Life Insurance Is NOT an Investment - Dave Ramsey Rant

Don’t waste money on whole life insurance. Get cheap term life insurance here, and then invest the rest! goo.gl/LFpCEj
SUMMARY
Brittany from Johnson City, TN calls into The Dave Ramsey Show to ask Dave about her life insurance policy. She currently has portfolio insurance, with both permanent whole life and term life insurance included. After going through Dave’s Financial Peace University, she learned that Dave doesn’t recommend whole life and wants to know if he agrees that she should switch to term life insurance.
Dave reminds her, “Never under any circumstances use life insurance as an investment vehicle.” He advises instead to take the money you’re putting into a whole life policy and invest it in good mutual funds.
When you use life insurance as an investment vehicle, you get a bad rate of return regardless of what your whole life agent quotes you. You make somewhere between 3-5% on your money rather than making 10-11% in mutual funds. Additionally, when you die with cash value life insurance, your beneficiary is only paid the face value of your policy. The cash value that you saved, that only accrued a small rate of return, is never given to your beneficiary. And you pay 20 times more for it than you would for term life insurance.
Dave believes the best way to buy insurance is to go through a broker that shops around several companies and finds you the best term life insurance deal.
RESOURCES
Hear more of Dave explaining why term life is the only type of life insurance you should have: • Heated Debate Between ...
Learn the real truth about life insurance here: www.daveramsey.com/blog/the-t...
Learn more about whole life vs. term life insurance: www.daveramsey.com/blog/term-...
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[@josevictoriano7371]

Insurance is for insurance investments is for investments two separate things

[@Beene__]

YOUR AN OLD HEAD I CAN SEE LOL

[@Tcgrande77]

THANK YOU FOR THIS!!! My financial advisor has been pushing HARD for me to get it as an investment... I don't want to. I am 41, no kids, no dependents.

[@Asian_Connection]

No kid no family no need

[@jeffreybonderman6897]

Web Cityx not necessarily. It is probably that there is no need for life insurance but a financial and insurance need analysis should show this.

[@Asian_Connection]

​ @GreeleyCPS - I know how this business works. Term is a waste of money and a scam. Put you money in whole life. Why don't you put your time into pointing out how some of the life insurance companies games they play to NOT pay on the policies or the omg we did send grandma the annual policy invoice, did she miss it? Oh, well now it's term. POINT that out to the listener and not try to PUMP sell term insurance.

[@Pr31BossLife]

LIfe insurance salesmen are NOT financial advisors.. they are salesmen... find a true financial advisor

[@STeroidsnicca]

@@Pr31BossLife What company has licensed financial advisors

[@clarencejacksonjr.]

My mother had term life insurance at age 80. When she died the insurance company paid off the amount she had on herself. I got the same insurance from the same company.

[@doggieboy773a]

When I enlisted in the service, 99% signed up for life insurance and I was laughed at for not signing up for it. All these 18-30-year-olds couldn't give me the correct explanation of why to sign up.

[@Vera-dg3hf]

you sure, because you lit cannot refuse anything in the military. Life insurance is a MUST while serving.

[@Asian_Connection]

Right but it builds cash value, worst case after 20 years you get back what you put in, if you never die. Term is junk, it ends at 65 years old, 95% of the people live past 65. So insurance company loves term because they get to keep 95% of the premium and only payout maybe 2% and challenge the 3% never to pay. Why don't you check around to see if term life pay out on CV deaths. Just watch all the reasons why they won't pay!

[@johngerring2505]

If you care about nobody, then there’s no reason to sign up. However, if you think you’ll eventually care about someone enough to support them, when you’re young and healthy is the perfect time to sign up. No telling how long you’ll be healthy enough to qualify, especially being in the service.

[@dohc1974]

@@Asian_Connectionwhat’s cv death?

[@eatpigsnot]

12 whole life agents watched this video

[@STeroidsnicca]

Now its 77

[@davester1970]

I have a $100K life insurance policy through my work and that is plenty for a single and childless man like me. I am debt free, mortgage free and fattening retirement accounts. Getting more life insurance would only make my mother and sister more insurance rich.

[@Asian_Connection]

Right but it builds cash value, worst case after 20 years you get back what you put in, if you never die. Term is junk, it ends at 65 years old, 95% of the people live past 65. So insurance company loves term because they get to keep 95% of the premium and only payout maybe 2% and challenge the 3% never to pay. Why don't you check around to see if term life pay out on CV deaths. Just watch all the reasons why they won't pay! You haven't even see the real scam...with the drop in interest real there will be no dividend. Life insurance holder will have to pay until they die and guess what Insurance probably still won't payout after death. (I'm sure honest Dave told you that!)

[@davester1970]

@@Asian_Connection - I am a single man with no dependents and debt free. At this point in my life, paying for life insurance is a complete waste of money. The only reason I have life insurance is through work. If it weren't for the life insurance being part of my benefits package, I wouldn't have the need to carry life insurance. If I were to die today, I have PLENTY of cash assets to bury me and then some. I don't have to worry about a wife and kids that are dependent on my income. Either my sister or my niece and nephew would be getting my estate.

[@cmusa9677]

Term could be a good option if you ever became terminally ill and have a rider that always a terminal Illness living benefit up to 70% that you can use.

[@RockinAHomestead]

Hey Dave, I recently heard about a nook called farming without the bank. It talks about taking a loan out against a life insurance policy and "being your own bank" as a way to fund a farm/ranch business. I'm pretty skeptical about this but I was wondering if you know anything about this?

[@oliverirving2371]

When an insurance salesman try to be your financial adviser, you know they are trying to gouge as much from you as possible.

[@tigratarot-collectivemessa3922]

Please advise then what insurance can you get after age 80 if not while as term ends at 80?

[@TheBusttheboss]

@@tigratarot-collectivemessa3922 you don't get life insurance

[@ButcherBird-FW190D]

@@tigratarot-collectivemessa3922 Who in the H*** needs life insurance at age 80 ? I'm late 50's, and have not had life insurance for 25+ years. Invested the $ in the S&P 500 index all along, and I am one Happy Camper with my decisions.

[@Eldeano]

I'm an adviser, and I sell term insurance. Some of us aren't scumbags 😅

[@bob-a-louannamaria7960]

You’re a MORON. IUL’s are the strongest form of investment there is.

[@SoundsAndMore7766]

Life insurance is simply what it is. Life insurance is not an investment vehicle.

[@craigslistoceanside8677]

Where in the baby steps do I start with looking into getting life insurance???? Suddenly single mom of 4 small children. Thank you.

[@ittakesavillage5461]

High Midnight I would assume as soon as your 4 walls are up. Double check the book

[@babaklaleh2460]

what will happen to the premium that you paid on your term life insurance if you do not die after your term life expired? Will you get it back or does the insurance company keeps it? thanks

[@astroman30]

I pay homeowner's insurance every year and never made a claim. Does that mean it's a bad purchase? NO!!! Do I get my money back? NO!!! Insurance is a RISK MANAGEMENT PURCHASE not an investment. Letting an insurance company invest your money is beyond stupid.

