This Is Why Universal Life Insurance Is CRAP!

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[barttfisher]

I am in my 40s and This is no time to reduce retirement savings. I want to max out my retirement funding and I also have another $200k in a savings account that i want to invest in a non-retirement account.Would it be better going to housing? Maybe own property and let it till im ready to move in at 65.

[macromancer]

Just like Dave said about bank and insurance company buildings... my Mom told me "Look at how fancy that casino is? Do you think they built such an awesome looking building by giving money away?"

[benzelfranklin]

“Some buddy from college all of sudden remembers you…”- basically. Lmao

[tydamon]

The very fact that most people don't know anything about an IUL makes me think they're GOOD.

[nicolecarlos]

Life Insurance, 401K, Stocks, Bonds…eta.eta.. are tools. The value is in the strategy.

[michaelanisimov]

I'm currently taking the Series 63 exam through FINRA and theres a section that defines what is and isn't a security. Guess what falls into the category of not.... Universal and whole life! I don't understand how it's legal for them to call it an investment

[yayyareaa]

Nothing like Dave reacting to Tik Tok in the morning 🤣💀

[robertthompson]

When I was in my early twenties I learned that whole life insurance was a bad idea, for all the same reasons Dave always talks about. I’m 66 now. I got an inexpensive term policy when I got married and had children. I can’t believe people still fall for this whole life scam.

[scottanddebranelson]

the point that this video makes should be required in all high schools starting in 9th grade and should be put the way you just put it sir. thanks for what you do.

[tylersanders]

If you watch closely, every single person who endorses universal life insurance is trying to sell you something. Every person who says it’s bad generally says regular term life is better and isn’t selling anything

[davidsu]

There’s still benefit for permanent life to give beneficiaries to cover funeral costs and other legal fees right away rather than having them to pay out of pocket until your estate is settled. Of course you should supplement with term life for bigger coverage during those years you have dependents on your income.

[trippij]

Does anyone know anything about the Northwest Mutual T80 policy? I can't find ANYTHING that isn't from NWM.

[danielschachle]

Stay away from any "Advisor" who says always and never when it comes to financial tools. Usually the problem they have with them is either they, nor their sponsors offer those products. Dave Ramsey is case in point.
All tools are useful in some situations but none are useful in all situations.
The "stay away from these twisted people" is the only safe "always" when it comes to finance.

Their explanation, here exhibits their simpleton knowledge of these products.
How did you build your big headquarters in Franklin, TN Dave? If we should hate other companies for this, why not you?

So dumb.

[MC-vkzp]

Your premium is locked for 20 years.. So if you max fund without going over what's allowed you can either use some of the cash value as loans to avoid taxes or surrender the policy for the full amount. The only issue I see is that they make it seem like the money is some how protected but that's not 100 percent true.. you can lose everything if the market were to crash aperantly.

[krobdawg]

4:43 that's exactly how I ended up being sold whole life. After finding Dave's videos, I got out of it though

[jejdvtu]

Thank you for the info this is very helpful,

[danielbenjamin]

I know buy term and invest is the way to go and I have a strong resistance to place my business with any company that provides these IUL and whole life policies...Is there a company out there that ONLY provides term life insurance and none of the cash combo stuff? I can't condone an agent that can do buy term and invest and also provide to their client IUL.

[vacantij]

Are Lirps the same as whole or universal insurance?

[Misterg]

The accumulation in the UL has a beneficiary and the money goes to whoever you put as the beneficiary… at least with the insurance companies we work with

[barneymerrill]

My son had a friend trying to get him to buy a whole life/cash value policy...gave him quotes for their term and cash value policies...I showed my son that if he just took the term policy and put the difference under his mattress, that he would have way more money than the cash value policy would have plus the only way to get the money was to borrow it!!😱 And if he died they'd only get the face value of the policy, not any of the savings! Term on the other hand would give the face value plus all the money under the mattress...more if the money had been invested in a good mutual fund! The moral of the story is to buy term insurance and invest the difference in a good mutual fund!👍🤠