Dave Ramsey--Term vs Cash Value Life Insurance

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Dave Ramsey--Term vs Cash Value Life Insurance

Uploaded by: BuildingUpMA
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myspace.com/buildingupmiddleamerica. Short clip from very successful financial adviser Dave Ramsey's live radio show where he talks about why term life insurance beats cash value 100% of the time. Cash value being Whole Life, Variable Life, Universal Life, etc. Term life insurance is a very important part of a successful financial game plan.

Tags for this video: cash dave insurance life ramsey term universal value variable whole

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He didn't listen to ... ( 10 months ago by thesacado)

He didn't listen to what she said, she has a VUL (variable universal life) and he says if you die they keep your money, wrong (later on he correctly answers) You do not pay interest on your loan after a certain number of years, usually 14+ years. If you try to take money earlier than that you might as well surrender your policy. Mutual funds have fees as well, management fees.

Array ( 10 months ago by thesacado)

.
Dave advocates 20 year term. And he assumes that in 20 years you won't (will not) need life insurance. Wrong assumptions...If no other needs, you can use it to pay estate taxes. Renewal one year term, that is correct. Now, try to get a quote for term policy after your 20-year term policy is up

Google: "Joe Robbie ... ( 10 months ago by thesacado)

Google: "Joe Robbie Life Insurance", click the first three links, read up. I'm not saying you'll have 47mils in your bank when you die, but even with $700k in your bank you will pay a stiff estate tax on it. I'm not a financial advisor, I just read a lot.

Behold, THE TRUTH. ( 9 months ago by maukrvp)

Behold, THE TRUTH.

I would invest in ... ( 9 months ago by BuildingUpMA)

I would invest in coverage that has guaranteed renewal, even if one is uninsurable it allows reinsurance without proof of insurability. Ya rates are going to be higher when your older, but considering the seriousness of the sickness and the huge payout vs cost ratio I don't see how that would matter. And it would still be cheaper than most cash value.

I wouldn't know why ... ( 9 months ago by BuildingUpMA)

I wouldn't know why your agent hasn't paid out a term policy, but I did read of just a single mid-sized TERM insurance company that pays out over 2 MILLION dollars a day in claims. That would be over 700 million dollars a year. I also know that cash value (Whole life, Universal Life,& Variable Universal Life) pays sales agents MUCH MORE in commissions than does term insurance. My guess is your agent likes to SALE cash value more than term.

SO when you ... ( 9 months ago by WillBackbone)

SO when you disagree you just delete the post. Whats wrong worried Dave's sponsors won't like any other opinions. I can assure you that the company didn't pay 700 million in a year. They paid off 2-$1 million policies on day,you are just assuming that since they did it one day they do it everyday. Show some real stats.Insurance companies make more $ on term than any other products like a casino and slot machines.

This isn't rocket ... ( 9 months ago by KramerProAxer)

This isn't rocket science. If you die, do you want your family to recieve a $250,000 death benefit via Term Insurance, or a $100,000 death benefit via Cash Value Insurace? The monthly premiums are MUCH less for the Term coverage than the Cash Value coverage. If you buy Term and invest the difference for 35 years, you won't have to worry about which is better anymore anyway.

I don't know what ... ( 9 months ago by BuildingUpMA)

I don't know what to tell you. I have worked with both cash value and term life insurance companies and term DOES pay less commission to agents than cash value and the company of which I speak undoubtedly did pay out OVER 700 million dollars in claims last year. You assume I don't know what I'm talking about and last time I checked this isn't a debate forum. As you said "show some real stats."

If you make 200k ... ( 9 months ago by x73Vettex)

If you make 200k plus a year. A VUL policy is perfect. Referred as a Richman's IRA. Looking into protecting your estate from Uncle Sam. When surviving spouse dies. The government gives you 90 days to settle up. To pay your probate and estate taxes. Which makes more sense. Selling off part of the estate to pay the debt to the government, for pennies on the dollar at auction. Or a permanent policy to pay taxes for pennies on the dollar.

I all depends on ... ( 9 months ago by x73Vettex)

I all depends on your needs. If you have estate tax issues. Would you want your heirs to pay with insurance for pennies on the dollar or sell family property to pay taxes at auction and receive pennies on the dollar.Everyone has different needs. Reality is americans don't buy term and invest the rest like they should. We are a live on two incomes society.

Array ( 8 months ago by dollabills88)

I am a buy term & invest the dif. guy, but I am openminded to permanent ins. Vul's & UL's have features that counter each one of his negative statements. For the record the insurance companies don't keep your savings. If you think this, please retake your CE courses.
I will excuse the consumer. But how can any professional take him serious. Her husband has a VUL, not a Variable life policy. How can you handle someone finances if you are not listening to the consumer.

Theres one thing ... ( 8 months ago by Insurancepromoter)

Theres one thing very funny about this discussion video. Since when insurance is just all about dollar and cents? First thing im sure of,we are all agreeable that there is no free lunch in this world.Every deal we make must be of win-win situation.

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