What is Whole Life Insurance?! #wholelifeinsurance #lifeinsurance #millionairemindset

Here's what you do to maximize your whole life insurance as part of your safety bucket. Now, there are really three buckets you got to think about. There's your safety bucket, your growth bucket, and your risk bucket. Right now we're just talking about your safety bucket. If you're going to use whole life insurance, you want to think about it this way. What's the most you can get approved for at the youngest possible age in the best possible health, and then lock all that in for the rest of your life. So you take what you can afford now as whole life with cash value. Then you take the rest as convertible term insurance, which you can then convert at any time in the future when your income goes up to being whole life. So you have optionality between the two. And it's actually very cheap to get that additional insurance. And now you're locked in for that low premium for the rest of your life. So now that you know what the lowest amount you can have and the highest amount you can have is, it's again free to look. You go and you get the lowest amounts that you need. That where you can cover the base premium no matter what happens. Get disability insurance to cover you in case you get hurt or you can't work anymore so that you can continue to pay those premiums and then just wait out the game until you're at a place where the dividends pay for all of it and then increase at various levels throughout your.