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Holla! Loved your video! Since you are on the topic of insurance; have you thought about " Your Insurance Guy Singapore " (just google it)? My company had some dealings with them and was impressed by their amazing speed of claims & their grasp of the outpatient insurance industry was really extraordinary! For the records, they can represent General insurance companies like QBE. 

This is true if the market stays stable for how many amount years it takes you to get to age 59.5. But, what if something like the crash happens again? IRAs are tied to the stocks. On top of that, there is a limit to the amount you can put in an IRA per year before you get taxed. Now, I'm not saying an IRA is a terrible investment. I think it's great, but one shouldn't put all their money in a single pot.

May I ask why? With Term, after the term (5, 10, 20, etc years) the price goes up substantially afterwards. For example, you're paying $20 a month for 5 years, then afterwards, it shoots up to $100 a month, then the next year, it's $200 a month, etc. As I said before, it's because you're getting older. With Whole Life, the price may be say $100 a month at the beginning, but 50 years from now, it's still at $100 a month while the Term Insurance is now priced at $500 a month 50 years later.

I never knew that
If I am rich; I still purchase term life insurance and update my will.
thanks for the info

Piece of advice: The premiums (price) become more expensive as you get older because they base the premium on the age you are purchasing life insurance, plus your health current health. Afterwards, the price is generally locked in unless it's term. Think of it this way, with life insurance, the older you are, the closer you are to death. This means that the life insurance companies are at higher risk of paying out before the premiums you pay break even with the amount of the death benefit.

The truth people turn a blind eye to it. Level Term Insurance will protect your income for a set amount of years, you do not need life insurance all your life. You can put $50 dollars in a Roth IRA per month as an investment then when your 591/2 you can take the money out tax free.

very excellent information
In the future, I may buy life insurance.

General advice is generally bad.

@liahonabc1 Thank you 🙂

I have been a financial adviser for most of my life, and this is one of the best presentations that I have seen on the truth about life insurance. I have been teaching people this concept for over 30 years. Hands up! it's the concepts that everybody should know about and every whole lifer should be frightened over because it exposes their fraud!!!!!

When you retire you can't spend the insurance but sure can the money accumulated outside the insurance policy!