Why Is Term Insurance Better Than Whole Life Insurance?

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Title	:	Why Is Term Insurance Better Than Whole Life Insurance?
Lasting	:	9.04
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Views	:	749 rb

Thank you for stopping me from buying whole life insurance
Comment from : Mister Jones

My boss was a very wealthy & financially successful man He told me : " Anyone who comes to you to sell you something is there for THEIR benefit, not yours"
Comment from : Paul brungardt

Rapidly smashing these geeks with ease like Ryu I Hadouken when I sneeze bitch please you aint anything to me readily reading anything to succeed God made me greedy an I'll give everything to breathe and gave everything to me He gave everything for me
Comment from : tiptoe dacrypto

He didn't even say why it better tho so I'm sitting here confused 🤔
Comment from : Yahkani Israel

WOW Disagree entirely Not an investment product but a protection strategy Do you have Whole Life with a Mutual Company, you should? Get and read this book : Confession of a CPA by Bryan S Bloom, CPA He goes over why Whole live is good, because of its "Living Benefits" Funny he advises Term life insurance which is really throwing away your money statistics say over 95 percent of term Policies never pay out So Dave why buy it all I got a lot of reasons that say you should I will give you my own personal example I got Cancer 2 choice to survive financial: borrow on 401 K or whole Life Policy 401k penalty, Taxes, counted toward Income for the year and family would have no money if I died Or borrow on whole life, No penalty, still able to get cash dividends and policy grew and did not count towards yearly income People do more research and remember no one opinion is always right If so everyone would have one option
Comment from : Seth Higgins

I sold Life Insurance and bought whole life myself, for my brother and wife After almost a year of my returns were almost nothing after paying $500/month My wife and I cancelled our policies and told my brother to cancel his as well It's ridiculous how such a ripoff whole life insurance is I felt so bad for ripping my family off into this garbage
Comment from : Tan Pham

Thanks for speaking the truth, not only about the life insurance, but also the car lease and credit card!
Comment from : vgao

What if you have a 20 to life life insurance? You pay the same monthly payment for 20 years and after that you are covered for life payment free With cash value 🤔 I’m 3 years in 😅 but I just found out about the Ramsey show 😅 It’s $117 payment a month for 20 years I’ll be 45ish when I finish paying But covered for life after
Comment from : D P

Dumbest thing I did was listen to someone I thought would give me honest devise and got a whole life policybrSmartest thing I did was listen to Dave and dump the policy and advisor
Comment from : MrOccyc

Guy doesn’t know what he’s talking about
Comment from : Perfect Sense

"The car lease, the whole life life insurance policy, and the credit card are the three things that are keeping the middle class in the middle"
Comment from : An Bay

Muy educativo y nutritivo para la vida Ese programa de orientaciones
Comment from : Luis Tineo

Subscribed
Comment from : Yellow Mellow

Whole life insurance offers a significant advantage, especially as I approach retirement I'm on the cusp of retirement and have a pension I intend to annuitize next year My preference is the single life annuity over the joint annuity While the latter would ensure financial support for my wife should I predecease her, it can result in up to 20 less monthly payout In monetary terms, this could mean a reduction of around $300 monthly or $3,600 annually Given that the average life expectancy for a 67-year-old male in the USA is roughly 16 more years, this amounts to a potential loss of $57,600 Considering my above-average health, this figure might even be higher for me Fortunately, during my 20s and 30s, I invested in whole life insurance, which is now fully paid This will provide a tax-free financial cushion for my wife, bridging any financial gaps if I were to pass on before her Reflecting on this, I am confident in the choices I made I would love to hear Mr Ramsey's thoughts on this
Comment from : Ron Belisle

Personally, I think that it's a scam Don't mess with
Comment from : William Johnson

It's like a gift that a spouse gives to him or her after he or she dies
Comment from : William Johnson

