Cash Out My Whole Life Policy?

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Title	:	Cash Out My Whole Life Policy?
Lasting	:	7.51
Date of publication	:
Views	:	48 rb

I do not understand why he says the cash value would be pulled from the death benefit Cash value should equal the death benefit at maturity ie 100 or 121 The insurance company does not keep the cash value, it is a part of the death benefit that goes to the beneficiaries, potentially tax free (depending on estate net worth which she had said she is below the limits, but I would ask a tax expert) Depending on the policy, the equity in themselves should grow faster now than before Just like a mortgage, the first years mortgage payments goes towards the principle more than the interest or premiums go towards the mortality credits vs the cash value growth Unlike a mortgage, the Life Insurance policy can be overfunded to be more of an asset brA properly funded Life Insurance policy should have an increasing death benefit with out increasing the cost
Comment from : Vincent Alcala

So for "Whole Life" policy, when you die they only pay you the death policy amount and the death benefit amount + the cash value amount? Let say you have a $25,000 policy and over the years you accumulated $30,000 cash valuewhich should be a total of $55,000 When you die, they only pay $25,000?
Comment from : Paul C

your greaat sir i have aa insurance
Comment from : Barrett Dibbert

Finally he admitted he’s wrong 😅
Comment from : Ricardo Alcides

Don't give up the whole life policy, it is an asset and possible you are now un-insurable Whole life will always be there for you and your family, great product!! 11 returns in stock market are no guarantee
Comment from : Darren D

I don't get what he means they only receive 400k+ because the life insurance keeps the 240k You still would get paid the 600+ policy in the event of his death, you just don't get the cash value It seems more you don't get 800k+, by not getting the cash value
Comment from : Bica

It’s not genetic it’s their diet
Comment from : Hunter2847

Why not cash out and keep the policy? Also, should she not consider an investment?
Comment from : Aaron Miller

Policy purchased 1997 Supposed policy maturation date of 2062 at age 102? Can that even be right?
Comment from : Humble&kind

This is clearly a great policy for this family, and a prime example of the power (both financial and emotional) that a good whole life insurance policy can bring I’m glad Dave decided to listen here first before making a blanket statement to cancel an in force whole life policy (which I’ve seen him do before)
Comment from : Christopher Corona

Or they can simply stop paying the premium…
Comment from : kyle scott

Be careful talk to your agent / company that issued policy - if you cash in the policy there are tax consequences- you may want to keep policy and withdraw premiums you have paid - and you can invest that money- also see when it will be paid up
Comment from : Darrell Young

Why cash it out?
Comment from : Beverly Sewing & Vacuum

I'm surprised astroman hasn't comment on this video yet
Comment from : Multi Meter

If they had invested 10k a year from the beginning they would be better off
Comment from : Ian Mowbray

Dave is a complete idiot when it comes to investing and life insurance He’s really good at getting dummies out of debt Dave stick with what you’re good at!brbrWhat happens if husband currently age 62 dies before age 65 when he wants to retire? Dave do you guarantee that investing in 3yrs with $240k with $10k/yr will turn into $666k income tax free?brbrThey have so many options vs just surrendering the life insurance for $240k cash value today!
Comment from : Famous Amos

So by the end the question is, will he live at least 5 - 7 more years?
Comment from : Eric Unger

people hate what they don't understand
Comment from : Marcus Davis

Dave what are you talking about
Comment from : Marcus Davis

no buy an iul and stop acting like term is for every circumstance dave ramsey
Comment from : Marcus Davis

Do not cash out Whole Life cash value, take out a policy loan insteadbrIt is called an "& asset" for a reason
Comment from : InfiniteVelocity

With his poor health, I would keep it He could expire tomorrow
Comment from : Alina Tamashevich

They also don't need life insurance if you have no kids at home and have a good retirement
Comment from : J W

I'd take it out, saves me 10k per year and invest the rest in the S&P500
Comment from : webfreakz

That's around $30 per day
Comment from : JD Jose

I don’t like this advice at all He’s 62 and has had cancer in the past and health problems and family longevity is against him When he passes away the beneficiary is going to receive $660K –not $420K It doesn’t matter if $240K has been paid in over 25 years in premiums The life insurance contract says $660K -assuming no policy loans have been taken brLife insurance is not an investment folks because there are no risks Life insurance has guarantees and safety I hope she keeps the policy because of the questionable health of her husband I only wished it was a dividend paying life insurance product with growing death benefit Doesn’t sound like it is
Comment from : Jim Crowley

whole life is garbage too many people fall for that pipe dream the rate of return of the cash value is nothing
Comment from : whoyoume1

Anyone notice how many times millionaires call this show
Comment from : B Poor

FV of 240K, 10K pmt, at 10 per year gets to 666K in 145 years
Comment from : Colby Allen

First time I've heard Dave put the mathematics ahead of the ideology
Comment from : Lon

