How Life Insurance Providers Are Screwing You Over! - Dave Ramsey Rant

[@edbunting5125]

Had one and canceled when I found Dave. Got a 30 year term, cleaned up debt, and have a bright financial future. Thank you for all you do!

[@johnd9541]

Do you intend to die in the next 30 years? What happens in your 50's, 60's and 70's? Investing the difference won't lead to financial independence.

[@rosen380]

If you are getting the insurance so that the folks you leave behind can be independently wealthy and move into a mansion, then sure. If you are getting the insurance so that if you die, your sig other can pay the mortgage and such, then you can certainly do both. Hopefully, after 30 years if you didn't need to use the policy, you are in the position that you are both retired or near retired and have a paid off house and such, so don't need the insurance $$$ anymore to cover living expenses.

[@johnd9541]

So what you're saying is that term insurance covers you during the period you're least likely to die, so that you won't have insurance during the period you're most likely to die?

[@heathmcconnell3901]

Dave's philosophy (and mine and that of the other two commenters here) is this. Life insurance shouldn't be looked at as a windfall opportunity. It should be looked at as a replacement for the income that a person would have earned during their prime working years had they not died. As such, we believe that people should get a term policy to cover them for around 20 to 30 years. Also, over that time, we will take the money that would have gone to a more expensive whole life policy and instead invest it. The goal is that, at the end of the term policy, you'll have enough saved and invested that your death would no longer cause a financial burden to your loved ones. Stated differently, the goal is to be able to essentially insure yourself by that point via savings.

[@johnd9541]

How is buying term life and a separate investment from the same company any different than getting whole life (insurance combined with investment) from the same company? Term insurance is like getting collision insurance on a car kept in storage, and then driving it in 20-30 yrs without insurance.

[@edbunting5125]

Never invest your hard earned cash in things you don't understand. It's overly complicated for a reason!

[@ThePeterDislikeShow]

Guess what? You invest in plenty of things you don't know already. That's why you diversify.

[@kaohsiung99]

@@ThePeterDislikeShow ??????

[@jeremyed9507]

I don't think it's complicated and can be a good tool in the bag. The difference in a term or iul premium isn't gonna make you broke or rich. Let's not get carried away.

[@luisuribe5457]

Reading comments on Dave Ramsey videos make me think how easy people forget... everyone forgot 2008, or maybe they were to young to understand it. But don’t worry... we have a couple of bubbles that will make you learn the hardest way.

[@douglascook1947]

So from my understanding you have to get over a mountain of fee’s just to get to this so called promised land of cash value that’s tax free, but by the time your able to even use it you’ve pretty much took a loss. Because of all the money you put towards the fees just to get to the benefit of the cash value. Then you have to put in even more money just to benefit from that. It’s like paying a high monthly subscription for a saving account you can’t use until the subscription is 100% paid off. Is that accurate?

[@barrrylincoln]

Thrivant Financial sold me a Universal policy years ago that ate itself up by the time I was 60. Afterwards the salesman that sold it to us lived here his entire life decided to move away.

[@cjwalker247]

ya, because that is a sh** company man. If you're going to use whole life, you need to do your research on the company. We don't allow universal life for less than $15K a year because the little guys will get chewed up and spit out.

[@Skipper86]

I signed up for Combined Insurance in 2014. It was a big mistake. This was a guy who went to my church at that time and he was very mean to me. When I signed up with him all of a sudden he became very nice to me because he knows he's getting money from me. Two months later it all of a sudden turned out to be chaos. Him and his buddies started spreading rumors about me. This was in a church. If Jesus was there in physical form He would've drove out those people and said to them "You have made my church a den of thieves". Also I had to pay an extra $150 for the premium. Bad choices! Now I know how to be careful with my money.

[@darleneachille491]

I’m sorry that happened to you Shyanne!

[@karibau2912]

It is so difficult to find Christians with integrity. The love of money is the Root of ALL evil. Note: Judas Iscariot

[@Skipper86]

@@darleneachille491 thanks. No one should ever have to be a victim of that.

[@michelarosier1918]

Thank you, Dave. R, every day you are opening our eyes to the light. I personally don't know about life insurance's, which one is right or bad. I'm being aware of it, when other businesses trying to offer any type of bad insurance to me. My eyes are open now. I personally have term insurance. 🤗👍Thanks for sharing.

[@DW-li1jn]

You might not thank him when your term insurance policy sends you a letter about your premium increasing several hundred dollars a month. Just happened to my dad.

[@casperr1299]

D Wilson Term insurance have as fixed premium throughout the policy period. Premiums increase upon renewal or age advances

[@jemerbautista]

Annual pay term would be fixed unless you do it monthly then there will be extra cost for the price of insurance 👍 when you outlive your term, the money goes down the drain and company keeps it😅 why not have it for yourself?

[@lcifermorningstar191]

@@jemerbautista Peace of mind maybe. I don't know, but I think this is why most people get term life insurance. Low premium say: $300 for $1.5 million in death benefits.

[@angelashevonne5026]

the question I have about term insurance is once the term is up you have to buy more and it is very expensive. I have a 30-year term policy and once the term expires to continue with more term insurance it was going to cost as much as $700 a month. I was in my 40s when I got it. I want to cancel it. My children are adults. I have 1 grandchild. It is not needed to cover funeral expenses. It would just be $$$ going to my children, who don't/didn't appreciate anything I do for them now. So I stopped doing. I've been pondering this for some time now and trying to get other's opinions as they may say something I hadn't thought of. I could be spending the premium amount of me and my expenses.

[@cmale123]

Life insurance is not just for kid, it for yourself too. There long term and living benifits. It really depend on the company you with and agent you talk to. Second dave ramsy is not a agent so he got no right to give advice about insurance. One things people don't shop around and just talk to one agent or one company. You all think the we are same, never look for good one

[@jenga227]

Let me say I'm not an insurance agent (yet). That said, it sounds as if you have done good financial planning and are self-insured for your final expenses which is right where you should be - GOAL MET! Continue to invest (or start), stay safe and enjoy life.

