Скачать или смотреть 4 Ways to Save Money on Life Insurance - How to Shop for Insurance Part 3

4 Ways to Save Money on Life Insurance - How to Shop for Insurance. MORE HERE: https://themoneyadvantage.com/how-to-...

👉👉 Want the Exact 🏦Privatized Banking🏦 Strategies Our Clients Are Using to Build Financial Freedom? CLICK HERE For the #1 Secret: https://privatizedbankingsecrets.com/...

👉 👉 Listen to The Money Advantage podcast: https://themoneyadvantage.com/subscri...

Now, when you're going out to purchase a product you wanna be armed with the tools to make the best decisions and it's not often always about the price. I mean, if you really wanted to save money on everything you would shop only at the dollar store, right?

It's not something we just wanna trust to the professionals and put you in the backseat. You really wanna be in the driver's seat directing and controlling the conversation and knowing enough to make sure you get what you really want.

We want to not only spend as little as possible, we wanna get the most for that. So how do we do that when it comes to life insurance?

The first tip is to make sure that your life insurance is not only an expense, it's not only a cost.

Now what do I mean by that? Well, if you look at the two different purest forms of insurance you have term life insurance on one side and whole life insurance on the other.

A term life insurance policy has a death benefit that pays off to your heirs if you die during the term. That term is usually 10, 20, or 30 years.

All of the premium dollars you put toward that policy end up getting eaten up and you never get that back. So if you're still alive at the end of the term you have had a pure cost and you've reaped nothing as a result of that.

On the other hand, we have whole life insurance and this is something that you pay into for a span of time or your whole life but the point is that the policy goes out to age 12,1 and If in fact you kept that policy and you still were living at age 121 you would personally get your death benefit paid to you.

No matter how you look at it, you're going to have that policy pay out if you have a whole life policy as long as you have kept it in force and you haven't canceled it.

Now, what does that mean?

Well, we know that death is a guaranteed event, I mean it's something we're all gonna go through at some point we just don't actually know when and so we want to plan to make sure that the death benefit's actually gonna pay out.

The other thing we want to do, number two, is we want to make sure that we're getting the most for our dollars.

When you look at the cost of term life insurance over the span of your whole life if you were to say get a 30 year policy, maybe renew that for another 20 year policy and maybe annually renew that afterwards all the way until the end of your life, ultimately you'd end up spending more dollars to keep term life insurance in force.

Often it's marketed as this low-cost option because when you're young and healthy it is a lower barrier to entry, in terms of the premium dollars or the cost that you put in but don't be deceived by that. Because if you kept a policy say from age 35 to age 65, a 30 year policy, and took that same policy and wanted to renew that at age 65, the cost could easily be 10 to 100 times the cost that you paid per month at the beginning.

Whole life, while it seems much higher, to begin with in the first years, what's actually happening is you're taking the cost of insurance and you're averaging that over the span of your whole life so as you pay for the premium and you pay into the policy the beginning years seem most expensive and the end years, it ends up actually being less of a cost. And in the whole you're putting in less dollars to keep a policy in force and you're guarantying a payout.

Number three, start young. I know this is challenging because many times as we're young and healthy our mortality is probably the last thing on our mind.

But the fact of the matter is that we all will die at some point and usually people who are later in their life are facing that fact of mortality more seriously. And those are the ones who really value having life insurance in place and they wish that they could get the rates that you could get when you were young.

We really do ourselves a huge favor if we lock in lower rates, and we put that in place. You will look back and be extremely thankful. You're also locking in that low rate because you're young and healthy, so start young.

Number four, start with a convertible term policy. If you can't afford to put any more dollars toward life insurance then a term policy right now. You'll pay a little bit extra to make sure that that's convertible to whole life.

When you start young then you lock in a convertible term policy, a convertible term policy, you have the ability to convert that over into whole life at the same insurability level at your great health status that you have when you're young.