Why not apply for a ten year term before dropping it

Insurance is supposed to shift risk away from you. These IUL policies do not do that but by the time people find out it's to late. If someone wants permanent insurance at least buy old fashioned whole life so you have a guarantee of future premiums and cash value, and shift the risk back to the company where it belongs.

Wow! Great example of how quickly term insurance loses its economic viability!

My MIL is in management for NYL and is very biased for all forms of life insurance. My dad also is in management for TransAmerica and he is a little more wary but also believes in Life Insurance. I’m not very educated in the pros and cons, so listening to Dave’s points are very helpful.
I don’t know what to do, my spouse (30) and I (28) pay a lot for Term currently, and I don’t want to move or end until I have a very clear idea of what I’m working with. Every explanation I see on both sides seem shady asf….

Hopefully her husband can put away a big chunk of his earnings within the next few years while its still only $77. He's more likely to parish when its $200 then now. And I don't understand when dave said use the cash value of 6000 to pay it, you can't have that money unless you cancel your plan I think. It sounds like the terms are changing when it goes up to 200, it's not that the plan is being canceled.

Dave Ramsey doesn't know what he is talking about regarding life insurance.He is telling her to drop the policy right when she needs it. How great dies term insurance look now Dave? By the way $77 per month over 20 years would be about 70k. Not even the value of the life insurance policy. Sloppy math Dave. You shouldn't be giving out life insurance advice. You are obviously incompetent.

Wow Sarasota Fl never thought I heard someone from my home town

If you're going to have a cash value life insurance account, $77 a month, for anyone other than a child is too low. That's why the plan is garbage, the premium is vastly under-funded, the cash value can't grow adequately. Whether Whole life is the right kind of cash value account is a different question — the answer, go IUL

Can you convert the whole policy to term or does it only work the other way around?

had a whole life policy with Mass Mutual and lost thousands of dollars in about 10 years.

I pay 333 a year on a 100k/10 yr term. I help my mom financially, I still want something for her in case I go before her. Hopefully that’s a decent rate.

I'm surprised the policy hasn't completely self destructed. They must have been paying the high end of the variable rate.

Its 2020. You have no excuse for buying garbage with Youtube being in existance.

Lower benefit to paid up. They bought a policy that was under funded. The product can be useful but often isn't setup correctly or reviewed.

Insurance cost goes up each year regardless of the type of insurance you have. It is an ignorant to think that it doesn't. Properly constructed cash value life insurance is a great financial tool.

WFG lol

So much bad information and so many ignorant comments. Easy to see why the rich stay wealthy generationally and the rest of you and your future generations stay broke and slaves to the wealthy. Good luck having Dave lead you guys astray.

Love the show Dave

I am glad to review more on this video

Dave Ramsey is pushing TL bcus he gets kick-backs from a TL insurance company. You need to understand this folks!!