Dave Ramsey Life Insurance Explained - Slams Whole Life

Here is how and why you should buy TERM LIFE Insurance!

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[aIprime1]

Bluelite is another primerica fool - I left them once I discovered the truth about their products and lies they train their agent on. Their term uses unisex rates which screws females and it STILL the most expensive term on the market!!! They sell the highest commission mutual funds allowed by law and they charge 15% of base premium for the ability to pay monthly!!! Industry ave is 2% - So high premiums, high service fees all equal an awful product.

[bluelite7x]

@aIprime1

LOL! Oh my god! You're still trolling? Get a life!

[aIprime1]

@picapj71 Just to be clear, you don't borrow from your policy, you use the policy as collateral with the insurance company. The full CV is in your policy and you'll see that in your statements. Once a loan is taken it creates a lean on your policy. All your points are good ones. WL should be the foundation of any solid investment plan.

[picapj71]

Mr. Ramsey does paint such a perfect picture. Whole life would be a bad purchase IF you were guaranteed 10% return elsewhere, you knew you'd never be disabled, or you knew you'd be dying in the first year of the policy.

You won't get rich from life insurance; 2.5%-5% return, but you get equity, you can borrow cheaply, your cash value is protected against market fluctuations, and you own it. See if you can borrow money out of your mutual funds, but still earn interest on the full amount?

[misko808]

This guy is idiot

[Mbarzon]

Life Insurance is meant to be a PART of your Diversified Portfolio. It's not meant to be an end all be all solution to your Financial Problems, and it's really not a sound plan to put all your eggs in one basket. UL is good for intergenerational wealth transfer that the rich had been using for a long time. Why do you think the big banks sell insurance at such a very high price? Go ahead ask your banks, see for yourselves, you'll be shocked why the rich puts part of their money in such vehicles.

[Mbarzon]

it depends on the type of product your going to buy. Every insurance company has different type of fund on it that would be suitable for you and at the time of maturity would even get you the Cash Value plus the Death Benefit provided the fund has been given enough time to mature. Dave Ramsey is not really the brightest financial advisor out there. He "Works" for the Fox Network. He was successful AT "REAL ESTATE" when he was young but NOT through investing. His company actually went bankrupt.

[playaroyale]

@aIprime1 Sorry bub, you must not sell life insurance, but you do lose all the principal of the cash value. There may be some interest, albeit a lousy return, but the cash is forfeited upon payout of the death benefit. Here, search this directly on Google, quoted from eHow: "However, when you die your beneficiaries will receive the death benefit only. Any money in the cash value account goes to the insurance company, which uses it to lower the amount of death benefit it has to pay."

[aIprime1]

Whole Life is great - The rich buy it as a foundation to their investment strategies. Banks and Corporations buy it to fund executive benefit packages and to recover costs, and colleges use it to fund endowments. So if all these are using it why in the world would it be bad? See the Middle Class has little access to the facts on money..

[aIprime1]

@playaroyale This is another moron thinking they understand how Whole Life works!!!  That $97k of cash value increased the DB by most likely $200K!!!! You don't lost the CV, it's paid via the increased DB. Nice try!!!