[@hilariohernandez]

What happens to the premium on your auto insurance, your health insurance? Do you get them back? Of course not.

[@dsherman4007]

When you cancel whole life insurance what happens to the money You invested ?

[@dustinwegner853]

I have insurance through work. Its only 40 grand coverage. No one is going to get rich. Just enough to cover my funeral and some small bills and the keg party i want for my funeral.

[@astroman30]

Perfect.

[@kieransmith4353]

what is the best mutual fund o invest in and what is summit mutual funds and is it good as im living in ireland

[@lawrencebaylosis2547]

I love your radio show Dave Ramsey. I have a question I have a 500k 20 year term. I’m 60 yo and my insurance is expiring. I found out that my rates is 10x if I renew it every year and it is going to increase every year. If I still want to have insurance so I can build a legacy to my family what would you suggest?Thanks

[@LoganB1992]

Larry B your agent should have set up an IRA account to take over whenever your life insurance falls off so you have retirement to live off of and then leave a legacy. If put in the right vehicle for not a lot of money per month you can build up a good retirement account. Once retired you can still gain interest on your money while drawing retirement income off of it. If you have more questions I can answer them for you [phone].

[@Asian_Connection]

Ha....ha....its people who listen to Dave's advice in their 40s gets into this type of situation at 60. Forget, no life insurance is going to take you now.

[@Asian_Connection]

Oh, maybe you can buy insurance from Dave's friend. A policy that will never pay!

[@chrisstaub5880]

@@Asian_Connection You mean people who listen to only part of Dave's advice. If they listened to all of it they would also be taking the money saved by buying cheaper term insurance and investing it, so that by the time the term expires they should have enough in their investments that they no longer need any life insurance.

[@Asian_Connection]

@@chrisstaub5880 - I know how this business works. Term is a waste of money and a scam. Put you money in whole life. Why don't you put your time into pointing out how some of the life insurance companies games they play to NOT pay on the policies or the omg we did send grandma the annual policy invoice, did she miss it? Oh, well now it's term. POINT that out to the listener and not try to PUMP sell term insurance.

[@stevee8318]

And remember, the purpose of life insurance is to protect people who depend on you in case of your untimely death. If you have no spouse or children, you probably don't need life insurance at all.

[@Asian_Connection]

Don't think he understand this. He is pushing people out of wholelife into his friends term life policy. He is the SCAM!

[@jeffreybonderman6897]

Web Cityx who is the scam? The stupidity of your comment is saying Dave Ramsey is pushing to buy his friends term insurance. When have you ever heard Dave Ramsey push to buy whole life insurance? Never! When have you heard Dave Ramsey push to buy Term Life insurance when there is no insurability and no dependence on the insureds? Never!

[@Asian_Connection]

@@jeffreybonderman6897 he is

[@jeffreybonderman6897]

Web Cityx certainly not. Dave can and has proven himself to be right. You obviously have not so I guess that makes you the scam.

[@jeffreybonderman6897]

Web Cityx what makes you qualified to call Dave a scam?

[@mariachavez1373]

Right. So im 36, you want us to buy 15 to 20 year term life insurance, if we die during that time, great, wonderful our families now have some funds to cover life expenses. But what if we DON'T die? So at age 56 were probably going to be sick, and guess what? The odds are we will no longer be insurable. I'm willing to go with a well structured permanent IUL rather then hope to die before my term life expires so my family can reap the benefit. Thanks for your great advise Ramsey.

[@astroman30]

I pay homeowner's insurance every year and never made a claim. Does that mean it's a bad purchase? NO!!! Do I get my money back? NO!!! Insurance is a RISK MANAGEMENT PURCHASE not an investment. Letting an insurance company invest your money is beyond stupid. IULs are garbage with high fees/commissions and capped gains. Plus, you will end up paying out of pocket to cover the ART (annual renewable term.) This nonsense is the worst of all trash value insurance. Try harder.

[@mariachavez1373]

@@astroman30 I'm not here to convince you buddy. But I do wish you well when the time comes that you need insurance and you no longer have it, nor qualify for it. Also, my comment did not mention investing in anything but now that you mention it. I make a nice interest rate every month with my IUL that my policy not only pays it'self but I also have a decent cash value accumulated. You have a poor man's mentality. Best of luck. You will need it.

[@astroman30]

@@mariachavez1373 Take this to heart. Why IULs are garbage (from an actual fiduciary :) 1. Money never enters the market - With an IUL, the money funding the cash value portion of the policy is never actually invested into the market. Instead, the insurer holds your “cash” and pays a return on the annual growth of a specific index. Anyone selling IUL are not required to have a securities lIC. 2. Growth potential is capped - While most policies have a “floor” of 0% which prevents your cash value from dipping below what you put into it, your growth potential is capped, too. For example, if your policy limits growth to 10% on the index and that index out-performs that percentage, you’ll still only receive the value of 10% in your account. The insurer keeps the difference. 3. No dividends - Dividends are completely eliminated in an IUL policy. Not having the chance to reinvest any earned dividends, as you could choose to do with an individual investment, means you could miss out on a great deal of money from dollar-cost averaging over time. 4. Fees, fees and more fees - IUL policies are packed with fees and charges that will eat into any cash value accrued. 5. Rising costs - The internal cost of insurance continues to rise as you age, which can limit the amount of money going toward any potential cash value. All universal life is A.R.T ( annual renewable term) PLUS: Almost all cash value policies have these “features” built in. • You’ll accumulate NOTHING in cash value for the first few years the policy is in force. • The cash value earns a lower rate of return (often just 2%-4%) than the potential return you could achieve if you put your money into a vehicle such as a Roth IRA in the U.S. • If you borrow from the cash value, you’ll pay it back plus interest. • If you die with the policy in force, beneficiaries receive the death benefit (less any outstanding cash value loan balance) while the insurer keeps any accrued cash value. Unless you have the increasing death benefit option (option b) the consumer will pay more for that option. The consumer always gets screwed when investing in these policies. The only winners are the agent and the company. The BS I hear all the time is it has to be "structured properly." I have collected 64 policies in the last year and I haven't I seen one structured properly.

[@KMF3]

I don't need life insurance but I do need disability insurance. With a long-term care Rider. Does anybody no of the best way to do that?

[@ittakesavillage5461]

kari KF call Xander and ask them

[@Asian_Connection]

Right but it builds cash value, worst case after 20 years you get back what you put in, if you never die. Term is junk, it ends at 65 years old, 95% of the people live past 65. So insurance company loves term because they get to keep 95% of the premium and only payout maybe 2% and challenge the 3% never to pay. Why don't you check around to see if term life pay out on CV deaths. Just watch all the reasons why they won't pay! I personally know of insurance scams where the insurance company stops sending (or misdirecting) invoices after 65 years old so that you will lapse your payment and the whole life becomes term to expire. You haven't even see the real scam...with the drop in interest real there will be no dividend. Life insurance holder will have to pay until they die and guess what Insurance probably still won't payout after death. (I'm sure honest Dave told you that!)

