Ed Slott's Life Insurance Rant!

I give my response to Ed Slot going off on life insurance in his high-energy presentation about the 5 mistakes people make with life insurance.
#lifeinsurance #wealthbuilding #edslott

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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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[BetterWealth]

Thanks so much for watching! If you're looking for more education on life insurance we offer a

[Mrspadaford]

I’ve used this video on kitchen table appointments. Love it.

Take aways - Ed Slott is a likable authority and his argument assumes taxes will be higher. Dave Ramsey is a hangry uncle who assumes you’ll earn 10% every year. Both make confident and persuasive statements about life insurance. For me, finding the right balance leans more toward Ed - in terms of priority and importance. Someone get Dave a fruit juice box to suck on!

[tonyz]

Great discussion! I agree with all of the points made during this video. However, in my opinion Ed omitted one important point. Ed did not make the point that when an employee sponsored 401K is available, with a 100% matching contribution to the employees contribution, the 401K remains a better investment. I'll pay the taxes on any account that provides a 100% match to my contributions, plus investment returns!

[jonathanratliff]

For these reasons the large Mutual life insurer I largely use for clients does not offer an IUL, dividend participating Whole Life plans of a few variations and traditional UL and term of course also

[SmartBizServices]

Would you say these policies would also work if you have long-term care concerns? I know that Medicaid will make you spend down life insurance policies and basically can leave you destitute....

[thejerrybrown]

Awesome Thanks Caleb! Everyone should have it.

[Mr.RobinsonLBC]

Chris Kirkpatrick just did a video showing where IULs eventually lapse in later years due to policy owners using policies as retirement income and taking loans out periodically, which leads to the loans costing more than the cash value/equity of the policy. He says the policy would lapse at that point. Is that true with all IULs? The retirement income portion with ANY IUL, is it guaranteed for life? Even if I live to 100 and need $60, 000/year when I retire at 66, but have only put in an estimated $200, 000 in my hard cash?

[ccgaskell]

So does life insurance work like a ROTH IRA in that it grows tax free, and the beneficiary gets the money tax free (upon death) ? just more of a way to leave money to beneficiaries and avoid taxes. And it is still a useful tool for those of us over 62 ?