Why Whole Life Insurance is a SCAM

In this eye-opening video, Austin reveals the shocking truth about whole life insurance and why it's nothing more than a deceptive investment scheme. Join him as he breaks down the myth and exposes the reasons behind this questionable practice. Discover the exorbitant costs, pitiful returns, and unfair terms associated with whole life insurance. But don't worry, Austin has got you covered with excellent alternatives that can help you save money and achieve higher returns. Learn why term life insurance is a smarter choice, offering affordable premiums and adequate coverage. Plus, find out how investing the price difference can lead to substantial gains. Don't fall victim to the whole life insurance scam—watch this video now and protect your financial future. Subscribe for more valuable insights!

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[samsciascia]

This is the formula agents study when they go for the license, which the state has to approve (Net death benefit = cash values + net amount at risk - any outstanding loans) The cash values is a component of the death benefit. Not on top of it and not instead of it. The cash value is the equity in the policy. The cash value column represents what your equity is should you cancel that is what you receive. Agents in most cases aren't receiving 100% in most cases, especially with the bigger carrier. WL life is designed in different ways, the traditional design I don't like so IRR will differ based on the design.

[montserrathhernandez]

Watch the only people who defend or teach about this product is the agents who sell it 😂😂 for the sole purpose of making a bigger commission

[amazingmeow]

Question not related to video... How will the current job market affect new graduates? With bankruptcies and layoffs rolling, do you think new professional career graduates will struggle to get hired? Doctors, nurses, pharmacists, professors, accountants, engineers etc...

[linnyh]

You are misinformed, and are rehashing half-truths on the internet. That 1.5% return is strictly about returns on guaranteed interest net crediting. The one that people talk about designed for saving purposes provides dividends and historically is similar to corporate bond rate, tax free with no volatility. Those are only available from only a handful of companies that are privately owned by the policyowners. (NYL, Mass Mutual, Guardian, Northwestern Mutual etc...)

[dontfighttheriptide]

The title reads Whole Life, but everything you described is related to IUL. No Whole Life carrier pays 100% commission, and the term you used “Investment Grade Life Insurance” refers to Equity Index Universal Life. And yes, I’d agree that IUL is not a good product for a variety of reasons. Perhaps a bit of research before speaking incorrectly with such confidence.

[markf.]

Hi Austin. Many whole life salesmen like to state that you shouldn't buy term insurance because 99% of the time they don't pay a death benefit. I believe that's great news. However, they never say how many whole life policies never pay out a death benefit due to surrender, or a lapse of the policy. Do you know what that statistic is?

[astroman]

Great video, young man!! It was concise, informative and easy to understand. Best video I've seen in awhile.

[BACONNWRAPPED]

All these whole life agents are here telling you that you're wrong. Lol that's funny..

[drexelspivey]

If you ever get approached by a life insurance agent, take a look at the life insurance equity table compared to you investing your premiums over 10 years in the s and p 500 at 10% return (conservatively). Then ask the life insurance agent why your cash is so much lower than the investment and their only response will be “the market isn’t guaranteed”.

Don’t ever do whole life as an investment - it’s absolutely trash and you’re better off investing

[hewittg.malone]

I really get upset when people give "FOOLISH" reasons to not make a Financial move.
(The Agent gets PAID) - Yes they are suppose to; JUST LIKE YOU! Your point is well taken;
But - You generated poor thinking about the subject.
"BUY Term and Invest the difference"; YES - But No One is offering this as a product.
Unless someone has it as a product - the general public is ripped off anyway.
I am 70 - SEVENTY; been down this road 55 Fifty-five years ago and nothing has changed:
From "MY Life experience - Buy a house (cheap one), take out a term insurance policy;
By the time you pay for the house - the term policy will expire worthless:
Chances are the house will be worth as much as you were glad to insure your life for.
If property values went up - YOU GAIN: If, down (You have a secure place to live):
If you were to pass; Your Beneficuaries - gain from the "Life Insurance" and can pay off the Mortgage in full.

There are better ways to set up this system; I am only trying to respond to the subject of the Video.