[@AngieConfidential]

The caller is correct. The policy needs to be written to include the cash value in the payout to the beneficiary. Ramsey is correct in that most policies are not written that way. This is why it is so important to know enough to select the right agent and product.

[@astroman30]

Name your provider that offers CV and DB payout in a WL policy without a PUA rider or raised premium.

[@ericarosemenasanchez8838]

I've been pretty good with my money no debt, live at home slowly (but getting faster) growing my networth. 2 years ago I was still learning and still hadn't found your videos. I got sold a whole life insurance with a 20 year rider. I panicked a little because for 6 years since then I have been prediabetic (diabetes is strong with my family). But I've been keeping this stable and confident my dieting and active lifestyle will keep me stable for a long time. Do you or anyone else that wants to reply think I should drop my 50k whole life that cost $95.00 CAD per month?

[@astroman30]

I would drop it and put money in a ROTH IRA that grows TAX FREE and you get to KEEP your money unlike the cash value in a whole life policy.

[@well.yousee4995]

I love how humble Dave is. Thanks Mr. Ramsey :)

[@jeremyed9507]

So it's okay to get 3 to 5% on your money with bonds or something similar but its terrible when you get 3 to 5% and it comes with a death benefit?

[@astroman30]

After fees/commissions the ROR on cash value in a WL policy is about 1.5%......garbage.

[@skyewatson6204]

@@astroman30 🧢

[@EPHONIC]

What about a term policy that has a conversion option where some can be converted to a lifetime policy with cash value so that it can be "borrowed" tax free after retirement?

[@astroman30]

Any loan is "tax free" so I don't see the advantage.

[@genxx2724]

There would be interest on that loan. It compounds and leaves a mess for the heirs.

[@TasteyMicahDrums]

Really appreciate that

[@ychongy]

At what age do you buy term life insurance? 30 years old buy 30 years until you hit retirement age for 401k? 35 year old buys 25 years of term?

[@TheJeffdabomb]

I bought my first policy when I was 22 years old. I did it because it was dirt cheap ($34/month got me $1,000,000 of death benefit) and I don't need to worry about my future health making me uninsurable. Some people might disagree, but $34/month isn't going to be the end of me.

[@ychongy]

Ok using your example. What if you were to pass away in between age 52 and 59 1/2?

[@AslansMane88]

Life insurance is to protect your family's livelihood until you are self-insured by a working lifetime of investments. After the children are grown is a good mark for the end of the term.

[@blackworldtraveler3711]

mwall444 I've met so many through the years in their 20s with no kids and not married with life insurance. Also some that have insurance on their girlfriend and even her kids at times and forget while still auto paying the monthly premium years after they break up. Those agents are good. And the reason I invest in certain insurance company stocks.

[@aidancash1]

Not until you have a wife and family to protect.

[@nkp650]

I’m so confused as to why you say “go to an insurance broker so they can shop for the best deal for you” but when it comes to mortgage brokers you say “ that’s why they call them brokers.... because they leave you broke!” Ummm no! The exact opposite actually. Mortgage brokers allow for you to shop multiple lenders to get the best possible deal.

[@droptozro]

$300/month.... wow yeah you got taken. You'll get $400k per person for about $18/month each in term insurance. $300 or $36? Easy answer.

[@Mike-01234]

Don't get advice from anyone selling something always go to an independent finance advisor they should charge for their time. Anyone who is giving you free advice is not free they are making money by selling you an investment product where they make a commission.

[@seymourcake752]

I am 32 years old and my term life policy covers me til 94.

[@MrT1-b5f]

Seymour Cake where can I get 50 year term policy?

[@seymourcake752]

MrTHL1 Facebook Hans Ramsey (Primerica Financial services )

[@_maj3stic239]

with Primerica max years you can have is 35 years but you can renew after that ( i know because i have life ins. with them)

[@MrT1-b5f]

what would the renewal rate be? can't imagine it being cheap when you're over 50.

[@seymourcake752]

Jestic The rep was from Primerica. The actual life insurance company is National Benefit Life Insurance Company.

[@MariahFan09]

What does it even mean to buy life insurance as an investment

[@pattyolvera9919]

glacier8 IULs

[@thealgorist4160]

Indexed Universal Life Insurance or Variable Indexed Life Insurance. These are permanent Life insurance policies. They act like no cap roth IRAs except you can take money out, before retirement, as a loan, with interest. If you can manage risk, you might be able to use them well to make money. If you can't manage risk well, follow Dave's plan!

[@user-vw4vp5gm2c]

how is insurance is an investment, any kind of insurance for that matter??

[@danielleon5074]

Cash Value

[@SkynetTeamDREADWING]

Only an investment if you are not the one getting the money. Such as, get yourself a life insurance and get your wife to "accidentally" end your life. Insurance is not an investment. Investing in an Insurance company is investment.

[@camminhliu1793]

Really depend on the agent how to write. It investment product. Look up vul life insurance. Where do you think rich people put their money? They not using 401k or roth ira

[@johnd9541]

Buying term and investing through the same company that sold you term is combining insurance and investments, only then you'll have two sets of fees.

[@andrewogle8483]

Actually the policy fee is waived for the companion policy

[@johnd9541]

and that companion might be a woman who is now paying the higher rates of men.

[@Asian_Connection]

Right but it builds cash value, worst case after 20 years you get back what you put in, if you never die. Term is junk, it ends at 65 years old, 95% of the people live past 65. So insurance company loves term because they get to keep 95% of the premium and only payout maybe 2% and challenge the 3% never to pay. Why don't you check around to see if term life pay out on CV deaths. Just watch all the reasons why they won't pay! I personally know of insurance scams where the insurance company stops sending (or misdirecting) invoices after 65 years old so that you will lapse your payment and the whole life becomes term to expire. You haven't even see the real scam...with the drop in interest real there will be no dividend. Life insurance holder will have to pay until they die and guess what Insurance probably still won't payout after death. (I'm sure honest Dave told you that!)

[@astroman30]

@@Asian_Connection And they KEEP your cash value.

[@Tcgrande77]

So upset. My financial advisor totally manipulated me and led to me telling me that it was a custom life whole insurance policy set up for additional post retirement income! I am so upset that he took advantage of my lack of knowledge. I canceled it today. Thank Dave Ramsey and God bless you for how you are guiding and helping us🙏🏻

[@Asian_Connection]

Right but it builds cash value, worst case after 20 years you get back what you put in, if you never die. Term is junk, it ends at 65 years old, 95% of the people live past 65. So insurance company loves term because they get to keep 95% of the premium and only payout maybe 2% and challenge the 3% never to pay. Why don't you check around to see if term life pay out on CV deaths. Just watch all the reasons why they won't pay!

