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. 

Key Talking Points of the Episode

[01:26] Invest with PreREO! 

[02:18] Why do life insurance policies have different names?

[03:38] Term Insurance 

[06:58] Infinite Banking Insurance

[08:02] Types of Life Insurance

[09:04] Why do companies give life insurance different names?

[10:21] What do you need to understand when it comes to insurance?

[11:42] When do you use which insurance for which situation?

[17:34] What is the Wealth Accelerator they’re talking about? 

[20:55] What if you don’t have enough net worth yet?

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.”

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

“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.”