[@shmuckguy5150]

Throw that policy out the window before you waste another $

[@saeligutierrez8635]

I think the point of life insurance is to cover you until you retire. Then you should have your 401(k), and Roth IRA to make you self insured. If you do renew it just get a small 50k policy for burial expenses, but see what company has great renewal rates. Again after term ends rely on the wealth you have built from your job and your Roth IRA

[@JMP-kw3wy]

Your situation is exactly where whole life insurance can help. For most people whole life insurance is great for just being a safety net of always being able to take care of final expenses. We never know what can happen financially even later in life and even if you've been saving. I see it as a safety net to at least have 15-30k of primarily final expense insurance. If you're in your 50s or early 60s it could be as little as 30-40$/month

[@saeligutierrez8635]

It’s insane how some agents make their money, they sell you mortgage protection with disability built in, they also sell you burial expenses, and then they get you a life policy term. If you have kids they put them in a Gerber cash value policy and then for a tax free vehicle they use indexed universal I think.

[@stevensam9786]

In certain cases. But doing research on topics before making a decision is the smartest thing possible. Remember they need your money and you don’t need to settle.

[@QuantumEffectResidue]

Are we at the point where we will have to resort to getting a lawyer to look at these polices before we sign on? I think so.

[@lucuslopez6866]

No. Just dont sign it. I saved you a few thousand dollars.

[@guerrerojenn7624]

If you are interested in having lawyers to look at your contracts for a low cost my company has it available with legal shield for 28/month they can help you with reviewing legal contracts, traffic stops, living will, and so much more! Let me know if its something that you're interested in it could save you thousands of dollars having a lawyers backing you up.

[@Breeze-gd8wj]

​@@lucuslopez6866nope I have friend didn't understand so now person got term and it about to expire = paid up no coverage and older = way higher rate

[@Breeze-gd8wj]

​@@guerrerojenn7624 Hey is it paid annually level shield do they look at mortgage do wills and trust

[@lcifermorningstar191]

Here is an old saying: A fool and his money are soon parted. Thank you for the informative video

[@lilianachaconvega2041]

It's very sad that no one reads the fine prints and that some insurers don't explain the whole product.

[@zayacz123]

A friend had a variable rate annuity worth $350,000 about 6 years ago. He could keep it there or buy 17 years worth of pension from his employer, worth 42% of his pay with a 100% spousal benefit in the event of his death. You pointed the way for him, Dave Ramsey. I asked him if he had $35,000 per year more pension, would he give it up in order to get a variable rate annuity worth $350,000. The obvious answer was no. He’s very happy with the decision, as is his wife.

[@amandathompson9347]

Guys Dave Ramsey does not know what he is talking about when it comes to life insurance. I have a universal life policy on myself and I love it. Term insurance becomes very expensive as you get older and you drop the policy. Whole life and universal life are much better long term!

[@astroman30]

Good luck with those ridiculous high fees.

[@amandathompson9347]

Dude, Ramsey is giving incompetent advice. Term insurance becomes too expensive as you get into your 50s. Whole life or universal life is much better

[@astroman30]

@@amandathompson9347 Oh I see, so what you're saying Princess is that you have more credibility than Dave Ramsey, Suzy Orman, Clark Howard, Motley Fool, Forbes Magazine, Marko, Minority Mindset and a slew of others WHO AREN'T INSURANCE SALESMEMEN stating to stay away from whole life insurance? If anything, I like your confidence.

[@amandathompson9347]

Dude, those people you mentioned are all salesman selling their books. Their advice on life insurance I incompetent.

[@astroman30]

@@amandathompson9347 Princess, you are a funny chick. Just because they sell books doesn't mean their advice is wrong. I love the fact that you try and disclaim these people who have MILLIONS of listeners. Oh, but you figured them out. Hahahaha!! That's rich.

[@sambelley9867]

The problem here is financial advisors/agents do not explain the products (IUL and UL) correctly and set people up at minimum payments, where policy lapses in 17-20 years. If you set a healthy target, these can be great for building cash value for retirement or other funding. Great for cashing out at when the ROI is best (usually age 75-80, when rates start to eat cash value) Also allows you to have insurance for your whole life a lot cheaper than actual Whole Life rates.

[@lucuslopez6866]

Do you have any data to support this claim? Ramsey already called out IUL and UL for being a bad investment.

[@giovannipizarro678]

Spoken like a true life insurance agent that sells UL & IUL & Trash value.

[@andresa6049]

That’s terrible advice. You should not have to rely on a company when you’re 75-80 years old. You build enough assets throughout your you get years.

[@sambelley9867]

@@andresa6049 That's why you cash out at 75-80. If you are young, getting an IUL can be used as a cheaper option than whole life too, and you keep it forever, borrowing cash value as needed.

[@juanvelazquez5569]

@@lucuslopez6866 There's plenty of data out there to support this. You just have to be open to listening

[@stacking4life86]

just to review .........term is for people with spouses and kids who would be financially crippled if you were to die suddenly. the policy is relatively cheap with big payouts because the odds you will die within the term of the policy is relatively small. Whole life is high premium and lower payout but a guaranteed payout upon the death of the insured. Whole life is for people who cant save a dime because the insurance company is not stupid at math. they take the money you pay in premiums and the payout in almost ALL cases is LESS then any idiot would make in returns if you YOURSELF invested the premiums and saved your money throughout your lifetime. Universal is basically salesmen promising whole life guarantees at term rates...........but because insurance companies are greedy and customers are cheap its a perfect storm that screws the customer and its another product for insurance companies to separate idiots from their money. Please educate yourself and or buy Insurance at your own Peril..............

[@DW-li1jn]

Best comment. There used to be Guaranteed Universal Life that was in between term and Whole Life. It didn't have Cash build up and it guaranteed to age 120. But they stop offering them. It's sad.

