Podcast 47: Term vs. Whole vs. Universal: Types of Life Insurance and Long Term Care Insurance Explained


Today’s guest is insurance agent and financial planner, Franco Livoti. Life insurance is something we should consider sooner rather than later. In this episode, we answer essential questions like: What is life insurance?What is the best kind of life insurance? What types of life insurance are there? How old should I be when I purchase life insurance? Franco also breaks down the differences between term life insurance, universal life insurance and whole life insurance. Understanding life insurance is critical, especially if you have a family or any substantial assets. Don’t wait until it is too late because you may no longer qualify or it’s just too expensive. Take initiative and tune in now so you can have peace of mind later.

What’s in this episode?

0:00 Why learn about long term care insurance

1:13 Meet Franco Livoti

2:00 Hesitance about purchasing life insurance

3:50 Elements to consider regarding life insurance

5:44 Who should think about long term care

6:19 How to choose a long term care insurance

8:30 Best benefits

9:10 When you can start using your benefits

11:24 Look back period

12:04 Different products relating to insurance

14:09 Accelerated death benefit

16:20 Term life insurance

17:00 Universal life insurance

20:53 Chronic care 

21:28 Options if you don’t want insurance

26:30 Options if you plan to retire outside of the U.S. 

28:40 When to consider buying insurance

33:30 Peace of mind for the family

36:09 What you should remember

37:48 Options that you have if you have a chronic disease

39:11 Who you should work with for long term

41:38 Contact Franco 

What you will learn:

  • Why you should start thinking about long term care early
  • Elements to consider when purchasing life insurance
  • The difference between term life insurance and universal life insurance
  • Other options if you don’t want life insurance
  • What professionals you can work with for purchasing life insurance


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