Does life insurance ever seem like a foreign language?
P4P’s Kim Butler and No BS Money Guy Todd Strobel answer another listener-submitted question. Life insurance terminology and lingo is the topic of discussion. Kim and Todd travel the A to Z’s of life insurance with a few pit stops along the way.
Also, will this episode be the last for Todd’s favorite phrase, “super?” Find out on today’s episode of the Prosperity Podcast.
If you would like the opportunity for us to answer your question on the show, be sure to keep sending us questions!
[0:52] Understanding Life Insurance Terms and Terminology
[5:08] Cash Value
[12:37] Gross Cash Value
[13:22] Automatic Paid-Up Additions
[16:35] Waiver of Premium
[18:36] Death Benefit or Face Amount
[19:41] Financial Planning Has Failed
[20:34] Increasing Death Benefit
[23:42] Positions Within Life Insurance
[25:52] Automatic Premium Loans
[27:02] Reduced Paid-Up
[29:26] Opportunity Cost
Tweetables:Premium, in the whole-life insurance world, is better defined as a deposit or a contribution. A premium builds cash value. Click To Tweet When thinking about cash value of life insurance, remember CLUE: Control, Liquidity, Use, and Equity. Find out the importance of it here. Click To Tweet With whole life insurance, your death benefit increases every year and that’s even if you’re not adding any manual paid-up additions. Click To Tweet
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