Term Life Insurance - What Are The Terms? - The Truth About Investing: Back to Basics

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Chris Holling (00:00):
This is the truth about investing back to basics
podcast where we want to helpyou take control of your
personal finance and long terminvestments. If you're looking
for a way to learn the why andhow of investing, then you found
the right place. Thank you fortaking the time to learn how to

(00:23):
better yourselves.
Not all nurses are grumpy, calmdown. My one nurse that's
listening. I don't know ifthere's any nurses? Listening?

Sean Cooper (00:40):
I have no idea.
You should know you haven'ttaken statistics on our our
listenership?
I don't think we get thatinformation.

We don't. There's no demographics or anything.

It just says how many downloads we get? We don't
even know how many listeners Imean, like you said, it could be
one person just really likes todownload our stuff on every
platform they can think ofis like goes to the library
someday and just like downloads20 of them on different
computers, and then goes to thenext library a few days later.
Yeah, there. John. John doesthat. That's Thank you, John,

(01:21):
Is it you Chris. Are you justtrying to make me feel better

So anyway, the way we just won't answer that
about us?
question. That's, it's plead thefifth. I plead the fifth. No,
we're actually I'm just lookingnow we are at an all time total
Download today. At 1703 Totaldownloads.

Whoa,

Isn't that wild?

Yeah, I feel like that. The 700 Since the first
1000 came fairly quick.
Yeah, I think so too. I mean,like, there's more episodes that
are available, and that helpswith it

stuff. But we, I don't know the last time we
righttalked about it. But I seem to
remember telling you that wehave triple digits across like
three episodes. And that's stillthe case. But we have a couple
that are very, very close tohitting triple digits here soon.
So there's, there's stillcontinuous downloads, and we
appreciate you guys for that.

Absolutely.

Thank you very much. And I don't even know if
anybody's even interested inthis. But it's you know, uh, you
know, it's it's actually not asmany Apple podcasts as I was
expecting. The Apple podcastsonly take up 35% of our
downloads.

Okay,

thank you everyone for picking other
avenues to because we we weren'tsure if it was worth setting up.
other avenues.

Glad we did.

Yeah, I'm glad we did, too. We just didn't know
anything about anything. Butyeah, we're coming up on 2000
downloads, which is super cool.
That's great. Wow,

tell your friends to Yeah, tell tell more friends.
And then and then tell moreJohn's. I need more John's to
get out there and just like hey,listen, these guys are nuts. And
you don't actually have tolisten to any of their things. I
just need you to go to thislibrary. Right? And then get in
there and start download.
When you said tell more John'sall I could think about was

(03:29):
Robin Hood Men in Tights. Nearthe end. He's like, from this
day forward. All of the toiletsin the bathroom shall be known
as John'sthat's such a good movie.
we're men, we're men in tights.
Tights. Oh, man. Okay, this isno anyway,

(03:51):
maybe we should get seriousabout this. Talk about life
insurance.

Oh, yeah, actually, I think you're right.
I just thought it was it. It wasOTA a big grown. Okay

Fair warning are the first portion of this
podcast is definitely moreinteresting and entertaining
than

you don't know that

The rest of this podcast? I do because I'm the
one that has all of theinformation on insurance that
we're about to talk about.

Well okay, that's that's possibly true so

I apologize in advance.
But we're still doing likedigestible amounts. So it's you
know, maybe this is true.

That's it's we're ready

And Chris is still here to keep us keep things
entertaining.

Singing. That's fine. Well today. Thank you.
Sorry. Yeah, we never evenintroduced ourselves. We were
talking about tights and men inthem. Okay. Welcome back

Technically I think you were

what?

Nothing,

right? Yeah.
Okay. Welcome back, everyone,ladies and gentlemen, boys and
girls to another episode of thetruth. about investing back to
basics. My name is ChrisHolling.

And I'm Sean Cooper.

And today we are continuing on our life insurance
segment. We are talking aboutterm life today. Right?

Agreed.

