The Insurance Rebuttal Part 1 – Episode 010

In this episode of The Prosperity Podcast, best selling financial author, Kim D. H. Butler and “No B.S. Money Guy,” Todd Strobel take on some misconstrued ideas regarding whole life insurance vs. term insurance.

Looking at a comment that was left on Partners for Prosperity’s blog, they clarify four aspects of whole life insurance, busting four common myths: These include:

  • Do you “pay for two and get one” benefit?
  • Is there really “zero cash value”?
  • What about the death benefits – does term really give you more? and
  • Is whole life too expensive for middle income families?

The question and answer sequence of this particular podcast is a great way to uncover misconceptions that various insurance buyers might have, especially if they are relying on “internet advice” or even advice from financial planners who do NOT specialize in life insurance.

This episode presents facts that will help buyers make properly informed decisions. Through questions and answers, Kim and Todd determine that a combination of both whole life insurance and term insurance may actually be the safest and most reasonable option for many families.

0:00 – Introduction
0:18 – Welcome
0:40 – Recap on past podcast encouraging combination of term insurance and whole life insurance.
1:00 – Whole Life insurance vs. Term Insurance
2:44 – Comment onprosperitythinkers.com website with concerns regarding whole life insurance.
3:36 – Argument #1 Pay for two and only get one with whole life insurance (death benefit or cash value).
3:41 – Response to argument #1 Pay for one and get three or four benefits!
6:17 – Argument #2 Zero cash value.
7:39 – Response to argument #2 Cash value always grows with whole life.
7:53 – Examples of growth and also paid-up additions rider.
9:01 – Argument #3 Insurance company takes accumulated cash value in exchange for the death benefit.
9:50 – Response to argument #3 Death benefit grows along with cash value. Rate of return is excellent when claims are paid.
12:00 – Term insurance is limited because claims are rarely made.
13:15 – Argument #4 Cost to cover death benefit is too expensive for middle income family
13:54 – Response to argument #4 Whole life insurance is one of the best places to save money long-term.
15:00 – Wrapping up.

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