[@rufmono5559]

D W there is one. GULE with Mutual of Omaha until age 100 or 120

[@Simonsaysboxing]

Actually, "Indexed" universal life with an income rider is the way to go. And Tax free retirement for life built in. Dave is uneducated in this area

[@WingChunGungFu]

Notice how he said "Universal Life Insurance" and not Whole Life. He said "unlike term and whole life" - remember - Whole Life is good. Don't let him tell you otherwise. Greatest investment my family has ever made.

[@astroman30]

What happens to your cash value when you die?

[@blackonblack...9244]

The problem I have with term life insurance is that if a person has had a bad history (like a smoker for 3 years off and on) but has since cleaned up and changed their lifestyle and have been cleaned for years. The term life insurance salesperson will tack on so much cost they force you to lie to get a better quote at the next insurance company. I understand everyone makes bad decisions, but to me the validation system/process for making sure the person is in good health vs cost is flawed. I'm not saying term insurance is wrong, I'm only talking about the questions they ask for validation.

[@hindenburg2006]

TheBlack Metal If the smoker has quit for a year, they should be able to renegotiate with their current provider for a lower premium because now they're less costly to insure (but all insurance companies may not offer this option, so ask).

[@efalang2228]

if you just started with their premiums then cancel it. Go and look for a new one and tell them your not a smoker.

[@blackonblack...9244]

@@hindenburg2006 I get where your coming from, but they don't treat it like that. You'd have to literally lie and say you never smoked to get the cost benefit.

[@JohnBowl14690]

@@blackonblack...9244 - Smoker vs smoker....term is still 10 times cheaper. Universal is a ripoff.

[@diannelouisy7326]

Ridiculous!. Permanent policies have saved MANY of my clients during this pandemic. Universal Life is one type of permanent policy that I am not fond off and that many companies sell to clients without disclosing how improper funding can zero out the policy. So it's not the policy but agents who do not adequately educate. The wealthiest families have always used permanent Life Insurance as leverage and as part of their financial portfolio,

[@vickyy.9880]

Im confused so whole life and universal arent the same. From the sounds of it I don't think I wony universal but I would like a simple permanent whole life plan that I can just pay every month and be covered without worrying about it going up and this cash value talk that I'm clearly confused on

[@ice-mp5dx]

Dave Prime america consultant offered to combine my scattered 401Ks. Should i be concerned? I just have a mixed intuition about this.

[@astroman30]

Why do you have scattered 401k's?

[@ice-mp5dx]

@@astroman30 multiple places of employment

[@astroman30]

@@ice-mp5dx Definitely need to roll them over. Seek a financial planner.

[@ice-mp5dx]

@@astroman30 a financial person from Primerica spoke to me at a social gathering and offered to combine them all. But i am just skeptical. Any thoughts?

[@astroman30]

@@ice-mp5dx I would be skeptical, too. Seek independence advice

[@ZC94601]

So what is the best thing to do?

[@astroman30]

Buy term and invest the difference

[@InvestingHustler]

Life Insurance companies very quick to take your money . Fight you to pay you back ! 🤔

[@InvestingHustler]

Lance kaminsky lol how am I bot , if I literally post videos every week 😂

[@RealMikeMiller13]

BUY TERM AND INVEST THE DIFFERENCE!!

[@jacobtaylormartin8933]

Everyone’s Age, Goals & Budget is different. Yes, I agree Term insurance is great 100% but everyone’s situation is different. As a financial professional I’ve seen enough families to know that buying term and investing the difference is a great concept but not one that works for everyone! Sometimes a Cash Back Option 25 year Term is great if their young or maybe a Continuation product where the term automatically become a whole life 25 years later at 10% of the Face Amount. The older we become the more costly insurance gets, clients still want to be able to have something rather than nothing and maybe even leave a small legacy for their family to buy time to know what that next step is going to be :)

[@jacob_gang]

Thank you! Everyone can’t watch this video and assume everyone will be in the same category.

[@NorseMan633]

Jacob, I completely agree with you. As a life insurance agent myself I enjoy reading all the comments and opinions that everyone has about this or that product. A good agent/advisor in my opinion finds the best possible product that matches the clients need and goals, that's it. There is NO perfect product in the insurance/financial world. They all have flaws. Soooo, what goals are you looking to accomplish, or needs are you looking to satisfy Mr. Client? Just my two cents. Peace.

[@angelinasparacino6918]

The title isn't cool. I'm an insurance agent and the reason I started is to help people, rather than not have money for the inevitable. Yes there are click switch and bait. Not ALL insurance agents are scammers. Smh.

[@Zarmar]

And term is the right way to go? I don’t think so

[@wompsnwobbles]

why not? not fighting, curious as to your reasoning

[@kevinm.8682]

Term insurance is just that: coverage for a set period of time. If you know exactly how long you're going to live, by term. In a perfect world you would "by term and invest the difference", meaning you would take what a permanent insurance plan costs, purchase a long-term policy to protect you from early death, and invest the rest. When the term policy expires you would have enough cash from the investments you would be self-insured. Unfortunately far too many people buy term and "spend" the difference. They buy a 30-year policy at age 25, and when it expires at age 55 they have insufficient savings, but by then their health is bad and they can't qualify for life insurance. Dave never mentions that scenario. The smartest solution is to purchase a permanent policy, But don't use that as your primary investment vehicle. When you reach a point in life where you're self-insured, cancel the permanent policy and keep whatever cash value it has earned.

[@arielpuig7302]

Absolutely a sales pitch

[@worldclassfinancialeducati6267]

What's wrong with sales? You've never bought anything? LOL!

[@Breeze-gd8wj]

Help please help my money fallen and cant get up!!! 40 yrs old disabled no longer able to work how do i do term and invest rest or get whole since mentally disabled easy buy leave it im not a day trader type

[@astroman30]

Just pile up money. Paying monthly $400 premiums on a trash value policy isn't your answer.

[@jeffreykirton1780]

I’m from a family of hustlaz..all i need covered is my funeral expenses just in case somebody gets under my mattress after I die.

[@josepenajr4319]

Your money isnt growing under the mattress, losing value actually

[@jeffreykirton1780]

Jose Peña JR you must be assuming i mean legal tender. My money is growing in value right where it’s at.