Yeah problem is he is uninsurable Humble of Dave to admit he is wrong I think the reason he didn't jump at it right away which he ALWAYS does to cash out whole life is because it sounds like he is uninsurable so he can't just replace it with some term as most people could It is kinda close because she figures he only has probably 10 years left but if I was in there situation I would probably cash out the money and go take that trip of a lifetime you have planned in your mind, sure maybe you are blowing $20k but why not, they would have over $1M still, their house is paid off and they are out of debt so not a lot of bills
Comment from : David

Dave’s reaction to 666k at 2:13 😂
Comment from : cw

Dave didn't consider the crash in 2023 that will leave everyone with just 10 of they have now
Comment from : Tracy Galuszynski

Only time Dave ever said “no, you know what your doing “
Comment from : Jonathan Mitchell

You promote greed 👎
Comment from : Chips

Ahh yea, another woman who just can't stop talking about when their husband is going to diepoor guy probably doesn't have it in him anymore to remind his wife that he's sitting right here when you're running the death calculations Obviously a very humble "Christian" motivational speaker
Comment from : Nick

What about tax implication?
Comment from : Isaac’s GameTime Explosion

Cursed number
Comment from : Naturenerd1000

She just wants to cash out on her investment That husband is like a walking mutual fund Poor guys gonna die working Would be nice for her to work and make more and for him to retire and enjoy life
Comment from : K Roddy

Yes, cash it in and get dividends
Comment from : Matthew James Montgomery

She is planning for her husband’s death ☠️! Never marry an American 🇺🇸 woman!!!
Comment from : The Roo Lyfe International Show

Wow, Dave admitted that he was wrong This is like sun rising from the west
Comment from : Sandeep Arneja

He didn’t consider the other option which is to find out what the life insurance face amount would be if they took a reduced paid up optionbrThat life policy has been based on a time when interest rates were higherbrPlus, her husband is no longer insurablebrAnd everyone dies…
Comment from : Michelle Morford

Financial "Experts" always like to conveniently ignore the reality of inflation like they can "just do math" LIke, 30 years ago we could buy houses for what cars now cost, and houses have gone 5x in price Inflation rates have shown to be logarithmic in nature across all currencies/nations 400k in 30 years will at best only be equivalent to about 80k or less
Comment from : Daniel Sechrist

These sound like good people Its just, its real hard out there in the world
Comment from : ependysi

You have to look at the lost opportunity of the money too Both the 240 K and the cash flow of 10 k a year
Comment from : Stephen Cullum

If he dies sorry when he dies dam daves a savage😅
Comment from : Random Videos

Cash out and invest it all in FTX, or bet it all on Red
Comment from : Nolaman1970

I am of the opinion that that a young person with spouse + children is better off with term, preferably employer + supplement and investing for equality, do the difference between term and whole life More than likely, the term life supplement can be cancelled as person gets older, before it gets expensive
Comment from : Joe Chang

I’d sell it and invest the current cost they’re paying for it as well Going to end up being a lot more
Comment from : nkyryry

✝️🙏
Comment from : Luke Harris

That must be with a non mutual company, in 25 years of 10K in premium she should have north of 500K in cash and the death benefit should be around $1M
Comment from : Brian Masiello

Dave, all it takes to figure out when the money will reach $660K is a compound interest calculator, which you can pull up on your computer, or Rachel or a production assistant can do it
Comment from : GenX X

This situation is not as simple as u all r saying Consideration needs to given as to what type of policy? Does it pay dividends? Can the duo e used to pay the premium etc etc
Comment from : fitasj

Can he make it 10 years?brYou never know So I would just keep it and not cash it in
Comment from : Jimmy McGill

Rachael is funny she said "you could take his job, I'm just kidding" 😂😂
Comment from : Derek Ribbeck

$666k?brbrOh boy 😈
Comment from : COMMANDRofAWESUM

Whole life policies often have a point at which they are paid in full Dave never addressed that At least he admitted his huge omission of the earnings on investing That's a first!
Comment from : Credit Czar

WHy would they keep 240k? That's the amount that she paid So why wouldn't she get the who 666k?
Comment from : Jimmy McGill

I think if the couple was making closer to 130 k a year or more, this would have not been a difcult decision, the problem is that 10 of their income is going to this stupid insurance which is just too much
Comment from : Aa Aa

Oh for goodness sakes just cash it out
Comment from : RRCCC

Whole life policies are criminal If she invested that in the S&P 500 she would have 1135 million The cash value is pretty much what she put in
Comment from : J

He forgot about the gains she would have investing the $240k cash value
Comment from : Michael Van

He forgot to tell her to sell everything and live and rice and beans
Comment from : Alex Chavez

Borrow the 200k from the policy to buy more real-estate and make rentals for income Do not get rid of it Don't trust other people (stocks)with your money
Comment from : darkhorse4955

I was literally pulling my hair out thinking No Dave you're not taking into consideration the 200k plus 10k yearly investment would get you more than 400k in just a few years lol
Comment from : Hector Reyes