In this episode Kim and Todd go through a life insurance quiz where they talk about the differences between universal life and whole life and some of the more technical details inside the life insurance industry.
Tune in with Kim D.H. Butler and No B.S. Money Guy Todd Strobel to find out how to take control of your finances today. Do you have a question you would like answered on the show? Please send it to us at welcome@ProsperityThinkers.com and we may answer it in an upcoming episode.
Links and Resources from this Episode
- For transcriptions and additional information of this episode go to https://prosperitythinkers.com/category/podcast
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Show Notes
- 1:21 – Kim begins sharing her answers to the quiz
- 2:45 – Converting to whole life and how you can do it
- 7:47 – What endowment means with life insurance
- 9:45 – Understanding the differences between universal life and whole life
- 12:15 – Who owns the cash value on whole life policies?
- 15:02 – Hear why Kim doesn’t like this type of policy
- 22:04 – This type of policy would be best used when the need for protection declines
- 33:28 – What happens when a policy covers two lives but only pays when the second insured person dies?
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Disclosure: Our content is meant for educational purposes only. While it’s our goal to help you learn about building a life of prosperity, we do not intend to provide financial advice. Please consult your financial, tax or legal advisor before making any investment or financial decisions.