[@buFFlosouljah1]

Just being a lil bit savvy financially helps, if your family has it as part of the family culture then that's frikin great. Mind didn't have it so I'm going to be that change.

[@cosmicbluevox1001]

This is why you go with true whole life, and not IUL or UL. The company has already calculated the plus and minuses and you're guaranteed what you put in.. I understand buy term and invest the rest, but most people just want something simple and autopilot, so they opt for true whole life.

[@DW-li1jn]

I agree. Most people don't invest the rest. And there aren't many investment companies that take a $20 or $30 monthly contribution.

[@jacob_gang]

Exactly whole life is the way to go. I always present Whole Life as opposed to other products. I had a client who purchased term at around 25 years old, she decided to have a child after the age of 40 and her term had already expired. When she wanted to purchase another term policy for herself it was a extremely costly because as we all know the older we get, obviously the more complications we have and are prone to. If she would have invested into the Whole Life product when she was 25 and she would have had the peace of mind at 45 and had that policy already paid in full. I’m not saying everyone’s going to go have kids at 40 and older but you’d be surprised at the people that decide to. End of the story, you just have to think about your lifestyle and your goals.

[@JohnBowl14690]

@@jacob_gang - Whole life is junk. It cost around 12 times more. Buy a 30 year term for 10% of the price of whole life.

[@nightfangs2910]

Nice to know the 1970s new York city hustlers are still out there looking for the next sucker

[@BigDaddyKai620]

Yeah they don't really explain the policies to the underwriters also. You really have to dig deep into how the system works. There are benefits but not for a majority of the population. So that's why some people feel like this is basically a money trap.

[@ramangill4688]

If a person have a whole life insurance.. they don’t need to buy home insurance.. this is right ? Please help me out

[@astroman30]

Totally different.

[@frankdavidson9675]

i cancelled ins policy then put prem. in savings plan at work retired 31 yrs with a bucket full of stock lived on div,s for yrs then sold the stock ---------happy days are here again.....LOL

[@rgdekker]

U-mmm, so when UL is priced at the price of term, it sucks?

[@astroman30]

Ummmm, Yes, because the cash value is eaten up by the fees/commissions.

[@topplayer7580]

My parents are covered until 95 with $130 a month with primerica. What do you guys think?

[@kimberlywinkfield876]

Kim Taehyung How happy are you with that company

[@hindenburg2006]

Kim Taehyung I think it's awesome (but I'm biased). Did they also put a separate investment in place?

[@kimberlywinkfield876]

hindenburg2006 thank you for your response was looking into this company

[@kimberlywinkfield876]

C

[@4acrehome168]

SCAM

[@darleneachille491]

Hello Brother Ramsey, is Zander the only insurance company you suggest?

[@gabrielrockman]

Zander pays Dave to suggest them, and they pay him to only suggest them. Dave is a salesman selling a product, he's not a financial advisor.

[@free7417]

Its funny that David doesn’t know the premium is not all cost. Also, my friends dad passed away, left medical bills to my friend, thanks to the permanent life insurance, she was able to pay off the bill with the 100k insurance

[@JohnBowl14690]

Permanent life insurance is a ripoff. It cost around 12 times more in price. $100K is chicken feed. Buy term and invest the difference and you'll have well over $100K when your 30 year term is complete.

[@robertspencer5219]

Before someone lets a Universal policy lapse they should try selling it to someone as a viatical. Better than getting nothing. Very sad.

[@irebaa2972]

Yes, Zander Insurance is a paid advertiser for Dave Ramsey. Dave come on.

[@robertcope59]

Im leaving out of the country in a couple of days. I want to have term insurance on myself for my daughter. Can anyone recommend me on a good insurance company ASAP please

[@stayturnt2026]

Robert Cope do you have it yet

[@zino3486]

I can help if needed, let me know. Although I may be too late.Feel free to contact me.

[@joetraveler5609]

How about the National life insurance with living benefits with critical illness benefits? is it legit? they will pay you if you were diagnosed with cancer?

[@furyfire0723]

What is the most affordable and beneficial permanent life insurance plans and coverage in NY?

[@jemerbautista]

Found something better maybe you'd like into it?🤔

[@astroman30]

Only buy term and invest the difference. Stay away from whole life insurance.

[@ASmith-jn7kf]

​@@astroman30why? Makes no sense.

[@yayyareaa2997]

This whole thing sounds like a huge scam

[@atriptoasia6979]

Yayy Areaa life is a scam

[@tylerseger6718]

Whole life is only good for low income seniors. Probably 65+ on ss income.

[@thesherifghaffar]

Don’t take David Ramsey’s word for it, as well as mine! Consult a professional who is knowledgeable with both Term and Universal Life. As well as do your own research! By research I mean, ask someone you know who may have had this for a very long time, how is it performing? Real life Case studies. This video is way too general and seems specific but it’s really not! FYI, Licensed professionals cannot actually bash any product. We are to educate the clients and let THEM decide, it’s unlawful to push any particular product on someone. To me it seems like he gets some kickback for someone signing up for term through his link in the description. 🤷🏻‍♂️ MILLIONS of families are helped by Transamerica and Nationwide and he’s talking about a few lawsuits? Get out of here! People sue for anything these days. He also neglected to mention the tremendous tax advantages that Universal Life offers. Most people don’t know how to invest and have to pay taxes on that income every year and it never has a chance to grow. Please, consult an ACTUAL professional who is knowledgeable in all the products, do your own research and decide for yourself what’s best. You, your family and loved ones future depend on it! Yes, I am a licensed Life+Health Insurance agent. I wish you good luck on your search for the right product. 😊 Books to read: The retirement miracle by Patrick Kelly The Power of Zero by David McKnight The Volatility Shield by David McKnight

[@bimboyaquino7091]

Yes term insurance is really bad

[@thesherifghaffar]

@@bimboyaquino7091 I get what you mean. I personally don't think term is bad. It has to be for the right reasons/purpose. Term is for inexpensive coverage, I love the ones that are convertible to permanent coverage and keeps the options open. Ultimately a person needs to understand what they are getting into and know what options they have to make the right decisions for themselves.

