'll discuss the risks and benefits of cancelling your Whole Life Insurance policy, and help you make a decision about whether or not to cancel the policy. Thanks for watching!

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[Blkbeautee]

As a life insurance agent... I understand why people need iisurance. no cash value and paying $108 a month he could have paid for his own funeral or invested in stocks or something.

[chrisrichard]

Bruh had the audacity to say, "let's do it for the slow people."

[robertnelson]

lol its wild to me that this has less than 5K views but the drama and the exposing influencers have 10x this. This was a gem for me thank you. I was literally looking at whole life policies yesterday. 🤣 appreciate the class JT

[ninalynn]

I have a whole life policy for 50k. Have had for 13 years. Pay $48 a month. So I have paid $7488 in total. My net cash value is $5296.37.

[TashaLynn]

the internet run with anything.... thank you JT for explaining this to people

[GrowYourWealth]

I tell people insurance and investment are 2 separate things and they shouldn't use insurance as investment vehicles. There are however benefit for both whole life and term but it depends on each individuals situation. for him, not having a retirement, he would be best served investing in that money in a Roth. especially given his age. But for wealth transfer purposes whole life is definitely beneficial. One thing that is often left out of the conversation about term and invest the rest, is that if you have a 30 year term at age 30, once you get to 60 it ends. If you are uninsurable but wanted to leave something for your family, chances are you won't have much to leave, because while in theory, buy term and invest the rest makes sense, most people don't do it.

[clarkclarke]

Thank you for this ...
I was trying to have a little conversation/mention with a friend and they kept saying Whole Life was better .. I don't know a lot about insurance however I know I've heard that TERM LIFE was the better choice ...

So I guess if the caller stops paying that's it .. he has "lost" that $$$ ????

You're killing me with the Umar clip
😂🤣. 😂🤣. 😂🤣

[DubTuck]

My question is why did he get it... What's the purpose of the whole policy? They have a purpose, but not as an investment tool.

[jayali]

As an insurance broker and investment advisor, I always tell people skip Whole Life, buy term and invest the difference in mispriced high-grade bonds at the highest tax-equivalent yield you can find if you want that money to be there for your loved ones.

[nowyaseemi]

Thanks SO MUCH for taking advantage of this teachable moment. I truly appreciate you for the clarification JT!!!

[busyrand]

Thank you for this... I sold insurance, but never understood this...

[ultramegasuper]

Excellent ….. Real Life carrying the message home. Thanks

[FunandBudget]

I'll tell you what...everyone and their mamas trying to enroll people in life insurance these days - lawd

[All_Thingz_Pertaining]

Is the whole life policy setup for maximum cash value with a mutual company?

[donaldmcgee]

To have a cash value in the account, you have to over pay into the account. If he dropped lets say $10, 000 up front, he probably would've had some cash. If he's just paging the premiums, it could take a decade before he see any cash value.

[Shelly_Cest_Moi]

Great video do you speak more on life insurance?

[intentionalliving]

Very valuable information!! Thank you!

[babyboy]

Many seniors today are passing away with no insurance for this exact mindset. No, you don’t have to have a huge whole life policy, but I’d recommend at least having a policy to the side for guaranteed assurance that your family will have something in place for whenever that term does “terminate” or goes up in price and force you to drop it. It’s not about the cash value for me. You can save your money all day, but when “life” happens, and you need extra money for something, people go straight to that money and wipe it out.

[stefanmiller]

I wonder what insurance company he has his whole life policy with

[ccarpenello]

Really what I want to know is what company he bought the policy from. I myself am a Life Insurance agent and to have $0 in CV after 4 years is insane to hear.