Does Dave Ramsey Tell the Truth about Cash Value Life Insurance?

Do you know the whole truth about whole life insurance? According to Dave Ramsey, term insurance is more cost-effective if you're not great with money...but he doesn't always tell you everything.

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[briansherrill]

Let me guess…..you sell whole life insurance 🤦🏼‍♂️

[Btheprocess]

I have been waiting to hear this explained this way. I had the information, I just really needed the validation. I appreciate you very much. truly. now i am off and running.🎉❤😊

[astroman]

In a $500G DB example, the premium is $430 a month from age 40. Nick lives to age of 90. So with whole life insurance, Nick pays $430 a month for 600 months (50 years) total $258G. Dividend is $130 a year best case for 50 years on the premium paid, or $6500, for a cash value of $264, 500. The alternative is to buy term life insurance with extended duration and invest the rest .. a $500G death benefit policy for a 30 year term would be about $60 a month leaving $370 available to save .. $370 monthly in the market at 7% (stock market lifetime average) in a tax deferred account gives me $432G after 30 years. I won’t need a $500G policy if I’ve got $432G cash in my account, so I cancel it, And for the next 20 years my account keeps growing at the full $430 a month. when I’m 90 the account is worth $1.9 million. Conclusion is clear .:. Do I want $264.5G (whole) or do I want $1.9 M (term and invest) for the same premium output .. I choose term and invest!

[allsimsfair]

I was just exposed to this Whole Life insurance when I met a financial advisor a couple of months ago. Definitely a game changer!

[anthonyroberts]

So how do I get started and which insurance company can I do this with?

[rebeccaherbertson]

That has some truth to it. Dave Ramsey is still right. You invest that money into a mutual fund, you can double your $$ in 10 years

[Prince-ntns]

Which whole life insurance companies would u recommend?

[thesilveremir]

What none of these gurus do is provide examples with $$$ figures. He is correct, you can prove Dave Ramsey wrong by maximizing your policy. One problem, that drastically increases your premium. Can you please provide an example of what a 1MM dollar policy annual premium would look like when written the way you explained it?

[lettymedina-ssnb]

It’s hard to get straight answers from agents.Thx for sharing.You’ve clarified some info with Whole Life insurance.Looking into Whole life with cash value, but which is better I’m not understanding.I see there’s “Participating and Non Participating “.Please help me understand.

[Thewealthwarehousepodcast]

You nailed it brother. An this will go over a lot of heads.

[jianipierre]

Quick question. Do you recommend structuring it with a minimum death benefit to allow for max cash overfunding?

[inspiregracevlogs]

Hiw much would you need to put into it start

[davidphones]

I’ve done the math on several whole life products. Term insurance and investing your money left over (that you would have to pay in whole life) into conservative investments makes you far more than “investing” into a whole life policy.

[pratik.kataria]

What if i have a term insurance, & mutual fund combination with the trust set up as the nominee for both & when the beneficiary needs money they can take a loan against the mutual fund units.

[livinginla]

What's the option for people who have a not so high income, if they want to do an IBC, like say they can only afford $200 a month?

[zyqnull]

What company will have that cash accumulation set up you are talking about?

[Ladaga]

what happens to your cash value when you die during your policy? who keeps it?

[DuckShampoo]

It’s a plus to take a loan from your own

[keitha]

Who has the best whole life policy for cash value

[Yessirrsteve]

So I’m a vet just to got life insurance today, you telling I can take on loan out of my life insurance and pay it back? Or I gotta have the money saved up to even do a cash surrender