[@lookingforwhiteprivilege9330]

@@Asian_Connection yeah but term is cheaper and you can put the difference into an investment with better returns. Then you can live off your investment and will have enough money to not need any life insurance. You seem to be returning to these comments occasionally to push this idea on people. Seems pretty messed up. I’m guessing you’re a life insurance salesman. Btw everybody reading this: they push whole life insurance because the commissions are WAY higher.

[@bobthomas4651]

I have a Dave Ramsey certified FA and she is trying to sell me life insurance. And we never talked about getting LI.

[@astroman30]

Term Life Insurance is what Dave Ramsey recommends.

[@pragmaticagility5153]

Wow, did exactly what he said before viewing this.

[@nathanielgooding7729]

you either live long or die early. regardless insurance should be in your wealth building plan in the beginning and when you have enough money from your savings or investments (depending if your adviser is efficient) you should be able to live off of it down the road and cancel your insurance.

[@johnd9541]

Nice concept.....doesn't work.

[@STeroidsnicca]

@@johnd9541 why not?

[@johnd9541]

@@STeroidsnicca Because people increase their standard of living as their wealth increases. An insurance policy will never be your soul source of income or wealth......your job will.

[@jenniferp1917]

How does insurance "build wealth" for you, if it only pays out when you die??

[@DefinitelyNotRin]

@@johnd9541 That's a you problem. Anyone smart enough will save up a little more before living a lavish lifestyle.

[@walterpen371]

What Dave is really trying to say is that we live in an age where the hard working class is being targeted. It's the wild wild west where there are so many ways to invest our hard earned money. Remember that any type of investment small or large that the returns are INCOME. YOU ARE AWARE THAT YOU MUST PAY CAPITAL GAINS TAX !!!! We are not privileged like the insurance companies to hide their billions in off shore paradise seclusion.

[@Veronica-tk9rl]

I'm 30. If I buy 20 yr term insurance, it will expire when I'm 50. My premiums to re enter will be much more... This is what he suggests?

[@astroman30]

Absolutely....Buy term insurance and invest the difference (between term and whole life.) Thus, you will have WAAAAYYYYY more money than just buying whole life.

[@kristingoebel4549]

I wouldn’t listen to him about life insurance. He’s weong

[@astroman30]

@@kristingoebel4549 where is he “wrong?”

[@jeremylogan8182]

Why does he never talk about Bank on Yourself...

[@kzamora2548]

Exactly ... you have your whole life to build wealth. If one does then life insurance is pointless in the grand scheme of things.

[@TheFewAreChosen]

@@kzamora2548 Thats the thing right there. You dont know if you do have your whole life to build wealth. Do you think the thousands of people that die every day planned on dying? No..it happens and usually there is nothing that you can do about it. Life insurance is a way that you can insure that should anything happen to you, that your income (which some people's families, loved ones, etc..depend on) is protected and can relieve the burden of finances for the people you leave behind.

[@AustinRInvst]

What happens when you buy term in your 20s and then it runs out but now you're not insurable anymore? Oh, that's right, that's a big problem isn't it.

[@astroman30]

I would save my money instead of paying $400 monthly payments on a trash value policy. Not a big problem.

[@mannyjeanpierre4062]

you'd have the money saved from a horrible product to buy more term or be self insured lol. Try again

[@AustinRInvst]

@@mannyjeanpierre4062 the difference in premium would never even come close to the amount of tax free death benefit that you would need. Also, what if now 20 years later you are uninsurable but your kids and family still depend on your income?

[@AustinRInvst]

@@astroman30 The difference in cost would no where make up for the tax free death benefit you had. Maybe you saved $5 - $10k but you now youre out hundreds of thousands of death benefit. And your 20 years older. And you may be uninsurable altogether.

[@mannyjeanpierre4062]

@@AustinRInvst what if this? What if that? What if the world ends? What if covid happens again? It's a lousy expensive product that takes ur money. Period

[@briansamaniego-howard1806]

Should military members have separate life insurance? In 2 months I’ll be in baby step 4

[@ittakesavillage5461]

Brian Howard what do you mean separate?

[@briansamaniego-howard1806]

Amanda Johnston we have life insurance as active duty, I’m just wondering if I should have another policy to include the one we have

[@ittakesavillage5461]

Brian Howard yes absolutely. I use to be active duty and my husband still is. You want 10 x the coverage of what you make a year. I think Dave says ten, double check. But it’s so important to have one outside the military because you never know when you might get out, be forced out, or want to get out.

[@fearlessreview]

No just participate in the Max amount for SGLI which is 29.99 for 400k

[@freddysmash]

SGLI is enough.

[@elizabethtrejo2112]

What do you think about PrimeAmerica ? I’m thinking about them and buying life insurance

[@Ivannamaria_1]

I would like to know about them too!!?

[@blkbirdmo]

Don’t do it.

[@marino_selene]

Please don't do it.

[@juanzapata7701]

Their insurance is way expensive.

[@ecoble7913]

They typically will try to sell you term, but it depends on the agent. But you can compare the best rates on policy genius

[@robmartin217]

Many brokers sell the same life companies and some do not

[@latashawiller8559]

Blessing ❤️

[@heathmcconnell3901]

Let me guess, this was Northwestern Mutual? I'm near Johnson City, TN as well; and I had a friend give my number to them too. And I almost got duped into starting my Roth IRA with them in mutual funds where they charge 5.75% load. But fortunately, their adviser absolutely refused to open me a Roth IRA unless I first purchased my life and long-term disability insurance through them. Now, I'm with a different company for my Roth IRA at a much more reasonable price. This was the first time I ever experienced a situation where a salesman refused to sell me Product A unless I bought Product B that bore only a tangential and contingent relationship to Product A. And by the way, they were VERY pushy in asking for referrals. So don't be shocked that your friend game them your number.

[@xghostogx8487]

Heath McConnell I signed with them and having problems already they made a withdrawal already from my account when I haven’t even completed my interview yet they told me nothing would come up I signed up for life insurance and a Roth IRA do you know if it’s still too late for me to cancel.? My agent doesn’t even contact me or anything seems like a scheme to me

[@Asian_Connection]

Right but it builds cash value, worst case after 20 years you get back what you put in, if you never die. Term is junk, it ends at 65 years old, 95% of the people live past 65. So insurance company loves term because they get to keep 95% of the premium and only payout maybe 2% and challenge the 3% never to pay. Why don't you check around to see if term life pay out on CV deaths. Just watch all the reasons why they won't pay!

[@heathmcconnell3901]

@@Asian_Connection If a person is regularly investing over their career, they won't necessarily need term insurance until age 65. For me, if/when I have someone who depends on my income, I plan to get a 10 or 20 year term policy, take whatever extra cost would have been paid into a whole life policy, and invest that in good mutual funds. At the end of the term, I should have enough in my investments that whoever depends on my income would be ok if it were suddenly lost. Stated differently, I could self-insure at that point.

