Buying life insurance is a complicated (and boring) process, but what if we told you it could have consequences that could literally haunt your family at their greatest time of need? Episode 1 of ACKtually Speaking with Maddy takes a long, hard look into life insurance, the way it's been mis-sold and the consequences of not paying attention at the time of buying.
In this podcast, we speak about:
00:00 : Introduction
00:14 : The cold call that started it all
00:42 : Why these schemes don't make sense
01:57 : Common misconceptions about life insurance
02:41 : Investment vs. Insurance: Should you mix them?
03:42 : How Life Insurance is sold today
04:17 : What are Pure Protection Plans?
05:44 : What are Endowment Plans?
06:08 : Understanding ULIPs
06:23 : The rationale behind different Life Insurance plans
07:12 : Are FDs are better than life insurance endowment plans?
08:57 : Understanding the actual returns on endowment life insurance endowment plans
10:05 : Cost Comparison: Life Insurance Endowment vs. Term Life Protection Plans
10:47 : The C Word
11:53 : Determining Your Life Insurance Goals
12:21 : Understanding 'Protection' in Life Insurance
13:41 : Life changes in your 30s: What you need to know
15:00 : The real purpose of Life Insurance
15:47 : Reducing liabilities and insurance needs
16:17 : When is life insurance most crucial?
17:20 : The worst disaster that can happen
17:44 : We don't want to talk about bad things
18:20 : Two types of people
19:04 : When the family has no idea about your life insurance policy
19:42 : Having a pragmatic conversation
20:14 : Cultural differences in the West
21:04 : Ensuring that your loved ones are taken care of
21:33 : Why you need a will
22:00 : The right amount of protection
25:43 : A framework for calculating your sum assured
26:20 : Is this an expensive product?
27:00 : Let me say this again
27:45 : Another way of calculating sum assured
28:37 : The good & bad of ULIPs
29:48 : What are "Fund Management Charges" in insurance?
30:59 : Maddy's halftime summary
31:28 : What is the right age to buy life insurance?
32:15 : How life insurance premiums are calculated
33:50 : Importance of buying life insurance early
34:30 : Don't make this mistake when you're buying life insurance
35:10 : Varun's recommendation on how to approach life insurance
35:42 : What are the factors that affect my life insurance premium?
39:11 : Expecting "returns" on term insurance
41:58 : What you need to know about "Zero Cost" Term Life Plans
42:48 : Who's to blame?
43:17 : What you need to know about life insurance claims
47:04 : How life insurance claims can be disbursed
We hope you found this podcast useful! Do subscribe for more.
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