Heated Debate Between Whole Life Agent and Dave Ramsey

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Don’t waste money on whole life insurance. Get a term life policy today:


In this video, Dave takes a call from Russ, an insurance broker from Salem, MA. Russ calls in to get some clarity on Dave’s principles and specifically discuss some of the life insurance advice that he found on that he doesn’t agree with.


Russ’s first point: Insurance brokers do not recommend life insurance as a whole. No two personal situations are the same, with variables changing in everyone’s different lives, so life insurance policies should not be a static entity.

Dave refutes by explaining that it’s not true that no two financial instances are the same because the basic principles of mathematics and personal finance are always consistent. A good example is the use of a credit card—there is no time that using a credit card is a reasonable, responsible choice. The same logic applies to whole life insurance.

Russ’s second point: The cash value of a life insurance policy is not a bad investment. The rate of return gets better as the policy ages, and the premium payments stay the same. Whole life insurance is considered to be a product that’s priced indefinitely.

Twenty-year level term insurance is about 5% of the cost of the same amount of whole life insurance. You don’t need life insurance for your whole life—you should not pay 95% more per month for 60 years! With term life insurance, when you die, your beneficiary gets paid. If you die with whole life insurance, your beneficiary gets paid only the face value even though you’ve paid 20 times that for years!


Learn the real truth about life insurance here:

Learn more about whole life vs. term life insurance:

Life insurance is NOT an investment. Watch Dave explain:


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