[@user-lo3dl1ew7o]

Dave that is untrue... national life at least paid the death benefit and the accumulated cash value that was 538k.....and a death benefit of 423k..... please update your information.

[@astroman30]

Either you're lying or stupid. Your beneficiaries only get the DB. Oh sure, you can purchase a PUA and get an increasing DB, but you don't get the CV.

[@ashleytaylor994]

Dave says average rate of return on Mutual Funds is around 10 percent. Is this accurate? Are you guys making that on your mutual funds? This is what I found online, don't know if accurate or not: What is the average mutual fund return? The 20-year return on mutual funds averages 4.67%. The actual return varies based on the funds chosen and time in the fund. What is the average mutual fund return for the last 5 years? Mutual funds provided an average return of 6.92% over the last 5 years. This is around 3% less than the S&P 500 index over the same period. What is the average mutual fund return for the last 10 years? The average 10-year return on mutual funds is just about 0.66% less than the S&P 500 index return over the same period. Mutual funds provided a 4.23% return while the S&P 500 provided a 4.895% average return. What is the average mutual fund return for the last 30 years? The S&P 500 index provided a 4.3% higher return than mutual funds over the last 30 years. Mutual funds had a 3.66% average return, while the S&P 500 had a 7.952% return. It seems like the average is way less than 10 percent. More around 6%

[@jeffreybonderman6897]

Ashley Taylor it looks like your search is very vague. Mutual Funds are just a type of investment. You can have a very ultra conservative Mutual fund in Money Market type investments or ultra aggressive Mutual funds. Your individual need for mutual funds will vary depending upon your risk tolerance, your age and how long do you plan on keeping the investment.

[@Asian_Connection]

​ @GreeleyCPS - I know how this business works. Term is a waste of money and a scam. Put you money in whole life. Why don't you put your time into pointing out how some of the life insurance companies games they play to NOT pay on the policies or the omg we did send grandma the annual policy invoice, did she miss it? Oh, well now it's term. POINT that out to the listener and not try to PUMP sell term insurance.

[@Asian_Connection]

Right but it builds cash value, worst case after 20 years you get back what you put in, if you never die. Term is junk, it ends at 65 years old, 95% of the people live past 65. So insurance company loves term because they get to keep 95% of the premium and only payout maybe 2% and challenge the 3% never to pay. Why don't you check around to see if term life pay out on CV deaths. Just watch all the reasons why they won't pay! I personally know of insurance scams where the insurance company stops sending (or misdirecting) invoices after 65 years old so that you will lapse your payment and the whole life becomes term to expire. You haven't even see the real scam...with the drop in interest real there will be no dividend. Life insurance holder will have to pay until they die and guess what Insurance probably still won't payout after death. (I'm sure honest Dave told you that!)

[@juanzapata7701]

Dave is right, insurance is not an investment..

[@geaninacaceres9669]

What about “indexed” life insurance policies?

[@BunkMasterFlex77]

💩

[@astroman30]

garbage

[@jimhouser2556]

call and cancel right away...these slimy insurance salespeople will also pump you for contact info for your friends and family...don't give out any names/ numbers.

[@heathmcconnell3901]

If I were a betting person, I'd bet $100 it's the same company that I dealt with (also Johnson City, TN): Northwestern Mutual. The "adviser" (more like pushy salesman) was VERY pushy in trying to get contact info for other people. And when I told him that I wanted to take some time to think over the (overpriced) insurance options but proceed with a Roth IRA, he absolutely refused to open one unless I first got life and long-term disability insurance (without specifying where). He even tried to claim that it could put his licenses in jeopardy if he opened a Roth IRA for someone without LTD insurance since that wouldn't be in the person's best interests should they get hurt. Shortly thereafter, when I said I had gotten quotes on those elsewhere but would still like to proceed with a Roth IRA, he shifted the goal posts on me and said I couldn't open a Roth IRA with him unless I got that insurance specifically through him. That's when he moved past the "lose my license" argument and told me that he wants to do business only with clients who take him on for the "whole package", not just investments (and that's fine, for those who want that; but I was looking only for an investment adviser). Needless to say, unless someone just really wants a "whole package" financial adviser and is willing to put up with pushy salespeople, I recommend people to stay away from Northwestern Mutual.

[@STeroidsnicca]

@@heathmcconnell3901 Yep NorthWestern are scam artist

[@Asian_Connection]

Right but it builds cash value, worst case after 20 years you get back what you put in, if you never die. Term is junk, it ends at 65 years old, 95% of the people live past 65. So insurance company loves term because they get to keep 95% of the premium and only payout maybe 2% and challenge the 3% never to pay. Why don't you check around to see if term life pay out on CV deaths. Just watch all the reasons why they won't pay! I personally know of insurance scams where the insurance company stops sending (or misdirecting) invoices after 65 years old so that you will lapse your payment and the whole life becomes term to expire. You haven't even see the real scam...with the drop in interest real there will be no dividend. Life insurance holder will have to pay until they die and guess what Insurance probably still won't payout after death. (I'm sure honest Dave told you that!)

[@Gas_man]

If you max fund a VUL policy the tax advantages can be substantial. I’m not sold that Dave really understands how they work.

[@astroman30]

Garbage.....high fees/commissions.

[@Gas_man]

@@astroman30 Yes, the fees can be high. However, if you factor in the tax advantages a fully funded VUL policy can be a powerful part of a balanced portfolio. It shouldn’t just be written off because of the fees.

[@astroman30]

@@Gas_man Garbage.....the fees are high and then it drains your cash value when the insurance goes up. It's actually worse than whole life.

[@Gas_man]

@@astroman30 When the insurance goes up? The prospectus for my plan lays out the fee structure and it’s the exact same every month. If they would try to raise the cost I’m fairly certain I’d have a solid case against them. You’re also still completely ignoring the tax benefits of the policy. To be clear, I’m not advocating for VUL as a sole investment vehicle. I have other investments with varying tax structures. But the VUL fits in nicely because you can withdraw money tax free (it’s highly liquid) and the taxes from investment gains is tax deferred. I feel like it’s very easy to just write it off as a bad policy because of the fees but I think you’re ignoring a lot of the benefits. I’m happy to have my policy as part of my overall portfolio.

[@astroman30]

@@Gas_man Any loan is TAX FREE. Hence, I can take a HELOC loan and it's tax free. Your garbage variable life policy is riddled with high fees/commissions. One of the worst financial products out there.

[@Stephiesma]

Nationwide is on your side? And Dave says “neither” of those guys works cheap 😂 makes sense

[@Crazywaffle5150]

I don't care about money I can't use.

[@casienwhey]

The inside buildup of a LI policy is tax deferred and potentially tax free at death. Compare that to a taxable mutual fund (repeat taxable).

[@astroman30]

It's taxable because I OWN IT. Hence, I'd rather pay taxes on something that I own than to give it away with only an option to BORROW against my own money. Letting an insurance company invest your money is beyond stupid. (repeat: stupid)

[@yungkalimusic]

How do i open a Roth IRA?