[@bimboyaquino7091]

@@thesherifghaffar My GrandFather did not get his death benefit from Term insurer without court decision and even though we paid the fees necessary to process it, only to get the bare minimum of policy. Now for me it is our family's lesson learned. Right now what other newbie should do first was to Read all the bad reviews, claim rate, and court case of insurance company before they decide if they need to be insured. Another thing when claiming benefits for injury/illness, a newbie shouldn't sign to get the funding right away because you don't know if you can avail again that insurance benefit to pay for the cost of recovering from that injury/illness as issue may reoccur or need 2nd surgery etc.

[@TheShannon900]

One aspect Dave hasn’t mentioned is the Cash value piece. The insurance is one piece. But it’s NOT THE POINT OF THE POLICY. You can get the minimum coverage(death benefit) and invest the rest... but he is right about it being complicated and easily poorly designed. Many people don’t understand it. And that’s how you get burned.

[@astroman30]

Nah, it's a bad product. The insurance company keeps the cash value. Try harder.

[@jacob_gang]

Very true. I’ve personally seen individuals receive a large amount of cash value at the end of the policy with the company I was contracted with. They didn’t lose. They had the policy when all their children were small. They decided to cash out when they were older tax free. It depends on everyone’s situation.

[@chitownrider9247]

I got a accidental insurance from global life covers some cost of going to ER room. What do you think of that?

[@lornaerie1]

Took FPU & was told by advisor to cancel ours & put $ twds your emergency fund or retirement etc.

[@anaromo6960]

Get participating whole insurance no other, otherwise it will not be a good insurance.

[@cliffaspinall]

I am a bit confused on the value of these. My wife and I got a policy with my disabled son as the beneficiary. We pay for 15 years into the policy. We both have to die in order for my son to collect (any time - before or after the 15 years is up). Total we will pay in is about $82K. Benefit is $250K - again at any point in time. I am 58 and my wife is 67. I looked at the future value of the money and it sure looked to me like we were getting a pretty good return on the money (I figured about 6%). Can someone explain why it isn’t?

[@nataliad6712]

What kind of life insurance policy do you have ?

[@jvansickle6094]

I have a very similar whole life policy that I started a few months ago. Can someone explain to me why Dave thinks these are terrible? It may not be the best way to invest your money but it is better than letting it sit in a low interest bank account. My benefit is for 270K, I pay 250/month and after 15 years the cash value matches the total that I paid into the account.

[@chas766]

@@jvansickle6094 Based on your statement, looks like you got sold into the benefit of the cash value vs the death benefit. There's alot of info missing here, but your policy was set up for agents commission vs what could actually benefit you. 15 years to break even is too long. Look at youtube channel ibc global and you can see a properly structured whole life with maximum cash value breakeven in 5 years. The issue is for 50 bucks you probably could protect your family for close to 3x your current death benefit. 200 in a roth ira accrues tax deferred and withdrawn tax free for retirement. Same outlay of cash but higher death benefit and potentially higher return than the 4% guaranteed rate of the whole life. If you die, your loved ones get the death benefit and your investment income. In the whole life, they get your death benefit but not your cash value.

[@jvansickle6094]

@@chas766 hey thanks for the additional information. I did check the contract with my financial advisor. My wife will get the death benefit plus the cash value when I die. I agree with Dave but I never understand how he gets an avg of 11% returns. Most common is 6-8%. Please sincerely explain my friend

[@chas766]

@@jvansickle6094 Do you have a whole life or universal life? Dave is talking about universal. Where the annual renewable term will eventually consume the cash value until there is no insurance coverage. Visit ibc global on KZbin. Probably the best at explaining the benefits of whole life and incorporating the infinite banking concept. Dave at the end actually valudates whole life with his final statement "at least with whole life you policy is still in effect"

[@lerch1500]

I love my whole life policy, but you are right about the universal life policy... They are awful. Universal life is constructed to eat itself alive eventually, all dependant upon how well the stock market grows. Whole life is constructed to continue growing all the way up until you either die, or the policy matures and pays out the entire death benefit to you directly (tax free).

[@RealModTheGod]

Jonathan Tankersley you realize the company keeps all of your cash in a whole life policy of you die !! It doesn’t go to your family

[@lerch1500]

@@RealModTheGod that's highly deceptive... And it's the most common thing Ramsey says about these policies. Right now my policy has a cash value of 46k. My family will collect almost 800,000 dollars if I die. Which do you think they would rather have? I don't even have to continue putting money into the policy if I don't want to. In 20 years, the term lifers will be trying to renew their life insurance, while mine is paid for. They'll also realize that none of their mutual funds performed at 12 percent like Ramsey is always talking about.

[@RealModTheGod]

Jonathan Tankersley both it’s all your money 🤦🏾‍♂️

[@lerch1500]

@@RealModTheGod you're just showing how little you know about these policies... Just like Ramsey. I've looked at many permanent policies, and have yet to see a contract where you get both cash value and death benefit. Read some material by Nelson Nash if you are interested in how these plans can help you get ahead. I have run the numbers, and it does work.

[@thomasvee329]

@@lerch1500 Wow...are you in for a surprise! You obviously haven't read "What's Wrong WIth Your Life Insurance - Norman Dacey

[@johnd9541]

Term is great, until it expires and you are only 50,60,70 and still need coverage. Very few at that age are financially independent. Its a nice thought but not reality.

[@riceball777]

John D the idea of buying term insurance and not needing life insure when you 60-70 years old when the term expires because your a multi millionaire by then is a great idea but it does not happen to 90% of the population.

[@johnd9541]

Even if people cancelled all life insurance policies and invested 100% of that money aren't going to be millionaires. The BTID is an idiotic catch phrase that only the naive believe. Those same people are lured into MLM opportunities as well. If you want to be a millionaire, get a job, advance, and increase your disposable income....just like the executives of all MLM companies do.