Term policies are around 3X cheaper than permanent life insurance on average because the chance of a payout on behalf of the policyholder is less likely and 99 percent of all term policies never pay a death benefit because policyholders either stop paying premiums or outlive their term period So the answer is: term and permanent life both have their upside and downside - you decide which suits your needs better or perhaps a combination of the two types of life insurance
Comment from : Gogalen 789

Dave you forgot bout buying in a HOAs community worst investment because of them high HOA maintenance fees and high special assessments fees $10k-20k per year on special assessments alone …
Comment from : Hottest Artists 101

This is is incorrect There’s whole life policies that the death benefits and the cash value accumulates Also, your cash value should never exceed your death benefit You’ve been played
Comment from : Tammy Tran

I honestly believe an update on your thought process of life insurance is well needed It's been 6 years, and this is a very bold statement You should reiterate if you still stand on what you have said prior to now Life insurance is a very controversial topic More than ever around this time period May you please make an updated video?
Comment from : Ryeyauni Bush

he not explaining it right I talked to different financial planners and they say other wise
Comment from : foxybrown2

Dave Ramsey, so what happens to a person who age 55 with "good health" , qualifies for a Term 30 year policy Lives past age 85 , term policy expires, but at age 85 can't get Life insurance because their health got worse and most insurance companies won't sell term insurance to folks over age 80??? this is why I think your one sided view on Whole Life Insurance is faulty Whole Life is not for everyone, just life Term insurance is not for people over age 55, 60, 70 who cannot qualify due to health issues, and do not feel comfortable with getting a term policy at age 55 and possibly outliving a TERM Policy and not being able to convert at a reasonable price
Comment from : Maximo Brito

So what about a TSP? When I barrow money from myself out of my TSP, I pay a percentage, but I pay it back to myself
Comment from : DanaJohn Hansen

He’s really not educated at all and talks as if all insurance companies are the same He isn’t telling the whole truth lol Do your OWN research He’s a hack
Comment from : E Hoolick

The easiest way to look at insurance to look at Term like renting a home and Whole Life like owning a home Which one would you prefer and if you take this video to heart than I guess owning a home is for dumb people
Comment from : Brooklyn Bandit

I don’t think it’s a bad idea…depends on your financial goals…i know a few people who have done great with them
Comment from : Shamar Lewis

No talk about term😢
Comment from : Mars Shakim

Term is for "if you die"if you have term and don't die in during the term of the policy, you don't get any of your premiums back No one is upset about the fact that they didn't die Whole life is for "when you die" and your beneficiary will obtain the policy value (plus any dividends earned over the life of the policy) Non-participating whole life is not good like Dave states BUT participating whole life policies will grow in value and IS a good option for some Do your own research and make a decision based upon what you find outnot solely on what others tell you is good or not
Comment from : Erlinda Harris

Any body in Ontario Canada need term insurance? Let me know I'll send over my credentials
Comment from : Emmanuel Acheampong

I’m 32 and I have both term & whole life My term will end when I’m 62 I don’t want to be 62 and screwed $150 for both I spend that on a dinner out Well worth it for the peace of mind
Comment from : Under Construction

He told me I had to have whole life insurance policy in order to cover the loan who has a good answer on that
Comment from : Homer Mcclain

I'm trying to get a loan personal loan from my banker he told me that I couldn't use term policy
Comment from : Homer Mcclain

Indexed universal life is the way to go! I sell term, whole, and universal Universal by far is the way to go Best of both worlds
Comment from : Michael Kicklighter

MybrFarther was paying term for a couple of us an he passed at 57 where did the money go I don’t have access to his financial affairs Is the money gone?
Comment from : Avis Heart

I’m buying my 1st house and my accountant recommended me term life instead of whole life to help pay off the mortgage in the event of my death brbrWe are also going to do a lady bird deed (Texas) brWill def do term life :)
Comment from : K B

Wow, this video was really informative! 😍 I'm so glad I now know the benefits of term insurance Thank you so much for explaining everything so clearly! 🙏
Comment from : Dorris Arslan