[@janellesampson2976]

Talk to bank or credit union

[@Asian_Connection]

Use cash

[@astroman30]

@@Asian_Connection Yet, he gets to KEEP his cash unlike the cash value in a whole life policy.

[@Asian_Connection]

@@astroman30 Please go and learn how the math works for term vs whole.

[@astroman30]

@@Asian_Connection I know MORE THAN YOU. You're just a lying salesman looking for the next victim.

[@BizInTheFrontPartyInTheBack]

I sell permanent insurance and I’ve got no problem with Dave. He makes plenty of valid points. And he doesn’t cost me business because people I work with are often familiar with Dave but recognize that he’s not Jesus Christ and sometimes his advice doesn’t apply to their situation or may just be faulty. Sometimes mine is faulty too! No one has a monopoly on good advice. I ask people to consider why it could make sense for them in their specific situation. By the way, a majority of the time, it does not make sense. Term, or at the very least a combination of the two, is often the best way to go. Y’all should do your own research. Plenty of people that are equally as smart and successful as Dave have and will continue to endorse permanent insurance. Doesn’t mean it’s right for everyone - just means it’s right sometimes.

[@johnd9541]

I supposethe fact that Dave's radio show partner (pre tv show) being Roy Matlock Jr of Primerica has no influence over Dave's opinions either???

[@BizInTheFrontPartyInTheBack]

John D Primerica actually doesn’t sell permanent insurance. Their philosophy is very similar to Dave’s on why they never include it in their recommendations.

[@johnd9541]

Exactly what I said. And a good reason why DR recommends term tho without going out on a limb, its almost a sure thing that DR has a whole life policy.

[@BizInTheFrontPartyInTheBack]

John D Ohhh gotcha, the question marks confused me but I understand what you were saying now. Based on everything else that DR talks about though, I’d be pretty surprised if he has any secret permanent insurance, especially whole life because he cares so much about rate of return and whole life will almost certainly never beat market money in the long run. Dave is making too much money to keep funding a Roth IRA though, so besides a 401k or SIMPLE IRA I’d be curious to know how he gets his tax advantaged growth, and I’d also be curious if he’s still in 100% growth funds now that he’s probably in his 50s.

[@johnd9541]

The ultra wealthy dont need insurance for themselves but for their offspring who will inherit their wealth at which time they will need to pay the tax bill. The policy is to the tax bill. However, for that to work, there has to be a policy in place. At advanced ages, term policies cost way more than whole life.

[@xfggfcggbddcvhhjj1738]

Pass the message and also call the swatteam

[@jeffreyshingleton6282]

Absolutely possible to have too much insurance....said a wise ole man I knew.

[@dalilahmartinez9246]

Wrong Dave! Life insurance is not an investment vehicle it is an asset.

[@Steven_success123]

Exactly.

[@borregoimages8117]

Exactly! Every balanced portfolio has a life insurance product as a hedge. I've never heard Dave Ramsey talk about New York Life Whole Life products either. It's just misleading surface level commentary.

[@cornellsinclair]

@@borregoimages8117 new York life whole life is terrible

[@heavysurup]

I don’t disagree with him but where’s the math? Just name calling on both sides. The guy said bad rate of return. But then says 12% mutual fund… then he says you don’t get the cash value for a life insurance plan. The face value is significantly more plus cash values purpose pays living benefits.

[@heavysurup]

Then he bashes family friends and immediately recommends is buddy

[@astroman30]

What part of "The insurance company keeps your cash value" do you not understand?

[@delishiahollingsworth2715]

Thank you

[@victorvodka]

what is "loff insurance"?

[@kaohsiung99]

There are 160 distinct English dialects throughout the world. Try to keep up!

[@ShayneNayNay]

GREAT VIDEO!! I LOVE IT

[@austinrossmiller6647]

So let's say I decide to buy a whole life policy with a large named company for 1 million in coverage and pay in full (the 10 years of premium that most companies charge) lets just say $150,000 in this case. By the time I'm 50-60 years old I will have carried 1 million in coverage up until then (just in case something happened to me), but I will have the option of cashing out my policy for somewhere in the range of $500,000. Thats "Not" an Investment? Clearly this is not your average scenario for most people and definitely not some great interest building fund but it sure is worth it in the long run.

[@Asian_Connection]

Right but it builds cash value, worst case after 20 years you get back what you put in, if you never die. Term is junk, it ends at 65 years old, 95% of the people live past 65. So insurance company loves term because they get to keep 95% of the premium and only payout maybe 2% and challenge the 3% never to pay. Why don't you check around to see if term life pay out on CV deaths. Just watch all the reasons why they won't pay! You haven't even see the real scam...with the drop in interest real there will be no dividend. Life insurance holder will have to pay until they die and guess what Insurance probably still won't payout after death. (I'm sure honest Dave told you that!)

[@robmartin217]

Dave seems that he rarely ever mentions that only 2% of term life ever pays out

[@astroman30]

I pay homeowner's insurance every year and never made a claim. Does that mean it's a bad purchase? NO!!! Do I get my money back? NO!!! Insurance is a RISK MANAGEMENT PURCHASE not an investment. Letting an insurance company invest your money is beyond stupid.

[@andrewricks8251]

LIFE INSURANCE IS NOT AN INVESTMENT. IT IS A TRANSFER OF RISK

[@astroman30]

That's why it's best to only buy term insurance and invest the difference.

[@moyo3980]

This is insubstantial information.

[@astroman30]

Such as...?

[@borregoimages8117]

What's Dave Ramseys view of a Whole Life policy under New York Life? Because your beneficiary does receive the DB that earns dividends in its lifetime. And that company has been paying dividends for 177 years...

[@reelitin3644]

Although Dave Ramsey is giving very good general advice and has many very sound principles, Life Insurance is NOT an investment and NEVER has been and NOT everything Dave Ramsey says is true some of it is HIS opinion.

[@Asian_Connection]

​ @GreeleyCPS - I know how this business works. Term is a waste of money and a scam. Put you money in whole life. Why don't you put your time into pointing out how some of the life insurance companies games they play to NOT pay on the policies or the omg we did send grandma the annual policy invoice, did she miss it? Oh, well now it's term. POINT that out to the listener and not try to PUMP sell term insurance.

[@astroman30]

@@Asian_Connection What part of the insurance company KEEPS your cash value do you not understand?

[@Asian_Connection]

@@astroman30 - I think you don't understand. Lets see who has more after 65! Do you know that whole life has cash value after 20 years. Keep listening to Dave!

[@astroman30]

@@Asian_Connection Again, you lose all your cash value when you die. The insurance company KEEPS IT. Want to know why the IRS prohibits insurance companies calling whole life insurance an "investment?" Because THERE"S NOTHING TO INVEST. You don't get your money back. Try harder.

[@rg4562006]

It’s an investment if you never saved money in your younger years, which let’s be honest there are a lot of people who haven’t saved enough or at all.