[@eatpigsnot]

if you do the right things, which are not overly complicated, you won't have a need for life insurance when you're 60 if not younger

[@johnd9541]

And if you live past 60, you never needed that term policy, making all those premiums paid a useless expense.

[@eatpigsnot]

@@johnd9541 if someone drives cars for fifty years, always has insurance, and never has an accident, were those premiums paid a useless expense? i'm not sure you understand the definition of insurance or what it actually does

[@jeffreyfangon]

How was the national life group with living benifits whole life? Any opinion mr Dave ?

[@jemerbautista]

I feel you on that, when ppl are close minded and don't see how the living benefits can leverage their money in any qualifying illnesses there won't be no point in it. Their mindset is "buy the term invest the rest".

[@JohnBowl14690]

@@jemerbautista - All insurance companies pay out less than they take in. If you're smart, get only what you need. Term is less of a ripoff than cash value. Besides, you'll never see the cash value if you die.

[@iwontreplybacklol7481]

Don't take Hack Ramsey's advice.

[@flyingant2557]

How do we find this article? It would be great to have.

[@viziofamilywatchvideo3125]

What riders of Term Life are sane? how about Living Benefits

[@Shannon_Vlogs]

Interesting points, Dave! Too bad these products are so poorly designed.

[@jeremyduke4938]

They aren't poorly designed, they are perfectly designed to make the insurance company money.

[@Shannon_Vlogs]

Todd Merritt In the video, if you watch until the end, he says that they’re poorly designed, so I’m echoing his sentiment in agreement with him. But I agree with you that they are designed to make money for the insurance company

[@yodhangzien]

Retirement cash value!!

[@tayaheinrich6464]

Canceling my American income life insurance.....

[@WatsonEstates]

Hey Dave! I live in Canada and Zander Insurance doesn't service up here from what I can tell. Do you recommend any local insurance companies to get a reasonably affordable term policy?

[@WatsonEstates]

Also, what term would you recommend. My wife and I are both 27 years old with a one year old

[@dianamoreno1991]

Primerica insurance

[@ChesterMcCoyJr]

Primerica only sells Term and will help you invest

[@darleneachille491]

@@WatsonEstates I hope you found some good policies, I wouldn’t recommend Primerica because the premium go way up!

[@blazian81]

is it good to get life insurance at all, or just use that money to invest in something else?

[@MoniqueS1122]

Life insurance is NOT an investment, Its meant to be income replacement in the event you prematurely pass away. It's meant to protect your greatest assets in the meantime you don't own them.

[@patrickmelson4745]

I'm thinking invest it. Less than 1% of all term life insurance ever pays out! Crazy

[@DW-li1jn]

Asking if it's good to have life insurance is like asking if it's good to have car insurance. A 100 year old man who never had a car accident will tell you that he wasted his money on car insurance all his life. One thing you can guarantee is that one day you will die. purchase a policy that will pay no matter how old you are when you die. Purchased a policy where your premium will never change and the death benefit will never change.

[@patrickmelson4745]

@@DW-li1jn permanent insurance buy term doesn't pay for 99%

[@JohnBowl14690]

Better to invest in something else. However, if you have a wife and kids, having term life insurance can help during the years that your kids are under the age of 21 if you die. Usually a 20 or 30 term policy will be plenty if you invest the difference.

[@frankdavidson9675]

avoid ins at all cost first off you have to die to get ant thing back????? instead put you premium in a stock plan with dividends thru your bank or pay roll savings at work when you retire you will have small fortune saved up you may can live off the dividends i did for yrs then sold the stock put in savings at my bank

[@pascuapao]

I think the alternative to offer term is a lot worse in the long run imo. Sure it’s cheaper at first, but if you outlive the term length then the premium increase is going to be too high for most people not to afford it. If they do manage to afford the renewal the structure of term may change, making it more expensive while making the renewal period smaller. It may go from Term30 to ART, or Term20 to Term5 to ART, etc. I suppose you have to pick the lesser evil in this case 🤷‍♂️

[@chrisstaub5880]

Most people shouldn't need any kind of life insurance by the time term insurance becomes too expensive.

[@pascuapao]

@@chrisstaub5880 then what about final expenses? how can most people you say afford those, considering the inflation rate?

[@chrisstaub5880]

@@pascuapao You take the money you used to put towards insurance and invest it. Presumably you also will have been investing something the whole time you were paying for insurance as well. You should have more than enough, not just for final expenses but to leave an inheritance for your heirs. Is this really so difficult to understand?

[@pascuapao]

@@chrisstaub5880 What do you think will happen if those people outlive their invested assets? The older they are the more likely they become broke to afford anything expensive. Also depending on the platform you’re subjected to taxes, part of final expense, on assets you want to pass onto heirs and they’ll sell of any physical assets just to pay off tax plus legal fees and receive what little cash remains in there. So i ask again, what about their final expenses? Or is that complicating for you?

[@chrisstaub5880]

@@pascuapao I think most people have the ability to save/invest enough that they won't run out if they're intelligent. If they fail to do do, that's on them.

[@dustin9258]

Where’s that egotistical insurance salesman that called in a year or two ago? Lol

[@kaohsiung99]

Heated debate between whole life agent and Dave (Search these words in KZbin)

[@rosaritomex4223]

I love my state farm $ 300,000 term 30 year life insurance if I out live the term when am 65 years old am get 47,000 it's like a savings account I only pay 98 a month my family ain't going be asking for no donations

[@riceball777]

Dave would call this a gimmick. It’s called return of premium. If you don’t have return of premium. Your term insurance policy would be 5-10 times cheeped. You could have just paid the cheeped amount and invest the savings and by the time your 30 year term ends you would have a lot more than $47,000. But instead you choose to pay 5-10 times more and you must pay for the whole 30 years and than and only then you get back what you paid into it. This would be classified as a gimmick.

[@jcflores4656]

Benton Tong I agree with you 100%. Like my mentors says, nothing is free in life you just have to figure out where the cost is.

