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32 Replies to “Why Whole Life Insurance Is A Rip Off! Do not lose cash on e…”

  1. What happens when your term insurance runs out after 20 years and now you can no longer afford the premium for the exact same coverage at your new age and health?

    1. If you can’t afford the premium on a term policy, how are you going to afford a premium on a whole life policy?

    2. From Dave’s perspective, you should be saving up all those years so you won’t need whole life. I would agree with him on this one.

    3. Buy term and invest the difference. Look up the rule of 72 and the theory of decreasing responsibility. After 20 yrs you should have enough money to be self insured

  2. Do as I say, not as I do. Little did we know that Dave actually has permanent cash value life insurance. But he preaches for others looking into/need life insurance, to only look at term life insurance? What? How does that make sense?

  3. I love how condescending he is while being completely wrong. Lol. Self insured is probably the most absurd thing I’ve ever heard. Wealthy people use the leverage of Whole life, the ones that could self insure but know it’s stupid. Also, Dave has deals and get paid to promote term insurance, so think about that. If you structure a fully participating whole life policy, it will be one of the best financial products in your portfolio. That’s keeping in mind you can find it. Saying one type of insurance is good for everyone is another laugh out loud statement.

    1. You know what’s funny I just got my license a week ago and I know paid up life insurance gives you an increasing death benefit. Why he would advise someone to try to get the same outcome from a level benefit and do it so arrogantly is scary. I feel sorry for people who are taking advice from people like this.

  4. We bought whole life for our kids. You can’t get a decent term fr kids like 25k…this way we have a 100k death benifit per kid. And have money at the end not much but some.

    1. The only reason a person should buy life insurance is to replace the income of that person if he/she dies. Or, in some cases, cover funeral expenses.

  5. Now, I know better. Term life insurance is cheap for young age with no kids. if nothing happens within the term years, the money will go back to a company. It’s win win both, but now I’m old, my age is older than 42 yrs old, it’s very hard to find reasonably price premium. I supposed to never listened to this guy.

  6. Learn how to use whole life as an investment vehicle. More wisdom from Ramsey if you want to be middle class or below. Nice job Ramsey. Not all whole life polices the same and you must know how to invest your money yourself to truly make whole life policies powerful.

    1. By all means, please explain how losing all your cash value to the insurance company is an “investment opportunity?”

  7. With whole life insurance you can borrow against yourself and be your own bank and use that money to invest in real estate, stocks etc…

    1. BORROW against your own money only for the insurance company to KEEP your balance, and you think this is a good idea?

  8. I’m starting to think this mf made a deal or sold his soul to them “people” because everything he says not to do….WE probably should be…IJS

  9. So using whole life insurance to give yourself loans while still building interest in wealth in your own policy is a rip off?

    1. BORROWING against your own money for the insurance company to keep your balance, and you think this is a good idea?

    2. @astroman30 When that loaned money still gets dividend, which more or less washes off the loan interest, yes? Not sure what you mean by insurance company keeping your balance.

    3. @Linny H What part of “The insurance company keeps your cash value” do you not understand. “Dividends” per definition by the IRS are deliberate OVERPAYMENTS. Yipppeeee……I get a fraction of my money back.

  10. Yes you can pre pay for 10 years of insurance as well but you better make sure you die within that time frame or you wasted your money! I don’t believe he understands how whole life works.

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