Dave Argues With A Whole Life Insurance Salesman (Part 1)

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[cacsoccer]

Based on the guy's voice I think he genuinely believes he's doing right by people. Good for Dave for sitting there talking to him rather than bashing him.

[viniciolopez]

“Well because the product is crap” LOL no sugar coating for Big Dave

[realnavysailor]

I have a friend that use to sell life insurance. He quit when he realized that it was ripping people off. He couldn't stand the guilt.

[edificationfirst]

I was working as a CPA, and an older couple came in to see my Dad at the office. This man had put his retirement in one of these. He had been told that if he needed to take out some of the money later for a project, that he could. What the sales person didn't tell him is that it would be in the form of a loan. When the market dropped, it would no longer generate enough income to pay the interest on the loan. Eventually, it dropped to zero over decades. To add insult to injury, he got a 1099 for the proceeds. He was going to owe a huge tax debt on no actual income. He could not pay it, and was asking if he killed himself, would his wife be clear of the debt. I worked many many hours for free for them talking to the IRS. What a mess, but we got it worked out finally.

[JiisTube]

It's such an effective scam even people selling it don't know how it hurts you

[FielValeryRTS]

As a former Life Insurance agent, I agreed whole heartedly with Dave. It's kinda painful to tell the truth, but we had to face it sooner or later.

[mcdevitt]

Appreciate you talking to him like a person and informed him instead of what he's instead of belittling someone life insurance. As someone with no knowledge, I didn't think that getting life insurance could be that different.

[brittanylight]

That was actually really sad.. you can tell he respects Dave, but also truly believes in the goodness of his career.

[sirhamalot]

IF you NEED insurance:
1. Find the price of whole life and term insurance.
2. Buy the term policy and save the difference between the two in a whole market fund.
3. When the term policy ends, you should have enough invested that you don't need life insurance.

[LilytheContessa]

Poor thing, he really cares😢 Dave handled this call with love 💕

[Tabu]

Honestly I feel like that was very tactful and honest

[jacobcorbridge]

I had a buddy that went down the insurance salesman route. He developed that same quiver in his voice

[yourmanzach]

That was incredibly polite of Dave. Also positive and uplifting in a weird career.

[pattyfeathers]

I bought whole life policies on my 4 children when they were in their early teens. $25 per month on each $100, 000 policy. Now they are in their thirties. Two are now smokers. Another has an uninsurable health issue. Even term insurance would be unattainable or very expensive at this point. I never thought of it as an investment, but just a way to lock in term rates for life.

[templeofgreed]

Buying Whole life to make sure you have a death benefit your whole life doesn't seem like a bad idea. It isn't a great investment. It is insurance.

[loisfromohio]

I'm very glad that my husband and I purchased whole life policy. It was paid off many many years before my husband passed away. I got almost $20, 000 for a $5, 000 policy.

[jayd]

He knows. But convinced himself otherwise. I was LAH licensed and could never sell a whole life policy. The FY commission was 50-55% of the premium. That should tell you all you need to know.

[KeiSpeaksLife]

As an insurance agent, what I've been laying through the years is whole life it's "okay" for those with health issues. A 10 year paid up policy is good to place on children and young adults. Term allows you to save/ invest in some type of fund so that you don't need to renew the policy down the line.

[mr.bender]

Thank you sir for being clear and straight to the point.

[TheKrumster]

Scamming people doesn’t make you a good person simple