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Sound Financial Group - Bothell, Washington

 

SFB006 Life Insurance Basics Part 2

| April 18, 2016
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Episode Summary

Introduction: Sound Financial Group is excited to welcome you to Sound Financial Bites, where we bring you bite sized pieces of financial knowledge to help you design and build a good life. In the sixth episode, Paul Adams, CEO and President of Sound Financial Group, shares with us the importance of choosing the correct type of Life Insurance for your family.

What Was Covered

  • 02:37 - Paul shares the types and amounts of life insurance he has secured for him and his wife.
  • 05:07 - Why is it not your choice when you get to have life insurance?
  • 05:42 - People are getting used to the ‘Amazonifcation’ of the world.
  • 05:52 - A doctor’s note can change everything when it comes to purchasing life insurance.
  • 06:17 - The reasons why you will want to have your term insurance convertible to a whole life policy.
  • 07:53 - There are only two different types of life insurance: Term and Whole Life Insurance.
  • 08:30 - Term insurance stands for Terminating Insurance, it’s not meant to pay a claim.
  • 09:01 - Whole life insurance is guaranteed to last your whole life.
  • 09:31 - What are Universal Life Policies?
  • 10:52 - Why do term and universal life policies have the risk of running out of death benefits?
  • 11:42 - The reason it is important to acquire your whole life policy through a Mutual Life Insurance Co.
  • 12:26 - Learn how life insurance was used pre-1982.
  • 14:35 - What is the 7-Pay Test?
  • 17:02 - Whole life insurances cost is predictable, understandable, and guaranteed to never go away.

Tweetables

"Term and Universal life chassis run the risk of running out of death benefits before we run out of life."

"Whole life insurance is designed to stay in place your whole life."

"Whole life insurance – whose cost is predictable, understandable, and guaranteed to never go away."

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