A chat with insurance broker Bruce Komarow about life insurance. 

Topics:

⭐️ Term

⭐️ Whole

⭐️ Universal 

⭐️ Blending Types

⭐️ Health Screenings

⭐️ How insurance is regulated

⭐️ How much coverage to get

⭐️ Where and how to purchase

⭐️ Converting Term to Whole up until age 65

⭐️ Variable Universal for those trying to get a higher return

Takeaways:

⭐️ Term is the least expensive

⭐️ Whole builds cash value and guarantees a payout but is more expensive 

⭐️ Universal is the least expensive way to access a whole life policy but as common as Term or Whole

⭐️ Variable Universal is for people who want to use life insurance as a vehicle to take advantage of stock market growth to get a higher value out of the asset. But, it comes with the risk that the market could take a downturn when the time arrives to redeem the policy.

⭐️ If you’re looking at term with the idea you may switch to whole, be sure to check that the company is reputable and has that option. 

⭐️ Insurance is State Specific. I’m bringing this up because states like California and New York have stronger consumer protection laws. All else being equal, a company that can do business in New York might be a safer option than one that can’t operate in New York. 

⭐️Hot take from Ethan … Life insurance, could be like a mortgage for people who don't "invest" in real estate. A life insurance policy is forced savings and low maintenance. 

If you are looking for life insurance…

⭐️ Ask the people around you for recommendations

⭐️ Find a broker or non captive agent

⭐️ Make sure you can afford it

Bruce Komarow - LinkedIn:

https://www.linkedin.com/in/bruceallenkomarow/

How Much Life Insurance Should You Carry?

https://www.investopedia.com/articles/pf/06/insureneeds.asp

Life Insurance Calculator:

https://lifehappens.org/

Previous Episodes of Interest:

The Ultimate Guide To Finding A Financial Advisor - with Matt Kweller:

https://www.youtube.com/watch?v=iFEkgeQMYtk&ab_channel=ArtisticFinance

Part 2 - The Ultimate Guide To Finding A Financial Advisor - with Matt Kweller:

https://www.youtube.com/watch?v=ALwy55eZlTM&t=12s&ab_channel=ArtisticFinance

6k Investing Special:

https://youtu.be/nh5fwQwIOBA

Book Club - A Cat's Guide To Money by Lillian Karabaic:

https://www.youtube.com/watch?v=EtNmDVtJ6hM&t=707s&ab_channel=ArtisticFinance