Is term insurance right for you? It might be but it also might be a huge mistake.
In today's video, I'm going to help you understand whether you should or
shouldn't engage in term insurance.
Okay, so listen. To understand whether you should engage in term insurance or not,
you need to first ask yourself if you were to die today.
what would it take to clean up your affairs? Like for example. do you own a
piece of property and you're okay having it go back to the bank? Or do you have
family living there or want someone to inherit it and you want to get your
house paid off? If you have a loved one, a spouse and you have credit card debt,
she's going to inherit that. So, do you want your credit card debts? Do you want the
other debts paid off? Do you... You know, do you want your debt to be eliminated?
Another thing that you want to be thinking about is... You know, beyond basic
things like funeral expenses. Are there other expenses that are going to come about
like are you the sole provider financially the family or are you
contributing half of the money for the family? And all the sudden, if that's gone,
the family's going to be hurt, you might want some extra money there to help
cover things like living expenses. You might say, "Honey, I want to send you to
Fiji for two months if I die. Or I want you to be able to relax or take some
time for yourself. Buy yourself a nice car." You know, whatever your arrangement
is, there could be some additional expenses for you to live life the way
you want that could also include retirement and things like that. So, if
these are real considerations, then is insurance for you? Yes. Is term insurance
the right thing for you? I don't know. Let's actually break that
down just a little bit so you understand that you have more than one option. So,
there are 2 types of insurance for you to be aware of. The first one is that
there is term insurance. And all you're doing is paying for the death benefit.
And the death benefit basically says, "I'm insured for a million dollars. And if I
die, so-and-so gets a million dollars." And this stuff is cheap. But on the other
side, you have something called whole life insurance. And whole life is a total
different ball of wax. It's not just cheap. You're paying the same cheap term
but then you're adding money to it and saying, "I want my whole life to give me
benefits beyond that for my life." So, these are not just death benefits. It has
death plus living benefits. Hey, by the way, any money that's in my account, I can
borrow and take it out. Money that sitting in the count is often
earning for five plus percent. My money in here is growing tax-free. Anything in
here is actually financially untouchable. As in no one can litigate it, no lawsuit
can touch it. The IRS can't do anything with it. Like these are amazing benefits.
That look a whole lot like what a bank would offer you but superior. And so, when
I say term might be a mistake for you, it would only be a mistake for 1 of 2
reasons. 1, you don't have any responsibilities and if you die, you
don't have anything to take care of you. Don't need term insurance. Or you're
saying, "I might not want term if I want to pick up all of the amazing benefits
that come with whole life." But make sure you're aware. There's a lot of different
kind of whole life policies and you need to have an insurance team that says, "I
know how to design this policy to maximize your growth and your business."
Which is what's most important to me is, I use these living benefits for my
business. I stockpile money and insurance. I get all of these benefits and then I
pull it out and then I use it to buy real estate buy commercial and do all
sorts of amazing things. So, those are options that you yourself want to be
aware of when deciding is term right for me, is whole life right for me. Or is
neither right for me. If you really want to play and you're more entrepreneurial,
you're going to want to do this all day long. People have been asking me for
years who are referred. Because I've only found a couple of people that I really
trust to maximize my policy for my benefit. And so, I've got a list of those
below. In fact, if you just go to the description below, you can actually click
link and meet my trusted team that I recommend to people everywhere all over
the world. And they'll get you set up on everything that you need there. So my
friends, that's the conversation of term insurance. And for me, it's a business
play. But in the least, take care of your family, take care of your obligations. And
you have an opportunity that if you exit this mortal coil prematurely to actually
do it and benefit other people. So, a lot of good reasons there to consider. Thanks
so much for watching. If this was useful for you and you want to get more
financial ninja tactics on how to freaking financially crush it in life,
make sure that you subscribe and I've got another video coming your way
tomorrow.