I love the honesty and how educated he is My coach educates and trains us daily and I am so grateful I work for a company that is truly for the ppl Buy term and invest the difference! That's how you and your family WIN🎉❤😊
Comment from : Casandra Love

Officially know this guy is a absolute liar and worthless scammer do not at all listen to this guy he is lying to you on how it works
Comment from : daniel

This is garbage information Please be more informed and stop misleading the masses
Comment from : Kyrielle Henry

Never buy life insurance
Comment from : private delete button google is missing

Great motivation!
Comment from : Nail Bedz & Serene Dreamz

I love it thanks for the info!!!😊😊
Comment from : Nail Bedz & Serene Dreamz

I literally just saw a presentation of someone selling whole life insurance I'm glad I didn't buy and went with term life instead! Thank you Dave
Comment from : z a

This is so wrong! A whole life insurance policy for a child is a smart thing, especially if it has riders which offer increases in the face value Let’s say your child grows up and is age 20, and is on drugs and facing rehab How will you pay for it? Well, the money inside the policy can be borrowed to pay for rehab A person who is 20 and has no life insurance in the same boat will not have that option available If that person has speeding tickets, an insurance company will likely deny coverage to a person applying with such a record The person who bought the policy with a rider, which offers increases in face value, will be offered to increase the face amount of their policy, and they will not be subject to health exams or drug tests There are huge advantages to whole life and universal life policies, but it will never be revealed on The Dave Ramsey Show audience, and he banks on that! $300 million worth, apparently
Comment from : David Ransom

Would you Ramsey people recommend *ROP (Return of Premium) TERM LIFE INSURANCE*, can you do a video answering that question please 🙏
Comment from : Latasha Willer

Thanks, Dave for this video I have been taking to the cleaners with these insurance scammers I will not never get a whole life policy again Thanks a million, Dave
Comment from : Hernando Carithers

Both types of insuarnce can be great based on your need and desires Whole is generally a better deal if you don't die Term is better if you die quickly Term also makes MEGA BUCKS for the insurance companies, so most people who endorse it are doing so because they are benefiting from those mega bucks Keep that in mind There is no "bad" insurance, it's just what's best for you and your situation Don't take one mans opinon as factual information, do your research, and be thorough Ramsey makes good points, but leaves out some benefits of most Whole Life policies (how convenient)
Comment from : John Ellis

I wonder if Dave believes in Long Term Care Insurance, and if so, who should buy it?
Comment from : Jesse Carlow

If you get term life insurance, it’s only good if you’re expecting to die young Once, when you outgrow these policies by law, insurance companies aren’t allowed to insure you So usually senior citizens are left with no insurance policies by the time they get old
Comment from : Keith

Wow so glad I watched thisI feel that whole life is almost a rip off???
Comment from : Alan Hobbs

Dave is wrong here 70 of the people who buy whole life ins are rich or well off older people (it is good for estate planning) Also, 98 of term ins does not pay a death benefet (as in the people outlive the policy) And since many older people can not buy term ins, they have to buy whole life
Comment from : jfrontier1

This was the best explanation ever As a former insurance agent this makes me mad i used to sell this garbage I’m cancelling my policy and going term!
Comment from : Catherine Laird

If you have 75 million dollar wealth you don’t need to buy any insurance!
Comment from : Sanjay Patel,MD

Terrible advice… just terrible
Comment from : VirtuousxVillain

I just love Dave Ramsey
Comment from : Intentional Media

Another little item about that savings account If you want to take money out of it You have to play it back with interest They try to tell you that you can be your own bank
Comment from : MrOccyc

My dad was 56 when he got life insurance a term policy wouldn't work Whole was high $ but at 100K policy with an 80 cash value available I wasn't going to get a 20 year term and try to renew at 70 He did not invest so options weighed and decision made I couldnt save or invest over 50K in 10 years if he passed Term just wasn't the better option
Comment from : Profit Shares