[@SkynetTeamDREADWING]

Life insurance is practically the same as car insurance. Its not an investment. Its only there to protect your loved ones

[@ozymandias8523]

Interesting World it makes sense if you have kids imo

[@EastLakeWatch]

I never invest in dead! Very stupid..

[@robmartin217]

Rate will depend on health

[@astroman30]

Who cares?

[@danwitzke-yourfinancialhea8995]

What about whole life insurance that is corporately owned?

[@SkynetTeamDREADWING]

still not an investment. If you want insurance investments, then buy the stocks of that certain insurance company. Insurance are meant to protect the people you love financially.

[@danwitzke-yourfinancialhea8995]

@@SkynetTeamDREADWING ​ I'm thinking more about the tax advantaged strategies using whole life as a vehicle vs the actual investment. I don't know of any other product (that is legal in Canada) that proves the same advantages to a corporation in regards to its retained earnings and minimizing it's taxation

[@rachelsmith6820]

Forget life. Get into your 401k, Rothira, and S&P500.

[@larryd.deutchman9454]

Stupid call Insurance is protection

[@astroman30]

That's why term insurance is the best selection.

[@stayingdisciplined1456]

I always thought life insurance is a joke to the wise thinker. Normally people would laugh at whoever thinks like this, but im glad an older experience multi millionaire backed up my thoughts

[@zmcg17]

Gambling on your own death and when you die, they win.

[@smart6788]

... Uncertainty. Life insurance is an act of love for yours, however at the same time it can work as an tool's save. Actually, to contract insurances to cover all your risk is a good way.

[@awakentotruthmichaelsmith4698]

IUL's Pay cash value on top of face death benefit, assuming the cash value was not liquidated by the policy owner

[@astroman30]

IULs are garbage with their high fees/commissions and capped gains. The cash value dries up leaving the policy owner to pay for his own term policy.

[@awakentotruthmichaelsmith4698]

@@astroman30 how does the “cash value dry up” exactly

[@astroman30]

@@awakentotruthmichaelsmith4698 I'm very glad you asked. Keep in mind, it takes years to develop any significant CV. Why? Because the first several years is straight commission for the weasels selling this garbage. If you do develop any significant CV, the fess/charges they install plus the ever increasing cost of your term policy is pulled from your CV dries it up to ZERO. This leaves the policy holder to fend for his own out of pocket cost of the DB (term policy.) Garbage.

[@astroman30]

@@awakentotruthmichaelsmith4698 Mr. "UIL"

[@awakentotruthmichaelsmith4698]

@@astroman30 I’m not even that big of a fan of IUL’s, I don’t own one, but I am even less of a fan of guys like Dave Ramsey making overly broad generalizations about things and trying to fit everyone into the same system, namely his system and there is one person that does really well finically from that system, and it is Dave Ramsey

[@SUPERxAC3]

I was quote $750 a moth for term insurance

[@astroman30]

Why are you needing life insurance?

[@SUPERxAC3]

@@astroman30 we going to die someday

[@astroman30]

@@SUPERxAC3 True, but Life Insurance isn't for you. It's for your beneficiaries. Unless you have someone completely dependent on your income, it isn't needed. If you do have someone dependent, I would just build up my income instead of paying $750 monthly premiums on term.

[@urbanlumberjack]

This is old!

[@Mr.Mister1974]

Stuart Hughes . Might be old but some people need to hear again or some people first time hearing it.

[@christianolson7141]

Northwestern Mutual is an exception to this rule. An average 5% dividend payout every year since 1872.

[@astroman30]

Not after fees/commissions. The ROR is about 1.5%....garbage.

[@jaxx4611]

There are many reasons people can and should get insurance. Vesting your money in a safe insurance policy where you may get capped growth but zero loss and tax advantages is the reason why people get expensive universal policies. The fees are there but not as much as Dave describes, additionally after the vestment period they’re gone and you have access to cash value you accumulated instantly and tax free. At the point all insurance fees are paid you can even cancel your insurance and continue to accumulate cash value and be self insured. Additionally if you were to get sick or die you or your beneficiaries would receive the money quickly not held up in escrow or sales or transfers. I can go on but yes meeting with an insurance broker is best. A good one studies current products, rates, and strategies. Not just the old ones.

[@astroman30]

Simple Question: What happens to the cash value when the person dies?

[@LittleJohnnyW]

Why would anyone use life insurance as an investment vehicle? It has an otherwise valid purpose, namely being a safety net for loved ones who cannot support themselves (usually children). People buy life insurance on the understanding that if they survive the term, it's money well spent. If something terrible happens, their loved ones are protected. I think Dave misses the nail here.

[@KMF3]

John W he does talk about buying life insurance for life insurance not an investment if you listen to the whole video

[@danielleon5074]

Because it has cash value that grows tax deferred and you’re able to make withdrawals tax free and use the cash value as supplemental income for retirement.

[@BillyO8828]

@@danielleon5074 - Tax deferral is a horrible reason to lock yourself into a super high payment, then having to pay a huge surrender fee to get your own money back if you can't afford it later. You can do tax deferred saving via 401K and get your money with little or no penalties if you later need to buy your first home.

[@danielleon5074]

Red Chevy It’s a long term investment so by the time you become to take an income stream you’d be out of surrender already. Pick up a book.

[@BillyO8828]

@@danielleon5074 - For long term investing, better to do a ROTH or 401K, so you're not FORCED to keep paying a super high premium that is very inflexible. Pick up a book.

[@johnwebb7163]

Dave is wrong about Life Insurance … Annuities too. Great BABY steps tho! 😊

[@astroman30]

BORROWING against your own money only for the insurance company to keep, and you think this is a good idea? Annuities are garbage with their fees/commissions and ties up your money. Letting an insurance company invest your money is beyond stupid.

[@johnwebb7163]

@@astroman30 you sound like Dave himself. I get it, you hate it, and don’t understand it. Just because you don’t understand it doesn’t mean that It doesn’t serve a purpose in the financial world. If you are not a licensed and practicing professional. You should really not be advising on the topic. You should seek the help of a licensed and certified professional when it comes to complexed financial tools such as life insurance and annuities. 👍🏼

[@astroman30]

@@johnwebb7163 oh contraire, I do seek financial guidance. In fact, I seek the advice of Motley Fool. You heard of Motley Fool? They have a lovely video here on KZbin telling people not to buy trash value insurance. If you didn’t know, Motley Fool was named top financial advisor by The Wall Street Journal for the umpteenth year. Thus, all you have is the boss whom’s taint you lick to get commission. Try harder.

[@sinnersaved1033]

​@@johnwebb7163 i agree who are you with?

[@stretch273]

Faxx

[@tusan20]

❤

[@mboxir]

This guy Dave hasn’t done the calculations. Variable whole life insurance is one of the best tax avoidance and loophole for investment. That’s how a lot of wealthy people avoid paying tax on accumulated growth and benefit from the compound interest. Don’t listen to this guy. If you are looking for a good tax loophole go for Transamerica Variable Universal Life Insurance.

