Why Shouldn't I Sell Whole Life Insurance?

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[alinatamashevich]

Most people do not want to think about their own demise, so this is always a hard sell. This guy needs to be on Dave's team, he has a awesome story.

[hinicetomeetyou]

I sell life insurance, I’ve only sold one whole life, I actually now always recommend term life insurance and if they want to build cash value i actually recommend and walk them in opening an investment account separate from the term life . Idk I just can’t morally rip people off like that . I work with a great company so that’s a bonus my goal is to help the customer first .

[jeffreywhitaker]

WOW! This dude sounds like hes really been saved. Good to hear! I wish him luck!

[nickbailey]

Congrats to this guy. I love hearing people who are trying to do better for themselves.

[roberthuster]

Dave's right....Guy is a hero. Thanks for share your story.

[riceball]

Lots of older people age 60-80years old with no money to pay for funerals buy a small $10-30 thousand final expense policy (aka whole life policy) to pay for funerals because the policy will never end and never go up in price. Has nothing to do with cash value.

In a perfect world Everybody will be rich and a millionaire by the time they are old and retired and they won’t need life insurance. But this isn’t it how the world works.

[elchapojr]

Good luck on Selling life insurance it’s really brutal and sometimes you can’t control the monthly premiums

[awakentotruthmichaelsmith]

There are terrible companies and the insurance industry is plagued with shady salesman and products, that does not mean that Dave understand the ins and outs of an industry that he does not work in.

[mixedmitchell]

I sell life insurance in the UK but we are heavily regulated and can't give advice. However I never pitch a WOL policy to my customers and instead encourage them to take a policy to either 80 or 85, sometimes 90 if they really want longer. WOL isn't really worth it for anyone.

Termed insurance is much better than WOL.

[DavidMartinez-iuyk]

If a 30 year old man bought a $250K 20 year paid up whole life insurance policy, it would cost far less than if he bought a term to 65 $250K policy. If the 30 year old bought a 10 year paid up whole life policy it would be exponentially cheaper.

[marymccann]

God bless this man! What an amazing journey, you are an inspiration sir.

[TheForexApostle]

This is a good explanation, I think I will consider this

[IAMSatisfied]

You could hear the caller was a people person the moment Dave answered the call.

[craigmoman]

I exclusively sell term life, and Dave is completely correct in whole life being a waste of money… for anyone that is following the baby steps. Realistically, final expense is aimed at people who did not save for retirement and will never have the capacity to increase their income, either due to age or health. The people these policies are aimed at are people that wouldn’t be eligible for term life. Like, 70 year-old living solely on SSI or someone with a BMI in the 50s or higher. They’re policies with a low death benefit that solely serve the purpose of not leaving the deceased’s beneficiary with the costs of a funeral. Are the policies all that good, especially compared to term? No. But they’re better than nothing, considering there’s a pretty high chance the person it’s aimed at will die before they’d be able to save enough to take care of a funeral.

That being said, if you qualify for term, don’t get one of these. Get the term (if you need it), and even if you don’t make a lot or are on the older side of things, at least get on it and save the money for the funeral while you still have time.

This is why listening to people like Dave to get out of debt and prosper financially is so important. You don’t want to be in a situation where one of these policies would make mathematical sense.

[BigOdog]

If you have any loved ones/friends that sell insurance ... have them read this book ASAP.
How I Raised Myself from Failure to Success in Selling by Frank Bettger

[newpveu]

If dude is reading this, he’s a champ on recovering!!

[TheDIGAgency]

Dave Ramsey is wrong in this context. Final expense whole life insurance is predominantly sold to (a) older folks 60+ who (b) have several co-morbidities that prevent qualification with most term insurance. Additionally, most are on low fixed incomes and do not realistically have the time to save enough money to bury themselves after accounting for monthly expenses. Millions of Americans fit the description above and without access to final expense whole life insurance, they would not have funds on hand to pay for proper burial. Don't let perfect be the enemy of good.

[LukeSewell-mf]

What about a Cash value loan. You can withdraw the money in the Cash value of the policy. Also in Canada there are Immediate financing arrangements.

[saeligutierrez]

The guys should join a company that sells term only and invests mutual fund for investments.

[beaucarpenter]

Praise God people get still get healed and saved.