Okay, agreed.
This is This isn't me making adecision on what we're doing
today. I'm not. I have no nocontrol over that. But the the
wet because this has been thetrend that we've been doing the
way I understand term lifeinsurance? Oh, no, oh, no, I
started saying it. And Irealized I have absolutely no

(05:36):
idea what I'm talking about.
Okay. I believe there is a setamount that at term life
insurance you are paying permonth. And this amount. Is is

(05:58):
kind of like paying rent, asopposed to owning is the way I
understand it. So as as youcontinue to have the life
insurance. It's paid at apremium for term overall a
premium, because you are payingrent on it. And you don't have
as much skin in the game thatway. Whereas whole life, it

(06:23):
might seem more expensive, butmight not be as expensive
because then you're not rentingand you're owning and you hit a
point and then you don't have toput more into it. Question mark.

I can kind of see the corollaries going after

dang it.

That means that means It's a stretch

everybody. In case you're curious, that was
Sean's nice way of saying no.
You're dumb. Well, then tell mehow I'm wrong. Sean?

Well, you definitely got the first part
there are basically two types oflife insurance term and whole
and we'll talk about whole morenext time. And one of the
biggest differences is also theprice term is much cheaper than
whole. Primarily because termonly covers a specific timeframe

(07:19):
whereas whole covers your entirelife. Well, for the most part,
it most whole insurancetypically matures at age 100 or
thereabout. So

do you

mean your whole life? Like not? Okay. I digress.
You said your entire life I waslike You mean like your whole
life? Like whole life? Alright.
Yes.

(07:51):
Sorry. I just left you out onthat one,

whatever.

Okay, so we're gonna talk predominantly about
term, we may refer to whole inits differences, but for the
most part, we'll talk about terminsurance. So as I mentioned
term covers a specifictimeframe. Typically 30 years,
it can have different timeframesone year is also a fairly common

(08:18):
one, but often 30 years. So it'sthe term is the least expensive
type of life insurance. And thatis primarily due to its very low
claims rate. So depending onwhich report you read, claims
rate for term insurance istypically less than 3% Could
even be as low as point 5%,meaning less than 3%, but

(08:42):
possibly as low as point 5% ofterm policies ever have a claim
on them? Most of the rest justexpire worthless.

Wow.

Yes,

I didn't realize it was that low.

It's incredibly low. Which, from that
standpoint, a lot of peoplewould say, Okay, well, why would
I ever buy term insurance? Andand we'll get into that. But

can I ask something quick, then with the
the claims that you're referringto is that is that claims as far
as like claims ever, or claimsthat have been paid out? Like,
is there ever a point when it's,they you're going through the
motions of trying to collect onthe life insurance and then you

(09:25):
don't get approved for whateverreason, like it doesn't meet
whatever the stipulation was?
And then that doesn't count aspart of that percentage or
you're talking just claims ever?

That's a good point. I believe the the data is
based on what is actually paidout.

Okay.

Okay. So the claims may actually be slightly higher
than that, you know, if theydon't cover a suicide or
something like that, that would

sure. And that's kind of what I figured

a common claim that well, hopefully not too common
claim that would be rejected.
Yeah, and even that, I thinkafter a certain time period they
normally accept. Anyway, wedigress again. Yeah, what we're
getting at here is terminsurance lapses or reaches the

(10:12):
end of its term far morefrequently than beneficiaries
actually make claims on it.
Which is also why the premiumsare so low, because they're not
expecting to have to pay out forthe most part. Oftentimes, term

(10:32):
buyers tend to be fairly young,they're they're buying it to
offset some sort of risk, somesort of debt. And that's
typically what it's used forthere's a couple of different
things that you can elect whenyou're you're buying these
policies so that you can have alevel benefit increasing or

(10:55):
decreasing. And what that meansis the the insurance benefit
that you're actually buying. Soif you buy a $250,000 policy,
that can be level throughout theterm of the life insurance, you
can also get one that increasesover time, or you can get one
that decreases over time. Andthere's, there's reasons for

(11:18):
each of those. So the level isprobably the most common as far
as I know. But they'reincreasing benefits can be used
to offset things like inflation,that would be the most common,
or the notion that you might becontinuing to, you know, take on
additional risks as life goeson. Whereas decreasing is

(11:42):
essentially the oppositeconcept, where the benefit
itself actually decreases overtime, even as effectively, a
straight lines from whateveryour your initial benefit is
down to zero over whatever thetimeframe is. And that is to
either a offset for increases inwealth, so you accumulating

(12:04):
wealth over time, andeffectively self insuring, and
decreasing debt. So, forexample, if you were to buy a
house, you have a 30 year loan,you buy a 30 year term insurance
policy to offset that. So if youwere to pass away, and you can't
pay for the mortgage, theinsurance policy is there to

(12:25):
basically pay it off so thatyour family can go on living
there and not be evicted due tolack of income, and inability to
pay for the mortgage.

