A brief transcript excerpt from a YouTube video (by Timothy Schucker) where Jose tells an interlocutor he has a $1,000,000 life insurance policy through his bank and pays about $5 per month. The clip appears to illustrate an objection or talking point about bank-provided life insurance.
I have life insurance through my bank.
So, Jose, how much coverage do you have through that?
A million dollars.
Interesting. Okay. Do you know how much you're paying for it?
Five bucks a month.
Telling you that I've been doing this for quite a while. I've seen a lot of different policies, and I kind of know, like, how the dollar amount to the premium typically correlates. And so whenever somebody tells me that they have life insurance through their bank, what they typically mean is it's an accidental policy. Only way that that $1 million would pay out is if you get smacked by a truck or something else or a stray bullet hits you. I wouldn't tell you accidental. In the case that you do die from an accident, the amount of coverage you have for what you're paying just sounds like it's worth it. But what I would tell you is that you definitely need something that's guaranteed to pay out regardless of how you die, and that's what I can help you with.
