Is Life Insurance a Scam
Summary
Not only can life insurance support your family if you pass, but it can also help you grow your retirement income and cash reserves. Get answers to your key questions about life insurance like whether it’s worth it, whether you should opt for it as a single person, when the right time to get it is, and what it can do for you if you’re a real estate investor.
“I know you might think, why would I ever get a life insurance policy? I’m not married, I have no family or anything. But there’s more to it sometimes than you think.” (22:14)
What we discussed
- (01:11) Why I took out life insurance at 18 years old
- (07:28) The cost of death OR It’s expensive to die
- (08:54) Is life insurance even worth it?
- (09:22) Life insurance for real estate investors OR Why every real estate investor needs life insurance
- (11:46) What getting a $20 million life insurance policy is like
- (15:51) Using life insurance to grow your investments (universal variable policy)
- (19:35) Should you get life insurance if you’re single?
4 things to remember:
1.Life insurance can cost the same amount as a weekend outing but can save your family a lifetime of grief.
2. Depending on how healthy you are, you may be able to qualify for reduced life insurance premiums.
3. With a universal variable life insurance policy you get 3 benefits: the death benefit (the amount your family receives when you pass), you can grow your retirement income, and you can withdraw cash from the policy itself.
4. “A lot of people don’t think about life insurance until they get in their fifties, But if you start thinking about it in your 20s or your 30s – it’s going to save you a tremendous amount of time and money over the years because you’re gonna be able to pay less when you’re younger than when you’re older.” (23:00)