Sure, that makes sense

that sort of thing.
So that. Yeah, so thatdecreasing benefit. It is
designed to basically mimic orfollow the decreasing debt that
you are paying off over time.
And the nice thing about thatdecreasing benefit is it's going
to have a lower premium thaneither the level or the excuse

(12:57):
me the increasing. So most ofthe time, these are going to
have fixed monthly premium thatremains the same for the life of
the policy. However, you canalso buy what's called a paid up
or term policy where youbasically pay the entire premium
upfront, and you get a discountfor doing so. So the risk there

(13:19):
is that you're, you know, you'repaying a lump sum, if you were
to die a year from now, then youwould have paid much less if you
had, you know, paid a monthlypremium instead of just paying
it all up front. But the offsetside of that, that is you're
getting a discount by payingeverything up front versus
paying down the road. So it'skind of a matter of evaluating

(13:39):
your discounted cash flow, ifyou will, something we've talked
about in the past. All thatmaking sense so far?
I mean, I think so. I, I guessI'm trying to correlate where
we're with what you're talkingabout. That fits is more term
still, though.
Yeah, thisis all term. This is all term
insurance. Yep. Having jumpedoff into a hole at all,

okay.

Yeah, one thing that I will jump into whole on,
so there's there are somedifferent features that you can
add on to a term policy. So forexample, you could get
convertible term, which wouldallow you to convert it to whole
life insurance down at a laterdate. So basically, instead of
it just expiring at the end, youcan go okay, now I'd like to

(14:31):
continue my payments and convertthis over to a whole life
policy. So it gives you a littlebit of flexibility, you are
going to pay for thatflexibility. So a little bit
higher premium. Another optionwould be guaranteed renewable
term, which as it sounds, itguarantees your renewability
because as you age, say you yougot a you know a 10 year policy

(14:54):
after that lapses whether or notyou can renew at that point is
going Based on your newlyattained age or you know,
current health status, so ifsomething came up in that 10
year timeframe and, you know,you were diagnosed with
something that the insurancecarrier is going to be like,
Nope, we can insure you, theguaranteed renewable would

(15:17):
offset that so that youguarantee you can renew the
policy. Now, what that doesn'tdo is it does not guarantee that
your premium will be the same.
So that premium still gonnachange based on your new age and
your new health and riskfactors. But it guarantees you
can at least renew it. So

well, that was one of the things I was going to
ask you about. Is that as yourexisting within term say that? I
guess I don't I don't know abouta timeline, per se. But if
you're sitting in term, are yousubject to rate changes? Do you
do tend to get locked in at arate a term?

So you'd typically be locked in for the term of the
policy. So if you have a 30 yearterm policy, your rate
technically shouldn't change.

Okay,

throughout that policy, okay. Yeah,
yep. Yeah, whenit's gonna change as if on a

that's what I wondered
renewal. So like I said, if youdo like a shorter term, so
instead of doing a 30 year term,you decide to do a 10 year term,
but you actually need 30 years.
So at that 10 year, when yourenew that then, your, your
premium is going to change. Soyep. And speaking of premium,
another option would be a waiverof premium option that you could

(16:25):
add to the policy basicallymakes it so that if you are
disabled prior to age 60, or 65,depending on the policy, it
would allow you to foregopremiums in without the policy
lapsing. Again, your premiumsgoing to be higher, by having
that tacking that option onthere?

(16:46):
Sure.

As we've gone through this, the biggest
advantage with term insurance isthe low premium, it's going to
be much lower than most of youralternatives. The biggest
disadvantage is it only covers aspecific term. And most term
insurance, as we talked about,expires worthless.

Yeah.