[@layawood2901]

Daniel Rodriguez I’m so thankful my dad had his little $100,000 one..it covered funeral costs and I was sole Ben of that and his Retirement Fund as well..so he made sure I could comfortably tie up his loose ends and the little debt he had left..leaving me with financial security as well as funds for my children! It’s truly a blessing if you get the right one..MetLife is awesome for me! Lincoln Financial is what the retirement fund is with and they are just as comforting and easy to work with😌

[@BigDaddyKai620]

Great video

[@thaiworld0718]

Thats what i got Dave. Thanks for the info. Your the best. But ill stick to term

[@DW-li1jn]

So says the Zander Insurance owner-Dave Ramsey. Smh. You all know senior citizens that term insurance premium is increasing to more than what they can afford.

[@eatpigsnot]

term is cheaper by far than whole and when you're a senior citizen you should have no need for life insurance anyway

[@iamtheclout1912]

@@eatpigsnot can u please tell me why you wouldn't have a need for life insurance? Thanks in Advance

[@eatpigsnot]

@@iamtheclout1912 life insurance is to replace income someone else is depending on. a single person with no dependents has no need for life insurance. if a senior citizen does as Dave teaches (it depends how young they were when they started saving and investing) they would be self insured because they would have no debt and more than $1,000,000 banked. even if they had a spouse the spouse would not need life insurance and if they have children the children would be on their own so they won't be dependent on parents income/insurance. plenty of wealthy people have life insurance because they want it, but there really is no financial need for it

[@iamtheclout1912]

@@eatpigsnot thank you so much. I'm learning alot along my financial journey and u just painted me a clearer picture that I now fully understand. Thank you for your awesome explanation. Now I know my thinking was all wrong so let me get to getting my finances, investing and savings account more up to par

[@eatpigsnot]

@@iamtheclout1912 you're welcome, and since you're asking questions and paying attention you'll do great. i don't work for Dave, i've never even met him, but i highly recommend The Total Money Makeover, Financial Peace Revisited, and Complete Guide To Money books. so much detail and clear explanations. buy them, don't borrow from library because you'll refer to them over and over. well worth the price.

[@baptisteindustriesllc.5074]

Hi Dave, how can I find my moms insurance policy company, with only her ss#?. Thank you!

[@darleneachille491]

Oh wow , did you find it? I hope so!

[@geomodelrailroader]

There are two types of Life Insurance Term and Cash Value. Term sets the amount and you withdraw it when you retire. Cash Value is a scam don't buy it, its expensive, and if you die and you are broke your decedents will be stuck with the bill. Don't buy Cash Value BUY TERM!

[@juanvelazquez5569]

Any proof to back up your claims?

[@elainesilvas5832]

What the difference between whole and term life insurance.

[@carlospichardo9896]

Term is for a period of time. Up to 35 years you use the policy. Whole life is designed for you to pay it until age 100. It has a savings component where the rate of return can vary from 1.7 to 4%.The issue is whole life is usually 8 to 10 times for expensive and the the client is better off investing it separately such as in a mutual fund in an individual acct or in your 401k at your job where they can have 8 to 10 times the money they would have in the savings portion of the whole life policy.

[@luisuribe5457]

CARLOS PICHARDO Where have you been in 2008 when 401ks became 201ks??... same with mutual funds. But don’t worry, if you didn’t learned anything 10 years ago the student loan debt bubble and the corporative debt bubble will help you understand very soon.

[@chelseafan4life09]

Lol I wonder if Dave has an interest in you not buying Life Insurance 😂 And why Rent when you can own?

[@HardSoundGuy]

He might make a commission every time someone decides not buy Universal Life Insurance.

[@nes6335]

what a butthurt agent

[@MarcosCaminante]

What does he make when we use “His” financial advisors?

[@delsrt4]

I have a 20 year term return of premium, when I turn 40 ill be getting back all of my premium, which then I’ll use to buy a permanent life policy with the lump sum I have given

[@1212LeoSnake]

Keep fighting for us as we continue to fight alongside man...thank you

[@souravsaha3002]

It's nice to hear that you bash other products and then sell your product. There I am, spending eight hours learning about ethics. Folks, get financially educated. A physician does not get his degrees and licenses on KZbin. A scientist does not finish her Ph.D. through KZbin comments. I did not. I trust NOBODY before I read books and peer-reviewed articles. So, read books, attend workshops and classes experienced financial people organize, and get the correct information. AVOID infomercials! GOD BLESS US ALL.

[@astroman30]

By all means, tell us where he is wrong.

[@TheMrfamous7]

Thank you for the knowledge brother

[@awakentotruthmichaelsmith4698]

I cant stand how he takes the bad use one product and writes it off as something no-one should have. There are UIL(Universal Indexed Life Policies) policies that have premiums that do not rise.. BTW, NO he does not understand it

[@astroman30]

First, it's called "IUL'....not "UIL." Second, IULs are garbage with their high fees/commissions and gains are capped. Read a book.

[@awakentotruthmichaelsmith4698]

@@astroman30 you are correct IUL..‘they have lower fees than almost any whole life policy. You can keep drinking frowns DRs terrible financial advice if you like

[@zunaiandre2341]

So get it or not?

[@TANTHEMANFILMS]

Life Insurence is disgusting..

[@chloefrazi2490]

I'm pre paying my funeral. And my family has me bank account after I die. Forget life insurance.

[@QuantumEffectResidue]

I don't trust any insurance companies; they are all crooks. They put up a nice front to lure you in; a bunch of snakes is what they are. They are all probably owned by the Illuminati which is real contrary to what you may have heard.

[@simchalev3382]

basically not the big five

[@angelablackthorne3026]

simcha lev That's right! Who you buy from is as important as what you buy. Some companies will cheat you and the bigger they are the more they think they can get away with

[@aneshabrown5]

I have never been this early for his videos

[@aldelgado9343]

I need life insurance but hesitant to get one.

[@jjaytroche123]

Why? Skepticism, fear?

[@ERIN_198]

Do you have dependants?

[@nataliad6712]

You look relatively young. Now would be the time to buy it. The longer you wait the higher the premium.

