Why Are There So Many Dumb Names for Life Insurance?

Whole life? Universal? Infinite banking? Wealth accelerator? Why do insurance policies have all these different names and what makes them different from one another?

At this point, I’m pretty sure you’ve already heard tons of different names from financial advisors and insurance companies that try to sell you life insurance in different ways. In this episode, I’m going to help you better understand why insurance policies have different names and what you really need to pay attention to.

Listen now to learn more about life insurance policies, why they have different names, and how you can choose the right one for you!

Quotables

“There are so many stupid names for life insurance and I think it’s primarily for two reasons. One, of course, a company wants to differentiate themselves but two, they’re just trying to mask their insecurities about using what ultimately is life insurance.”

“Term life insurance is you buy life insurance that’s on you for a certain period of time. If you die during that time, you get a death benefit.”

“People won’t keep term life insurance long-term because it gets more expensive every year or every time you renew.”

“There are so many “banking” things out there, but they’re all pretty much referencing infinite banking.”

“When I reference my own, I’ll say Max ROI Infinite Banking. I’ll mention that because our thing is we get the biggest cash value guaranteed.”

“There’s three types of life insurance that you’ll usually hear about in this space. There’s whole life insurance, and then there are three types of universal life insurance.”

“They’ll give you all these cute names, but ultimately, when you hear most of the names out there, it’s usually referencing something like whole life insurance.”

“It’s never anything new under the sun, they’re just trying to make it sound special.”

“The biggest thing you have to understand is when do you use which in which situation.”

“I would have to say that you could do better and that they are overpromising and underdelivering most likely in that scenario.”

Leave a comment

Your email address will not be published.