[@astroman30]

VULs and ULS are worse than whole life. The fees/commissions eat up all the cash value leaving the client to pay out of pocket costs to cover the term. Hence, just another source of trash value insurance.

[@javonhodges90]

What??? The first caller approached you with multiple questions, and I don't believe you answer one of her questions. While she was on the line, you answered most of her questions with questions... And the only definite answer you responded with was telling her to research it herself. Although, on the other hand, you had very beneficial information after she hung up and you started to spew facts. Get ride of the call in portion, because your ability to answer questions was cringing. But I have to say, you're loaded with some good information insurance companies never share.

[@Asian_Connection]

Thats sounds like a professional Scam

[@Asian_Connection]

And don't forget on how his is pushing his friend's term life insurance.

[@Asian_Connection]

Right but it builds cash value, worst case after 20 years you get back what you put in, if you never die. Term is junk, it ends at 65 years old, 95% of the people live past 65. So insurance company loves term because they get to keep 95% of the premium and only payout maybe 2% and challenge the 3% never to pay. Why don't you check around to see if term life pay out on CV deaths. Just watch all the reasons why they won't pay!

[@staceyalbert2658]

@@Asian_Connection Why would you need insurance past 65? The vast majority of people don't need it at that point, as any children they have will probably be grown, and they should have built up sufficient assets to support any surviving spouse. Plus, their spouses would have access to Medicare and Social Security at that age. Term insurance is not an investment, and most people will lose the money they put into it. It is intended to act as a hedge against the risk of a person dying young, while they still have people depending on their support.

[@Asian_Connection]

@@staceyalbert2658 - Okay if you say so. Do you know even person that have over 10million in assets have a whole for their heir. So I guess they are all wrong. That is why the 90% will always be the 90%.

[@ljrockstar69]

All you Premiere Finanacial Alliance people listen up !🤣🤣🤣

[@rodrigomontoya1145]

I don t know why David call it crap,doesnt he understand the meaning of crap? I likes some of his conversations , but when when when it comes to this topic , believe me, he doesnt know what he is talking about.

[@astroman30]

You write like a second grader who forgot his ADD medicine.

[@michaelwhittington7115]

Hahaha he is totally wrong lol

[@oky9653]

How is he wrong

[@michaelwhittington7115]

Hermant would be too much to explain through message. We could hop on a zoom call sometime and I can show you why.

[@astroman30]

So says the lying salesman.

[@DavinR16]

It’s an investment to whom ever has it and dies first lol

[@hj9808]

This really depends on situation you are in. WA residents needs to be in approved Long Term Care insurance in order to opt out state's LTCS. Most private insurance companies don't even offer term insurance atm since demand is too much, and often gets skyrocketed quote. Permanent insurance make sense for people who are young where they can still get very low monthly premium such as IUL.

[@Bryan-om3wq]

Dave, your ignorance on Cash Value Life Insurance really shows. You say, “you don’t get the death benefit, and the cash value, the insurance keeps all your cash” that’s factually incorrect, there’s 3 parts to an insurance policy, there’s cash value, net amount of risk and net death benefit. So if you have a NET DB of 500k but $200k is cash value, then that means the net amount of risk of insurance to the carrier is $300k, this is also reflected in the COST OF INSURANCE summary. So to state you DONT get the cash and DB IS FACTUALLY incorrect. You get YOUR CASH plus the amount of life insurance you’re paying for. I’ve called 4x and your team screens the call Everytime. I’d love to have a live debate with you. There’s so many inaccuracies on cash value life insurance you mistakenly spew. You’re an amazing figure in the financial industry for debt elimination. However you really need to stop with the misinformation on life insurance because you’re clearly wrong on SO MANY parts of it.

[@Asian_Connection]

People people, you are all focusing on the wrong issue. Its not the type of investment. Your concern should be is the US dollar still going to be here in 20 years!

[@astroman30]

Oh no, the sky is falling. GTFOH.

[@BillyO8828]

Look at all the life insurance agents posting "DAVE IS WRONG". Dave is right. Get over it. The days of selling overpriced (UIL and WL) policies are shrinking because people are doing their research. Those of you selling overpriced policies need to find another career if you don't like what Dave is saying.

[@pinkcruz3204]

Omg 😱

[@mrmajhool]

Wrong wrong wrong ! This guy doesn’t know squat about life insurance. If you have cash value the only death benefit you are paying for is the difference between the face value and cash value. The company does not keep your cash value it is part of the face value. But creating drama gets higher rating and more views.

[@Asian_Connection]

you are RIGHT !

[@Asian_Connection]

Right but it builds cash value, worst case after 20 years you get back what you put in, if you never die. Term is junk, it ends at 65 years old, 95% of the people live past 65. So insurance company loves term because they get to keep 95% of the premium and only payout maybe 2% and challenge the 3% never to pay. Why don't you check around to see if term life pay out on CV deaths. Just watch all the reasons why they won't pay!

[@eatpigsnot]

@@Asian_Connection after 65 no one should need life insurance anyway. by that time you should be debt free with no dependents

[@astroman30]

Liar.

[@jenniferp1917]

@@eatpigsnot exactly!! Buying life insurance when I'm retired, the house is paid off, and the kids are grown and working....would be really stupid. Like paying for car insurance when I don't have a car.

[@kauigirl808]

Insurance is insursnce.

[@TFD-sn5nt]

David is very uneducated about life insurance. He is so wrong about it in this video. Life insurance is a great way to invest. Check out Matt Sapaula and he will explain to you why

[@astroman30]

What part of "The life insurance company keeps your cash value" do you not understand?

[@linnyh8242]

@@astroman30 What part of cash value is merely SUBSET of death benefit amount you don't understand?; and it is merely the amount of your policy that you can use while alive. As cash value grows, your death benefit grows. A $1m WL INITIAL death benefit policy can turn into $8M NET death benefit.

[@astroman30]

@@linnyh8242 “Subset.” I defy you to name a major LI company (NYL, Guardian, MM) that uses that word in the definition of CV. Stop lying

[@linnyh8242]

@@astroman30 What? No one uses that specific word to describe it but that is how you need to view it. CV and DB are not two separate pots of money, they are related. CV is part of death benefit, and it is merely the amount that you can use while alive. As CV grows, your death benefit will grow. A $1m WL INITIAL death benefit policy can turn into $8M NET death benefit. WHY? Due to CV growth.

[@astroman30]

@@linnyh8242 "CV is part of death benefit." You see, this is one of the many things I don't like about you lying POS salesmen. You completely misrepresent the product by telling people the EXACT opposite of what LI companies define. Tell us, Linny, which LI company is your carrier? What is your name? I'd like to screen shoot your comments and email them to make sure you get the commission. I do know the folks at the LI companies DO NOT like their products being misrepresented.