What You Must Know About Life Insurance
Understanding life insurance is one of the cornerstones of good financial planning. In this video, I explain what life insurance is, whether you need it or not, and then compare the different types of plans out there to tell you about the best one (hint: it may not be one you were recommended). I also talk about why relying solely on life insurance from your job may not be the best idea. Enjoy!
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The purpose of life insurance is to provide for your dependents in the event of your death. For people who have a spouse or children relying on their income to survive, a good life insurance policy provides peace of mind. The two most common types are term and whole life.
Term life insurance covers you for a fixed period - around 10-30 years usually. It is the most affordable type of insurance costing only tens of dollars per month. Whole life insurance on the other hand, is permanent and requires premium payments for as long as you live. Costs are about 10-15 times that of a term life policy. There is also an investment account called the 'cash value' where some of the premium is invested on your behalf. On comparing the two using actual numbers, we see that term life insurance is the better option for the majority of the population.
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ABOUT ME:
I want to share stories and lessons learned while first moving to America, planning my journey to financial literacy, and adopting best practices into my life. As an international, it was difficult to find relevant resources to understand the aspects of life that were different in a new country. This channel is a comfortable space to have those discussions and help each other out!
DISCLAIMER:
1. The advice provided in this video is for informational/entertainment purposes only. The creators take no responsibility for any actions or decisions you may take based on the contents of the video. Please consult a professional for strategies related to your specific needs.
2. All the numbers/information are presented as of the video filming date and may change by the time viewers end up watching the video.
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Watch video What You Must Know About Life Insurance online without registration, duration hours minute second in high quality. This video was added by user Finance with Arjun 16 August 2021, don't forget to share it with your friends and acquaintances, it has been viewed on our site 1,225 once and liked it 52 people.