Insurance Quotes Comparison : Whole Life vs Term Insurance : Dave Ramsey On Life Insurance: Whole vs Term Insurance? Term Insurance vs Permanent Insurance?

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Dave Ramsey On Life Insurance: Whole vs Term Insurance? Term Insurance vs Permanent Insurance?


Listen to Dave Ramsey on the Dave Ramsey Show as he talks about Life Insurance: Whole vs Term Insurance? Term Insurance vs Permanent Insurance

Dave Ramsey On Whole vs Term Insurance


Dave Ramsey talks about the reasons behind Whole vs Term Insurance and why he recommends Term Life Insurance over any type of whole life insurance. Solid financial advice from Dave Ramsey. The best term life insurance is anything but Whole Life Insurance or Permanent Life Insurance.



Dave Ramsey On Whole vs Term Insurance Transcript:


Dave Ramsey: "Alright checking in with email bag. Tyler from Massachusetts writes:"

""Many people have a long term need for life insurance. How can you recommend term to everyone? Don't you feel like you're giving them bad advice? Their term life insurance will likely expire when they need it most. Tyler""

"Spoken like a true life insurance agent Tyler. How long you been selling life insurance?

And those weren't questions. Those were passive aggressive statements weren't they sir? So let's deal with it though.

Uh, I can easily recommend term life insurance as the only thing because the rest of it is garbage. It's a rip-off. You're much better off buying term life insurance at about 5 cents on the dollar for the same amount of insurance and investing the rest of your money. You'll end up with much more.
Best Life Insurance
Let's kind of follow this through for a second. You'll see what I'm talking about.

Let's say you're talking to a 32 year old who has a 4 year old and a 2 year old. Let's visit him 20 years from now when his 20 year level term that I recommend expires. That would make him 52. He would have a 24 year old and a 22 year old. They should hypothetically both be out of college, be grown, be gone, out of the picture. No longer a liability. The kids are grown and gone at 52 for that 32 year old 20 years from today.

Let's see. His house would be paid for 20 years from today because you've never heard Dave Ramsey ever recommend a mortgage for more than 15 years. He would have been debt free for 5 years house and everything. Something to think about.

Let's see. Would he have anything in his 401k. Well, if he's been investing 15% of his income until he was debt free and after that loading up on everything and if he made an average household income of $40,000 what would he have 20 years later?

Well, he'd have anywhere between $500,000-$700,000 in his mutual funds.

Well, let's see. He's 52 years old. His kids are grown and gone. The house is paid for. There's $700,000 in his mutual fund. He dies with no life insurance.

Best Life Insurance
See Mom Scott. His wife Scott with no kids, no mortgage and $700,000. I think she can struggle through Tyler. That's how I recommend term insurance cause I recommend doing a financial plan called getting out of debt and investing along with the idea that your term insurance is going to expire.

Even if you want to keep term insurance and you're healthy you may choose to do it. I have absolutely no financial need for term life insurance. A little bit for some estate planning but very minor.

The term life insurance that I have is very simple. It's so cheap at 47 years old in the great condition that I'm in...I don't smoke and I don't do all these crazy things like jump out of an airplane. So I can get term insurance for nothing and it's so cheap that I keep several million dollars on me extra just SWI. "Sharon Wants It."

She'd rather have that than another thing on her finger you know!"


So Whole vs Term Insurance?


Take Dave Ramsey's advice to heart. Life insurance, if you have a solid financial plan for the future, is only needed for a short period of time. Purchase term insurance and take the rest of the money you would save instead of buying a whole life insurance policy and invest it in your own investment vehicle like a mutual fund (recommended by Dave Ramsey), stocks, bonds or money market.

Many people are sold a Whole life insurance policy because the life insurance agent was working for their own financial gain instead of having the interest of their client. Those life insurance agents DO get a big paycheck for pushing permanent life insurance such as Whole Life insurance, Variable Life Insurance, Universal Life insurance and Survivorship Live insurance or any life insurance with an investment component.
Best Life Insurance
Whole vs Term Insurance Have A Policy Already?

In regards to Whole vs Term insurance if you currently have a permanent life insurance policy you are seriously throwing your money away to your life insurance company.

You need to go online and compare ONLY term life insurance quotes between solid life insurance companies and switch out your whole life insurance policy with a term insurance policy.

Before you cancel your permanent life insurance policy make sure that your term life insurance policy is in effect before canceling the whole life policy.

Take all the savings (the difference between your whole life insurance premium and term life insurance premiums) and invest the difference long term. Just like Dave Ramsey says: Pay off your consumer debt and start your savings and investment for the long term.

We also recommend you automate your savings process as well so you won't have to worry about forgetting to make investments each month.

For Whole vs Term Insurance follow Dave Ramsey's financial advice and we honestly believe that you will have much more net worth than the same result that he is talking about in the video.
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