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Diabetes Life Insurance | Term or Whole Life for Diabetics? - YouTube
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Oh everyone I'm Steve savant host of the
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business insurance on and today with me
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from outlook like com Diggy me hey piggy
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hi Steve how are you I'm just dandy
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welcome to a interview again today we're
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talking about term versus whole life I
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would talk about controversy that's a
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pretty big one and we're also going to
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talk a little bit about term versus
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whole life in a health condition because
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that's kind of a different story so talk
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about a little bit about term and whole
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life whole life it's for your whole life
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term is for a temporary time right a
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little bit the Ying and the yang of that
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yeah people often ask us whether to buy
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a term life insurance policy or a
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permanent policy such as whole life or
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else Universal Life also has some
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guarantees and that you can get that
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will make it not lapse for the whole
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rest of your life in other words make it
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a permanent policy and it does depend on
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the situation it depends on the need
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whether your need is temporary or
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whether it's a permanent need in other
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words do you want something that's just
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going to pay up until your kids graduate
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from college or whether your mortgage is
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paid off or do you want something that
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will last the whole rest of your life
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and be there for your final expenses and
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that type of thing you just brought up
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an interesting point because when i
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think of final expenses i'm pretty
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certain everybody's going to have final
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expenses right because everybody's going
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to have a funeral and because everyone's
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going to have some final expenses that
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portion of any term purchase when you're
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considering term versus a wife i should
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be considering some portion of that
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that's going to be forever because that
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issue a final expense and funeral costs
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will never go away and there could be
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others i'm just doing the basics and so
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a lot of times we say well we're done we
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don't need the coverage anymore but
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remember one of the issues on our side
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when we do the show I interview a lot of
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people said they say most of our estate
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planning almost all of the very big
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premium dollars are going to Jerry at
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your clients who needed permanent
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insurance past 65 and solely I just want
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to make sure our listeners remember
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things like final expense as you pointed
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out and funeral they will never go away
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right they're going to be there forever
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and a lot of people like you said they
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think that I'm going to well common
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mantra is to you know by term and invest
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the rest but they won health condition
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one you know really serious medical
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problem can eat up a lot of what a
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person saves whereas life insurance is
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always going to be there so it's a safe
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way to pay for final expenses as well
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and I've noticed that the there's always
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going to be mantras out there and kind
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of rules of thumb like by Turner that's
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a difference but the actual surveys show
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that clients by term and spend the
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difference absolute 0 we really don't
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see we don't obey the ideology that we
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espouse even in financial planning
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remember our ideology is one thing our
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behavior is quite another so when I
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think about it now let's talk about it
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what happens when I have an impairment
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though right does that change the
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thinking well and that's a good example
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where the ideology does not necessarily
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fit part of the reason is because not
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every type of person with an impairment
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can get a traditional life insurance
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policy so yes for a very healthy 30 year
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old young woman term life insurance may
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just cost next to nothing and be a
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wonderful choice but you get to have a
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you know a 70 year old woman with a real
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serious health condition she may not
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even have the choice of buying a term
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policy so that is where one of the
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things that is a misconception is that
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sometimes serious health conditions do
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limit the choices you have the other
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thing that enters in with a health
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condition with life insurance is very
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few people with a health condition are
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going to improve in their health there
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are some that you will for example
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cancer if you can get through 10 years
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of remission with cancer you may
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eventually be able to get a less
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expensive life insurance policy then you
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could when you first got diagnosed with
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cancer or
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or shortly thereafter but when you're
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looking at something more progressive
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like diabeetus where the risk is always
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there that you might have interop with
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the year some kind of complication
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develop it's really best to get the
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premium locked in as long as you can
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well I think about that sometimes you
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make the decision between term and whole
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life simply based on wow I do have an
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impairment and makes a little bit more
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expensive but so that i can buy
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affordable life that's why i went over
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to the terms I asian and remember a lot
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of these have convertible exactly ready
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to convert so you could do it maybe you
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came into money I I saw the last two
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conversions were based on somebody
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inheriting money right so now they have
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the money they said hey I also have
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diabetes type 2 i'm gonna make my policy
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permanent yeah so when you're thinking
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about term or whole life and you're
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having an impairment issue look at the
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timeline issues what are going to be
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your permanent liabilities versus your
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temporary liabilities yes and just put
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that and measure that and make a
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decision listen you can go out to
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outlook life.com and look at either the
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term or permanent the quarter another
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look at a book and figure out what's
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good for you and make sure that it's
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always affordable life insurance that's
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right thank you
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you
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