Is Whole Life Insurance Ever A Good Idea?

Is There Ever A Good Situation For Whole Life Insurance?

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• The Ramsey Show (Highlights):

[JWalton]

I just read a book that said Whole Life was good in certain cases. So I dove a bit deeper on the subject and the guy who wrote the book became wealthy by selling Whole Life insurance lol.

[stevee]

As someone who works in the insurance industry, buying insurance as an investment is just such a stupid idea.

[paulleonardo]

I just canceled my whole life policies. After watching your videos I started examining the policies, you were right, they're just a horrible product.

[mikechet]

Dave is absolutely right on this. Cash value life insurance is a scam. Buy term.

[trevorgilbert]

Whole life isn’t made to be an investment people. It was made to take care of final expenses. You know the expenses people leave behind to their loved ones? Term doesn’t usually work for this tho because it cancels at age 80 and you have to be very healthy to even qualify for term.

[theofficialgaro]

Thank you for sharing this information. I recently was reached by a sales person who identify himself as a financial consultor. As soon as I started asking questions about the numbers outside of the memorized script I saw he started to scramble. He started to deviate my attention back to his script and I stoped answering his calls because he was avoiding to provide clarification on my questions about the numbers. Later I found some valuable content like yours and confirmed about this scam happening. Now they sell themselves as "Financial Advisors". Please keep doing this type of content to help people not to get in this scam.

[ContessaVanessa]

Lmho @ "I hope I was clear" at the end of the video 😂!!! No Dave, tell us how you really feel 😂😂
But all jokes aside, you're absolutely right! It took me a long time to learn that, but I'm so happy I finally see the light!

[MightyGreenLantern]

It's worth noting that one of Dave Ramsey's sponsors is Zander insurance, which is a term only company

[slyfoxx]

Come on Dave, tell us how you REALLY feel.

[alvinohata]

Dave, I agree with you a 100%. Before I got into real estate, I sold term life insurance from a company whose founder was a former college football coach, initials ALW.

[hannahstephenson]

i just finished my first year teaching and i’m 23. they sent through my school system a free consultation with financial people to help with retirement.
guess what they almost sold me.

[jenniferannfox]

what about cancer insurance and long term care insurance? I remember one of my previous employers pushed AFLAC like crazy and it was so expensive.

[zino]

Hi Dave, how come the IRS limits how much money you can put into a life insurance contract? 🤔

[mrstinky]

He is ignoring the return on Death benefit. Decent product for high earner looking for legacy planning. Partner it with a trust its a good plan but only for people subject to estate taxes.

[lodlewo]

Dave, I just started my financial advisor career. I got into it because I saw my family struggle with three deaths in the family with no insurance totalling a little above 60k in expense... I'm trying to learn as much as I can to help people the RIGHT way. any further advise or if anyone in the comments is in a similar situation I would love to connect!

[garrettstevensen]

Probably, one of the best videos I've ever seen on Dave Ramsey. This, and the video showing -4% rate of return on social insecurity.

[imveryhungry]

I have some term life insurance in case something really bad happens, but every month I put a little bit of money into the S&P month after month no matter what. I think thats the simplest path.

[paulpetrovich]

Not disputing Dave&anyone else. Correct me if I am wrong, at the end of a term life policy, there will be zero money accrued. It is true whole life has high fees initially, but I do not think anyone will insure you for free.

[kenkrahl]

So if someone can’t qualify for Term due to age or health, they should just proceed to be uninsured. If people are 70 or over, they should become uninsured at 80. 🙄
People should take financial advice from someone with a LICENSE (Dave hasn’t ever had any kind of financial license), and someone WITHOUT a paid endorsement by a Term Insurance company.

[Requiescat_in_pace]

My neighbor Mr. Fitzpatrick bought a 750k whole life policy. He is a 600 pound man and is thankful for this policy.