So and we alluded to this a little bit earlier,
one of the most common ways terminsurance is used is to offset
some sort of risk. So typicallya debt so you take a family that
has acquired a house or otherassets that have a debt along

(17:29):
with them. And you want tooffset the risk of losing those
assets. If the primarybreadwinner one or more
breadwinners, no longer has theability to generate income.
That, you know, if they passaway, the insurance is there to
cover the expenses associatedwith the house so that the

(17:52):
family is not left without aplace to live basically, the
other typically you want to whenyou're doing those term
policies, you would also add insome additional amounts to cover
different expenses like end oflife expenses, so burial

(18:13):
funeral, those types of things,and then also typically a
transition period for around sixmonths or more to cover the
household expenses, food,clothing, utilities, everything
else for at least a six monthtransition period, while the
family is mourning getting backon their feet. That's that's

(18:34):
typically how it's utilized. Andthat's also a common reason why,
like we said the, the decreasingterm is can be used there is
because as the mortgage is paiddown, you have a lower risk to
offset over time. So you canpotentially save a little bit on

(18:54):
the term, the the biggest riskwith using one of those
decreasing term would be anychanges to that risk. So for
example, if the family were torefinance the house, you know, a
few years down the road or theybuy a new house. At that point,
the the timeframe on their theirrisk their debt that they're

(19:16):
trying to offset has changedwhereas their term policy has
not and unless they have somekind of guaranteed renewal. They
they may or may not at that timebe able to get approved for a
different term policy to matchthe new risk

because the cost of the home has increased at
that point.

No, no change but well that's why they want to
change the term policy. Yeah,because they're the new the new
timeframe. But that's notnecessarily the way they want to
be approved. The the insurancecarrier doesn't care about the
house per se. They just careabout your your health status

(19:57):
and your age. For the most partin terms of whether or not
they're going to choose to renewyou or approve you for a policy
in the first place.

Oh, okay.

Yeah. So that's the concern is that they, you know,
if you make changes to whatyou're trying to offset the
risks that you're trying tooffset, then you also need to
make changes potentially, to thethe insurance policy that you're
using to offset the risk. And,you know, if if for some reason
something's changed in yourhealth status that you can't get

(20:28):
a new policy well now, you'restuck with this in the scenario
that we've presented adecreasing policy that no longer
directly matches the actual debtthat you are trying to offset?
So,

okay, I guess I was under the impression of,
say, kind of like your house,where it needs to be covered to
a certain amount. And if youfind out you're, you know, you
have a house worth 250,000. Andthen it once it appreciates,
then it's worth 350. But thenyou you have a claim that, you

(21:05):
know, the whole place burnsdown, and you didn't update your
policy, and it only covers up to250.

You see now you're talking about property casualty
insurance.

Okay,

the cost of actually rebuilding the house,
so not necessarily your life.

Okay. I guess that makes sense. I mean, I was
just okay. Yeah, you're right.
That's just where I was equatingit. Yeah, that's why I was
seeing if it needed to becontinually reevaluated or or
how that all worked?

No, no, because the the loan that you've taken out,
what you actually owe, isn'tchanging with the value of the
house unless you choose torefinance, or you buy a
different house so that that isfixed, which is why they the
insurance policy itself can alsobe fixed or set up to directly
match or offset that.

Okay.

Yep. Where's the property casualty? Like you
pointed out? Yes, the value ofthe house is going to change the
cost of rebuilding the house isgoing to change over time. So a
property casualty insurancepolicy, that's a completely
different scenario.

Okay. Yeah, that makes sense.

Yep. Yeah, the only thing else i The only other
thing I was really thinking. Andso we've kind of focused in on
that longer timeframe of theterm the the 30 year, which is
fairly common. The other end ofthe spectrum is like your annual
renewable term, which issometimes used in conjunction

(22:31):
with like a Buy Sell agreementfor business owners to cover the
premature death of a businesspartner to pay their
beneficiaries, for the partnersinterests in the business. That
would be a common thing. That'salso often done in whole life
insurance, as well as opposed tojust annual renewable term. But
that would be an example. Evenif you work for a corporation.

(22:53):
And if they offer some sort ofinsurance, life insurance
policy, that's like a percentageof your base income, oftentimes,
like 50% of your base income, orone time or base income or two
times your base income,oftentimes they purchase that as
an annual renewable term policy.

Sure. okay, I

just to give you some examples of kind of
where they they commonly fit in.
Yeah. Any questions on any ofthat term terms? I think
probably the easier one overall.

