Guest Junon Fertil - Insurance Broker, RVP at PFS Investments Inc
In this episode, we had a conversation about life insurance:
- Briefly explain what life insurance is and its importance in financial planning.
- Emphasize how it offers financial protection to loved ones in case of the policyholder's death.
**Key Discussion Points:**
1. **Types of Life Insurance:**
- **Term Life Insurance:** Coverage for a specific period with lower premiums.
- **Whole Life Insurance:** Permanent coverage with a cash value component that grows over time.
- **Universal Life Insurance:** Flexible premiums and adjustable death benefits.
2. **Why Life Insurance is Important:**
- Financial security for dependents.
- Helps cover funeral expenses, debts, and ongoing family needs.
- Provides peace of mind, knowing loved ones are taken care of.
3. **Factors to Consider When Choosing a Policy:**
- Age, health, and family situation.
- Financial goals (e.g., income replacement, debt repayment).
- Comparing premiums, coverage limits, and terms.
4. **Common Misconceptions:**
- "It’s only for the elderly." Explain how younger individuals can benefit from lower premiums.
- "It’s too expensive." Many policies are affordable and customizable.
- We ended by encouraging the listeners to evaluate their life insurance needs and consult a financial advisor to select a policy that fits their situation.