[@RD-zq7bp]

Make sure you get WHOLE LIFE INSURANCE. Universal Life is designed to implode. I have been a life insurance agent for 8 years and know the ins and outs of this shady industry.

[@RD-zq7bp]

Based on what? You don’t understand how whole life with a high cash value works so why would you recommend term? If you’re ignorant don’t lead people astray.

[@adjahnithermot2275]

Can anyone explain to me the difference between life insurance and term insurance? I'm 19 and currently have a life insurance policy. Trying to understand it better.

[@ittakesavillage5461]

Adjahni Thermot Dave has a few videos on the difference

[@ERIN_198]

Why do you need life insurance at 19?

[@laurah6381]

Adjahni Thermot you don't need life insurance.. do you have children?

[@rosaritomex4223]

Because I don't think he wants his family to be asking for donations if he dies

[@johnd9541]

Then get final expense insurance.

[@sharonm2626]

wow i am 43 healthy,was just about to pay life insurance and hand my card over,well they can can bag me up and dump me out what will i care if ive kicked the bucket anyway,,,,ive told my family not to pay out with my blessing they cant just leave stiffs laying about the place,what will i care if i am gone,

[@buFFlosouljah1]

Life insurance is actually a wealth builder for your children (that's how it's been used by savvy people) if both grandparents and parents leave you as a beneficiary, then guess what happens when they all pass on? That's right, you can pay off the mortgage start to actually save and invest! That's the way wealth has been amassed by the middle class.

[@AnthonySmith-tz3kh]

Come to Chicago Dave

[@Vanquish39]

Universal / Variable is bad. The only one worth it is WHOLE LIFE / DIVIDEND-PAYING life insurance from a PARTICIPATING mutual insurance company. Term is ridiculous, 2% payout.

[@TV-nr1ei]

April West When you get a whole life PAR policy paid through your corporation, I don’t see a better product that you can dump money into and build up a cash value for retirement and also a death benefit and everything is tax free. Am I missing something? Why do you guys see it so bad?

[@Vanquish39]

@April West I have loan, anonymity, increasing death benefit. I don't care only about s@p returns. Dave preaches only cash. If u have loans and build leverage you can do 10x more damage. All my returns, death benefit, is tax free. You won't find something like this anywhere else. Ever wonder why u don't see commercials or marketing on cash value policies and always see them on bs Roth, it's, 401k?

[@thomasvee329]

Read "What's Wrong With Your Life Insurance" - Norman Dacey...and, "Life Insurance - The Great National Consumer Fraud" - Venita Van Caspel; ...you'll have a change of heart!

[@thomasvee329]

@April West Bingo! You're spot on!!!

[@thomasvee329]

@@TV-nr1ei Read "What's Wrong With Your Life Insurance" - Norman Dacey...and, "Life Insurance - The Great National Consumer Fraud" - Venita Van Caspel; ...you'll be able to make a sound educated decision.

[@odinswar596]

Thank just learned something

[@gabrielrockman]

Dave Ramsey is a great motivational speaker, but he doesn't have a clue when it comes to finances.

[@worldclassfinancialeducati6267]

That's right. Dave does not understand this! lol!

[@efalang2228]

yeah right AGENT! you have your own motivational speaker as well! don't assume, ask him! he's just waiting....

[@efalang2228]

@@worldclassfinancialeducati6267 and you're watching him, I know you still have doubt about your carreer, you're still waiting to hear what Dave must say to convince you going back to your REAL WORLD. lol

[@tonystorcke]

This is just more shilling for Zander.

[@astroman30]

Nah.....it's the TRUTH

[@me_not_me]

Policies that self destruct🤣

[@johnd9541]

They don't self destruct actually, but the premiums at renewal time often make term insurance unaffordable. Term is designed to expire before you do.

[@riceball777]

All policy’s self destruct with the exception of whole life which Dave hates.

[@DW-li1jn]

@@riceball777 Because he owns Zanders Insurance company. Insurance companies make the most money from term insurance. That is because only 3% of the people with term insurance died during the term.

[@cicyouth]

Do your homework!

[@MassiveteamMassiveteam]

A lot of money is invested in life insurance, to bad you are not educated on how indexed or any other type of life insurance functionality is, I strongly believe you don't even have a life and health insurance license, so therefore you can not even talk about what you don't have, to me you have zero experience since you don't even have a license bro, get educated, b/c to me you don't know what you don't know!!

[@M1dKnight1am]

Is he wearing a Daniel Wellington watch?

[@RealModTheGod]

Thank god for Primerica educating me on the Crimes of cash value insurance

[@TV-nr1ei]

A. Houston what do you mean? Any good read? I was considering a whole life PAR through my Corp

[@RealModTheGod]

TV yea brother don’t do it get you a term policy and invest the difference

[@DW-li1jn]

@@RealModTheGod When you understand the math that Dave just explained, that UL policy is like a term policy and the rest is invested. The problem is, people don't surrender the cash value policy after the years of growth. The problem with term is, people don't invest the rest. The problem with 401k is people keep borrowing from it, the problem with diets is, people don't stick with it. 🥰

[@juanvelazquez5569]

What crimes do you speak of? Any proof of said crimes?

[@topplayer7580]

So Are Life Insurance even worth Getting?

[@Jenniferde2007]

Only term life insurance is worth having.

[@okiesbrb]

No.

[@hindenburg2006]

Kim Taehyung Only term is worth it. Also, it depends on what financial responsibilities wold be left behind upon your death.

[@DW-li1jn]

Term is good until you're 30 years older and still want insurance. Term is good to cover mortgage, income, and college. Purchase term and whole life too. Whole life is too leave money to whomever you want when you're 120 😁 You may have spent most of your retirement but you want to leave money to your grandchildren.

[@albertmonreal4267]

Interesting

[@paulwilliams5112]

AMazing

[@whiskywillie]

Boo hoo! I have IUL and when it hits $100,000 at 65 I am annuatizing lol

[@Arrizon]

william velasco Good luck with that