I mean, I guess the only one for me is that I'm
assuming that through throughwork we have we have optional.
Like, it's actually notoptional. Now that I mentioned
it. But there's there's optionalgrades of the level of, of life
insurance that I have, and I'msure I could sit here and pull
up the policy, and we get asolid answer out of it. But I
don't seem to recall having anysort of I want this insurance

(23:52):
for, you know, it's it's not a30 year policy, per se, you
know, that wasn't a discussionthat came up. It's a monthly
premium that happens to coverlife insurance, because of the
risks of the job, honestly. AndI know it's what I cover, and
you can choose the level thatyou utilize for the coverage. So

(24:14):
does it still qualify as term inthat sense, even though we don't
have like a, this is a 30 yearterm, per se. I mean, I know I
don't have much, much betterinformation to give you at that
point without saying like, Oh,this is what the policy says.
But yeah, just based off of aloose description, I imagine its

(24:35):
term, just because

correct

supplemental. And I I imagine it's a term and it's
the term of employment, ratherthan like a 30 year term or
whatever it is, but do you haveany any insight on that?

No, that's most likely an annual renewable term.

Okay.

Yeah, there. Since I don't know how long you're
going to be employed. Basically,they just buy an annual
Insurance for you. And they'regoing to provide some kind of
base. And then if you want totack on some extra, you can pay
a little extra on a monthlybasis to increase that that
policy amount, but it'stypically going to be like an

(25:13):
annual renewable term.

Okay.
Okay. I kind of figured as muchI just never really thought
about the ins and outs until youwere addressing these things and
saying, you know, a term is,well, a term, you know, like, I
hadn't considered that the termmight be a term of time, whether
that's annual renewal or, orwhat it is, which, now that you

(25:35):
say that

That's exactly what it's referring to.

Yep. And that makes complete sense, because we
do our open enrollment is what'scalled where we re sign up for
the types of benefits that we'relooking for and what we want.
And so it all makes sense now.

Yeah, so basically, the company has pre negotiated
with an insurance company that,hey, we want to offer all of our
employees, this insuranceamount, life insurance amount,
what's the premium, we pay thismutch, and then if they want
more, they can pay the extra.
And those are almost exclusivelyterm policies. Yeah, and then

(26:14):
because it's the company,they're basically able, they
typically are able to get aslight discount on the the
premium because they're insuringa group of people. And by
insurance in, excuse me,insuring a group of people, you
are automatically reducing therisk to a certain degree,

(26:38):
because you're allowing the thelaw of averages to work out,
work itself out moreeffectively. So you end up
typically getting a better rate,when you have those large
groups, then, as an individualgoing to an insurance policy,
there's a little bit morenegotiating power there, the
offset to that would be insituations like yours, where

(27:01):
they're all firefighters, andthey're taking on more risk than
the average person who's, youknow, sitting at a computer for
their daily desk job. So that'sgonna change things do but yeah,

well, and we've actually just, I guess, at at
the table where all the world'sproblems are solved. When we're
talking about it, we talk aboutthat too where we always kind of
wonder where insurance as awhole, it's usually about health
insurance when we're talkingabout it, but we, we always
wonder where their opinions lieon on us. Because we do take on

(27:43):
a job that we are much morelikely to have a physical injury
that needs to get addressed downthe road, and more likely to
have sickness, because of thestuff that we get exposed to too
much, much more risk in thosefronts. But because it's such a
physical job, we also have moreof a tendency to be physically
fit, because our job requiresit. And we've always kind of

(28:05):
wondered if that comes out as awash, or if people prefer to not
have the risk with somethingthat is inherently risky with
it, or, and, you know, it mighteven be case for case or case by
case basis, with departments andand what the companies decide.
But that's something that wealways talk about is is what
they what they think of us withus being fit, but also risky.

Yeah, as far as the fitness level goes, I doubt
that's gonna improve things muchyou're higher risk of, you know,
physical injury, and exposure tothings is probably going to be a
much bigger factor in terms ofcausing your insurance to be
higher. Now, you're, I wouldassume most of your department,
at least the people that aremore likely to be exposed to

(28:52):
things are going to be on theyounger side, which would help.
But overall, I would tend tothink your premium is going to
be higher than a lot of otherprofessions.