You are lying to people When the person whom the insurance is on passes, the beneficiary gets both the death benefit and cash value I know first hand and I also sell whole life insurance Stop listening to people like this guy
Comment from : ToMas McGee

great advice on insurance
Comment from : J Krech

I love the truth and I really appreciate you! Honesty to people life is the best policy! You right who cares wat they say about you! Atleast you are helping us poor, middle class people! Thanks for your honesty! 🙏🏼🕊️❤️
Comment from : Lani queen

Can you add a beneficiary to receive the savings?
Comment from : UDFM 10

Life insurance is Stupid,you can never collect!
Comment from : Secret Lee

We love you though thx for giving us smart decisions
Comment from : Kadzo Wanje

Well don’t if you have a 30 year term policy, and that person doesn’t die they don’t return the premium paid? What are your thoughts on return on premium policies?
Comment from : MarkTheGoat

He is just simply wrong Poor guy
Comment from : andrew otting

Why do so many people swear by cash value polices? swear by being able to take that value out! And thats how the rich get richer they say? hhhmmmm
Comment from : Cory Robison

thanks
Comment from : foxes hani

I have learned more in this video than the past 10 years watching/listening to othersThank you!
Comment from : Lee

bravo
Comment from : cpabuild

Feeling so much better about my term life insurance policy 😌 since 2015
Comment from : FR8 TV

This is very biased and not accurate advice If you’re in your 20s and 30s you can get whole life and pay it off completely in ten or twenty year terms and it will just grow until your retirement tax free, if you die your beneficiaries get the death benefit and in retirement you can take cash value as distributions which probably grew 6-10 yoy Additionally no matter what health problems come up you’re already insured Good luck affording term life in your 50s and 60s if you even can qualify vs the Pennies on the dollar you would have paid doing whole life at a reasonable age
Comment from : Your move world

This guy will literally teach how to become broke 🤦🏻
Comment from : Mighty

Thanks to your advice I got rid off a whole life insurance that was squeezing my finances Thanks a lot
Comment from : Rayan Kinalski

This video is very confusing…The insurance rep I spoke to at State Farm said I would NOT pay interest on borrowing money Just if I don’t pay it back it gets taken out of the death pay out
Comment from : NAL

Term insurance is harder to get for older people I agree with Dave's point But getting approved for term isn't easy
Comment from : FollowerofYashua

True about payday lending and the poor, yet it’s typically corporations, banks, and the rich that actually understand maximizing whole life Lol… keep preaching, though, Dave so you can keep your base where you want them!
Comment from : Balani Investments

Thank you Dave
Comment from : Dustin White

With whole, State Farm states that, "the savings or cash value gets added to the death benefit after you pass away" So I'm confused here please help me out here
Comment from : Janseen

This man's attempt at explaining permanent life insurance is less than mediocre
Comment from : Maliq Matthew

I almost got "tricked" into selling whole life as an insurance salesman, or 'representative' as they labeled it, for a large mutual financial services org Learning more about the ethics and scheme of 'WHOLE LIFE' as a product disgusts me You have to wonder; how can those salesmen live with themselves knowing they've sold someone a garbage product that has considerable life consequences? I could not do it
Comment from : Elijah H

Who would you recommend for term life insurance
Comment from : Juan Mena

You had me at "borrow your own money"
Comment from : Taylor Franklin

I got a term 100 I’m going to keep it
Comment from : Alexandra

Thanks for all the detailed information you have provided in this video I like your way of explaining every point Keep sharing such great videos in the future also
Comment from : Lucille Margot

In a paid up whole life policy, your cash account pays the premiums
Comment from : Smartguy561

I'm seeing a lot of comments saying it's good to get both term and whole Why is that? And I also see people saying get term and invest the difference? Invest the difference where and why?
Comment from : Tkeyah Delsoin