Well I won't be doing that thank you I don't know what to I'm 51 my partner is 54 we just don't want our daughters to pay for our funerals

Made a video about this, I call Whole Life my "$30k Mistake"

Agents who sell this do not care about you. They know all this.

This guy is an idiot. He’s not a licensed finance professional. He doesn’t know what he’s talking about. These numbers he is coming up with aren’t correct at all

Apparently Dave Ramsey doesn't know much about index universal life insurance Dave just like many Primerica agents just don't understand that index Universal Life Works off of fifo meaning first in first out or in other words you're able to withdraw tax-free like you would at the bank up to premiums paid the interest earnings you withdraw in the form of a loan with indexed universal life you have a fixed loan option or another words a wash loan it's a loan you don't pay interest and you never have to pay back

Dave, thank you for the good description.

Wow

is term insurance better than whole life insurance? is Toronto north of Miami?

Where can I find the documented data on rates of return for the whole life insurance? What type of whole life policy surrenders the cash value? What conflicts of interest do you have with Zander insurance? Is the cheapest policy always better? What if the cheapest company isn’t around or raises my premiums to keep my insurance in force because they don’t have the required capital to fulfill death claims?

I just finished a small book by a Jake Thompson called Life Insurance (how the wealthy use Life insurance as a personal bank to supercharge there savings) He went on an on about term insurance being a junk product and how everyone from Walt Disney saving his company with his Life Insurance policy to Ray Croc using his policy to get Mcdonalds where it is today. It sounded like a good thing if there is any truth to it.

??I will agree with Dave only partly. ??

Buy term life insurance in the amount your dependents need until they are expected to take care of themselves and no more / no longer.

Where I think Dave and I part ways is the amout of term life insuracne you need to buy should decline each year, not remain even. Why? Well, why do you need this life insurancde in the fist place? Lets give a typical answer. You need it to provide for your child from the date of your death until the child’s adulthood. Well, that span of time they need financial suport declines by one year for each year you live so the amout of term insurance you need declines each year. What you need is not 20 year level term life insurancde but 20 year declining payout term life insurance.

But that doesnt exist.

So, buy the closest thing you can. Buy the SHORTEST TERM / CHEAPEST RATE term insurace you can find, likely 5 years, then reduce the coverage value each time it expires.

Short, 5 year level term life insurance is even cheaper then 20 year level term life insurance.

By the time you are 15 years older, when a new term life insurance policy starts becoming more expensive, well, you wont need very much of it any more. If you needed $200,000 of term life insuracne when you are 25 years old and your child is 0 years old, buy $150,000 when your former policy expires, and you are 30, and your child is 5. Do this again when you are 35 years old, reducing the coverage amount and again at 40. By the time you are 40 and your child is 15, you can cut that policy down to about $50,000. When you are 45 and your child is a adult, you have no child depending on you so drop your policy completely.

I’m suprised / disapointed Dave is giving the advice he is giving.

BAD ADVICE. He has no idea how insurance works. He's just talking talking talking and has no clue what he's talking about.

Thanks this always confused me

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Is Universal Life Insurance the same as Whole Life Insurance?

dave what about term to 100 policies? It's a permenent insurance, which no savings account.

I can't wait for Dave to discover pizza insurance

My husband and I have had whole life policies for almost 20 years. Now that we're both 40 with medical issues, if we cash out and switch to term policies, it would cost us the same monthly premium. Does anyone have a suggestion of what to do in this case?

Yes it is. Term is the right way to go. Dave opened me up 15 years ago to insurance. Thank you.