Financial Fitness with Alan Akina - Life Insurance part 4

26 Jul 2011 · 1 min

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This content was created by Alan Akina. This content was uploaded by Alan Akina. This is a YouTube video titled "Financial Fitness with Alan Akina - Life Insurance part 4" (published July 26, 2011). It is a short broadcast segment from the Wake Up Today program (KHON2) in which multiple speakers (a host/introducer and Alan Akina) discuss life insurance—specifically the features of universal life insurance versus term and whole life, including permanence, flexibility, cash value use, typical guaranteed returns (~3%), and a recommendation to obtain quotes from at least three providers and to get protected. The clip directs viewers to insurance information on the Wake Up Today webpage at khon2.com.

Speaking of financial, uh, business, Monday means financial fitness.
Alan Akina joins us once again to talk about life insurance needs.
Good morning, everyone. To wrap up our series on life insurance, let's talk about what makes universal life insurance different from term and whole life insurance. Universal life, or UL, is known as a permanent and a flexible type of insurance. What this means is that your premiums or your monthly payment will not go up for your entire life. So if you run into a situation where you cannot pay the premiums, you already have cash value in there. The cost of insurance can be deducted from the cash value to keep your policy in force. Now, if you run into a situation where you have extra money, you can put it into the policy to build up a savings fund. Now, most insurance carriers offer a guaranteed return on their UL products. The average return nowadays is around 3%. Now, the best advice I can give you folks is to meet with at least 3 different life insurance providers, ask for a plan and several quotes. Once you do, I urge you to get protected, even if it's just to start small with a term policy. You do not want to wait. The peace of mind that comes from knowing your family is protected is priceless. Priceless. All of our insurance information is on the Wake Up Today webpage at khon2.com. I'm Alan Akina. See you on Thursday.