Is Whole Life Insurance Right for Me?
The crew is together again.
Lawrence discusses his recent experience on a financial panel, discussing whole life insurance vs. term life insurance. The crew dives into the financial differences and the reasons why whole life insurance does not serve our community well. Whole life insurance is more beneficial for sellers but not the families who are purchasing these financial products.
Table of Contents
What makes whole life such a bad deal?
Compared to term life insurance, whole life insurance is a complicated and bloated mess. And that part is intentional. The entire goal is to make it difficult for you to understand. You never truly know how much it costs on the front end, and there is a rush to sign. That itself, should be a clue that it might not be a great thing.
For the record, wealthy people don’t have whole life insurance and they aren’t running the play. The two main disadvantages of whole life insurance are its higher cost compared to term life insurance and the fact that any dividends or profits earned are taxed as income.
Additionally, most people would assume that the cash value also goes to the beneficiaries. However, that is incorrect. The cash value of a whole life insurance policy does not transfer to beneficiaries upon the policyholder’s death.
What’s your money story?
The Financial Griot is a play on two words (Finance + Griot) that hold significance in closing the wealth gap while embracing our differences. We tell the stories that others don’t. Stories about growth, opportunity, life insurance options, financial protection, and embracing changes. Beyond that, we talk about Finances. Specifically, how to become Financially literate, incorporate actionable steps, and ultimately build generational wealth.
Can you imagine being a Millionaire in 20 years or less? Yeah, it’s possible. 80% of millionaires are the first generation. That means they didn’t come from wealth. We teach you how. Join a community of subscribers who welcome a fresh take on money.
So there you have it, The Financial Griot, or TFG for short. The hosts were able to amass over $2 Million in wealth in about eight years and are on track to retire early. We will gladly share the secrets if you want them since the opportunity is abundant and Win-Win.
Find the TFG Crew Hosts on Instagram:
- Alainta Alcin – Blogger, Travel and Money Enthusiast @alainta_alcin
- Lawrence Delva-Gonzalez, Financial Foodie and Travel Blogger @theneighborhoodfinanceguy
- Lovely Merdelus – Entrepreneur and Small Business Growth Specialist @lovelymerdelus
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