In this brief broadcast excerpt, the hosts transition from thanking a contributor, Tammy, to highlighting life insurance as a crucial financial tool for protecting loved ones. The segment then teases that Alan Akina will provide a more in‑depth discussion in this week’s Financial Fitness Report, setting up the audience for a detailed look at life insurance benefits and considerations.
Thank you, Tammy.
It can be a vital financial tool, life insurance, to protect your loved ones.
Alan Akina has more in this week's Financial Fitness Report.
Good morning, everyone. Over the past couple weeks, we've been discussing your options for life insurance. Today we're going to cover whole life, sometimes referred to as permanent life insurance. So what is whole life? Well, it's a policy that protects you and your family for your entire life No matter how long you live, unless you cancel the policy or stop making payments. Now, some of the benefits are you have a guaranteed death benefit payout for your family. Your premiums, or your payment every month, will not increase. You also don't need to take additional medical exams later on. There's cash value in the policy that can grow tax-deferred. Now, here's a couple things to consider before getting a whole life policy. The premiums or the payments will be several times higher than that of a term policy, and if you ever take a loan against your policy, it will reduce your death benefit. Now, I always recommend talking to a competent life insurance provider and getting quotes from 3 different sources because there's various types of whole life policies that are available to you. Our financial fitness tips are on the KHON2.com website. Check out the Wake Up Today page. I'm Alan Akina. See you on Thursday.
