Infinite Banking Is A Scam | Response To Dave Ramsey

My response to Dave Ramsey calling whole life insurance and infinite banking a scam.
#lifeinsurance #daveramsey #infinitebanking

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Caleb Guilliams
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*This video is for entertainment purposes only and is not financial or legal advice.

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[blayne]

Dave Ramsey is for the poor and lower middle class. Anyone who wants to rise above that level must realize there is value to utilizing debt strategically. “It takes money to make money” is a saying made up by scarcity-minded liberals. Caleb Guilliams is for people who want to take it up to the next level!!

[BobSure_AKA_PotatoSmasher]

You don't need to KNOW the person being scammed in order to identify a scam.

[Cyrx]

The VERY best way to show people, Mr. Better Wealth, is with your own whole life policy that you fund yourself and how it works. Otherwise it's just your words vs everyone else. Do a video with your own policy if you haven't already. Just a suggestion.

[tedsmith]

The basic 'GROWTH' component of a WL policy is called "interest", NOT "premium". Ramsey properly focused on 'interest' while Caleb kept misinterpreting it as "premium'. It is the "interest" that grows because of the insurance companies investments in the corporate world, NOT the premium. The premium is ALWAYS your own money that you over paid.

[ricerealtor]

I don't like Ramsey's deceptive use of "zero" when he says they only pay the face value...

[jaymon]

Let's see how this scam continues in the era of rising interest rates and capital scarcity

[fechnerjean-philippe]

One question: Are you licensed in a any Financial Services at all?

[bradleys]

I'm trying to keep an open mind and learn about this concept. From everything I've found so far, it seems like the only people pitching this concept are those who are selling these policies. I'd like to find an actual CFP who has a fiduciary duty to their clients (of net worth under, say... $2M) who is actually recommending this strategy as part of their clients' portfolio.

[texasowl]

….. they do overcharge you. It’s very common in the beginning for life insurance companies to overcharge the first couple years. That’s why base premiums aren’t cash favorable.

[SimonSozzi]

Commissions vary by policy and company, but life insurance agents often receive 80% to 100% of the first year's policy premium. 😳 Wow! And... Typically, a life insurance agent receives anywhere from 30% to 90% of the amount paid for a policy (also known as the premium) by the client in the first year. In later years, the agent may receive anywhere from 3% to 10% of each year's premium, also known as "renewals" or "trailing commissions."

[kylegrimm]

I just came across your podcast with Millionairs Unveiled. I have never been so inspired by someone so young. It’s is truly incredible what you have accomplished at such a young age. I got started in real estate at a young age but don’t have a ton to show for it. Your work ethic and ambition is truly inspiring 💪🏼

[clintmccullough]

We can settle this simply. The only reason why dividends are not taxed on a whole life is because it's your money. I don't agree with Dave on every topic but the math does not lie. If you have children get term life

[cherylallis]

I know people who use IULs as vaults for their assets. There are very few insurance agents who understand the types of policies that work for this strategy.
You need a policy that is not focused on death benefit, but on making sure the policy grows enough each year to more than cover what you would pay in premiums. You also want to be sure the insurance agent fully understands MEC rules and designs the policy so that you are not hit with taxes. In addition, you need a policy where the borrowing interest rate is low and the growth rate relatively high.
In short, you need an agent that uses this strategy himself, understands the complexities of doing this.

Don't do this with your average insurance agent.

[leonardofigueiredo]

So you start the video saying that you are not defending Infinite Banking but some minutes later you call it "an amazing thing"... interesting...

[devon_anderson]

Why there is no wealthy individual endorsing that whole insurance and IUL is what they used to create wealth.?

[ymkxjeo]

Saw this video in an ad next to one of Dave’s videos. Watched to completion and subscribed 👍🏽👍🏽

[lmanning]

I have been looking for a policy that has a cash value I can borrow against for a few weeks now. We are looking for our forever home in an affluent area and also to invest. But in the UK I can't seem to find any policy that would offer this with a decent return, or if any at all, or allows you to borrow against it. Does anyone know of a policy in UK for infinite banking please?

[Killu]

Noone asks where the dividend comes from.

[jhdstmj]

You make a good point about it being an effective tool for certain income brackets, and maybe/hopefully you are the person of integrity and use it only correctly. The issue is that in 7 years of replacing policies of various different companies that us IULs, I have never seen it done correctly and always on the middle class who didn't know what they have and years down the road their policies were on pace for implosion leaving them with nothing. I understand the value for high tax bracket sheltering for estate taxes etc. But the issue is if say about 95% of these policies are likely being sold to people who shouldn't have them as college funds or retirement plans which by definition is illegal and misleading. Our company does allow the sale of them but only after a 3rd party tax advisor recommends it as necessary, while also factoring in their investment assets and tax liabilities. There needs to be a better filtering process for some of the companies that hire average joes to go sell this stuff to friends and family who end up getting screwed. Thats why Ramsey, myself and many others in the industry are vehemently vigilant towards these agents. The policies is just a tool, but is being used incorrectly on unsuspecting people.

[gregoryhunter]

Properly designed huh! Never saw one and never met a person who was able to retire on the "dividends" in a cash value whole life policy after 25yrs!