Sure,

per se. Now, you did mention another thing in
there. And that is there's anexperience rating. So they're
gonna start off the premium setbased on their kind of, you
know, global averages, whatthey've, you know, expect, but
then, based on your individualcompany or your department, what

(29:29):
type of claims they actuallyhave gotten over the last, you
know, as they get a few yearsunder their belts with you, that
will actually start to affectthe premium as well so they can
say, Okay, well, this departmenthas had bunch of a lot of claims
or this department reallydoesn't have many claims. They
will factor that in.
Interesting. I mean, I guessthat makes sense. I just never

(29:50):
really considered it that way.
So if you're, if you're at adepartment with a bunch of salty
guys like to go inside and do dowork And then oh, no, somebody
got injured, then maybe maybewe're paying more money than
we'd like to pay.
Potentially

which is, which is interesting. Yeah. I mean it.
I'm sure that that's notsomething that's a concern with
with our department. But it'sit's funny to think about.

Yeah.

Okay.
Interesting. Great. Now see thatwasn't? That wasn't boring. What
are you talking about?
Ridiculous. These are all veryvalid things and term, I think
because term is much easier tocome across in your day to day.
I think that this is veryapplicable to a lot of people.

Yeah.

Which is so good to go over. Good to good to know
about what what's happeningbehind the scenes rather than
just Do you have a life youshould have life? Do you have
life? Get Life?
That's that's

whether or not you should have life insurance
should be based on yourindividual needs and risks.

Yes,

not based on just somebody saying everyone has to
have life insurance.

Correct? Do your research, do what's best for
you?

Absolutely.

If there's nothing else you pull from this
podcast ever, we tried to stresson that, do your research? Do
what's good for you? Let's wrapup on that. Because that was
like a cool, like a good note.

I like it. next time we'll be talking about

Me talking about how good of a note it was
probably probably makes it sothat it's not as good of a note,
but I'm committed to finishing

Are you diminishing the note

this point, yeah diminishing how strong of a it's
like when you tell a funny joke.
And you're like it was it wasfunny, because because, you
know, didn't you know

and you're still going?
This is funny. But you know, whydid the chicken cross the road
to get to the other side? That'sfunny, because that means that
the chicken had to cross theroad to get to the other side,
which is why the chicken evencrossed the road at all. And,
you know, there must have beensomething on the other side that
the chicken wanted. Maybe it wascorn. And so when it crossed the

(32:03):
road, that's the answer to thewhy. Sorry.
Yeah, I'm gonna stop recording.
Thank you for joining us on thetruth about investing back to
basics. My name is ChrisHolling.
And I'm Sean Cooper,

and we will catch you on the next episode. Podcast
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(34:10):
persons of another jurisdictionunless otherwise permitted by
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(34:34):
concerning the status ordisciplinary history of a broker
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consumer should contact theirstate securities administrator
Amen. Oh, man, somebody told mea joke the other day and I was
gonna tell you and I forgot it.
Oh, no. Oh no. Dang, it totallydrawing a blank.

(35:03):
That's terrible.
I was so pleased with it.
Because I tell I tell mypatients jokes. Because really,
if you're like objectivelylooking at it, somebody that's
like really like having legitchest pain, and it's super
uncomfortable. The last thingthey want to do is hear a dad
joke until they hear it. Andthen they go, okay, that's

(35:24):
that's kind of funny, and ittakes their mind off of it. And

as long as they don't laugh too hard, and it
doesn't hurt.

Oh, no, I do those two. Like the
abdominal pains. Those areactually the funnier ones. Like
I kind of feel bad, but you, youget the like, Oh, I'm in so on
my side. My side. Oh, it's, Ican't I Oh, well, you know, what
you call a boomerang thatdoesn't come back. It's a stick
and they go, oh.

(35:57):
To which, to which I laugh andthen she goes coughing stop
making me laugh and then theylaugh more and then it hurts
more and then we all laugh, andthey're in pain and then I'm
laughing and then I feel bad.
And they laugh because I feelbad. And then we get to the
hospital and you come acrossthat real, real cranky nurses
like grumbling. See she's not asfunny as I am but she'll do

(36:18):
great. Okay, thank you.

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Term Life Insurance - What Are The Terms?

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