3 Ways Dave Ramsey is Wrong About Whole Life Insurance

3 Ways Dave Ramsey is Wrong About Whole Life Insurance. Dave Ramsey is always talking about whole life insurance being a bad investment. However, when you look at whole life insurance as a savings account, it beats any other safe and liquid account in the world.

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📖 Chapter Timestamps Here ⏰
0:00 Intro to why Dave Ramsey is Wrong About Whole Life Insurance
2:02 Reason #1 - Whole Life Insurance is A Bad Investment
4:40 Reason #2 - You Don't Keep the Death Benefit & Cash Value in Whole Life
5:35 Reason #3 - Whole Life Insurance is a Bad Savings Vehicle
6:40 Analysis of a Whole Life Insurance Policy
10:30 My Major Frustration with Dave Ramsey
12:00 Compare Whole Life to a Savings Account NOT an Investment
14:40 When the Rules Change You Need to Change Your Strategy

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VALUABLE CONTENT TO CONTINUE THE EDUCATIONAL JOURNEY:

How To Properly Structure A Whole Life Policy

Indexed Universal Life vs Whole Life - Which is Better

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[kevindrake]

I had a guy at work who wanted to cancel his whole life policy and start a term instead after listening to Dave Ramsey. He was having some really bad financial trouble and he didn’t even realize he had 11k cash value. The policy really saved him!

[mattehlen]

Even for conservative people I have a theory that whole life could take the place of bond fraction of retirement account probably out yield it and then create a holding tank to borrow out of as you liquidate other investments and retirement I haven't really taken the time to fully work out the math

[gregorymanuel]

You brought up hand checking and I fell out of my seat. I am sold. Great presentation.

[mikegraham]

My friend is half way through a 10yr / 10k/yr WL policy. He can't afford the high premiums anymore. He's paid in 50k. If he drops dead tomorrow the payout is 150k. If he cancels the policy he gets $4500 (cash value after 5 yrs). Should he take the $45500 loss? Not sure how your cash values are so high from the start. These things are front loaded - again he's paid in 50k over 5 yrs and the cash value is $4500.

[ClintFrerich-sdbt]

Even as a savings account the return doesn’t make sense

[Eskeeter]

Dave Ramsey is great for helping people move from middle class to upper middle class. He's not great for wealth accumulation.

[micdeleon]

When you do videos like this, can you perhaps include the type of financial situation you would need to be in it to benefit from something like this? Meaning what should your average income be? How far away from retirement should you be? Realistically how much disposable income per month should you have to commit to this? I think lots of times, and I don't necessarily mean you, you'll have life insurance people selling people policies without considering the condition people are in. For example, a certain type of investment opportunity may be perfect for an attorney or someone in the medical profession with a stable career, but it may not be the best investment choice for someone in an unstable career like construction or general customer service, or other cyclical type of job.

[kevinonthank]

I agree. I have whole life and it was designed for myself, my partner and our goals. Think of the cash value as more of a yearly or monthly amount. Just like a prnsion. Your employer would offer a benefit of a pension plan. Whole life offers a benefit of cash value. You put 20 / 30 years with an employer well whole life you may be only contributing 10 years. It all depends. Its a tax shelter as well amd a great place to store money tax free. I think Dave Ramsey is trying to target a certain audience to capitalize on YouTube to get paid lol. With inflation the way it is now whole life offers a stable rate of return! I think Dave offers goodnadvice but he is not the be all and end all of financial advisors.

[mattehlen]

Dave Ramsey does some good with helping people getting their finances on track but he's doing a great triage in other areas with lending it's unfortunate he's too close-minded if he could incorporate his emergency fund with life insurance even on smaller policies I'm asking what that would do to his followers. Lol I'm quite sure it's not worth a phone call to try and convince him

[xDKJx]

Great video. Whole life is a great tool to ADD along with other market driven investments. The market is great until it’s not, it’s nice to have an asset you don’t have to worry about volatility during these times

[multimeter]

I'm waiting for astroman to find this and leave some useless comment on it.