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@92builder Yes, Primerica. You may have heard about our Initial Public Offering last year – the most successful the New Your Stock Exchange had seen in a decade. Since then our stock has gone up about 60%. We’re seen as the company that’s poised to dominate the financial services industry. Lets see, before Primerica began there were about 3000 companies selling “permanent” insurance. Now there are about 990. What do you think happened to them? You think this is a coincidence?
@92builder A policy conversion on a term policy, allows you to buy a new term policy while an existing one is in force (replacing it) without the need for a medical. ART is annual renewable term. I really doubt at this point that you actually sell any term at all. If you do, it’s likely short term renewable that you use to pressure the client to convert to a “permanent” plan when the renewal comes up – the plan you wanted to sell them in the first place. We see this happening all the time.
@92builder Tom Hopkins (Millionaire – Real Estate / Sales Training) became a champion for Buy Term and Invest the Difference after he discovered what his insurance agent was up to. You may have heard recently about the current lawsuit launched by Tom Hanks and his wife against their former insurance agent. Given the number of lawsuits filed against the various “permanent” insurance companies – why would anyone trust them with their families future?
@92builder If the client can’t stick to the plan when it comes to investing, how the hell are they going to be able to afford enough WL to meet their needs? How much further ahead would they be if they had invested the money they would have been overpaying on their WL plan? In order to worry about wealth transfer, there has to be actual wealth to transfer. There likely won’t be any if they follow your advice, and there are better ways of doing it.
@a1prime1 We? Who’s we? You and Primerica? Get real.
@a1prime1 a policy “conversion”? The only term conversion you can do is to WL. Do you mean a re-write? Maybe in Canada they allow that, but not here in the states. Come get a USA license and then you can cry me your story.
@a1prime1 I’m well aware of what life insurance is for. I’m also well aware of the transfer of wealth in a tax favorable basis. What happens when that 70 year old hasn’t followed the plan and is now uninsurable? ART? Is that an adjustable rate term? I have never nor will I ever sell a term pollicy with a built-in increase. That would be stupid.
Ask Dave how much WL he and/or Sharon personally owns. Guess it’s not such a bad deal after all, huh?
@92builder They could also have done a policy conversion at some point that could have taken them even further if required. (Without the need for a medical. ) You say you care for your clients, maybe you’re just too incompetent to know any better. They’ll pay 4 to 10 times more for “permanent” insurance like WL than they will with term. No matter how you slice it, they’ll be better off buying term and investing the difference into a legitimate investment.
@92builder How are they ever going to get to this point if they’re overpaying on WL or any other type of “permanent” insurance rip-off. If they do get to retirement and have the money they need, why would they still need life insurance. Do you even know the purpose for life insurance? BTW what kind of term are you putting on people? ART? That 35 year old couple I mentioned could have gotten a 35 year term that would have taken them to age 70.
@92builder By the time the client gets to 65 their term has risen to an unaffordable amount? Thank you for making my point for me. They buy term and invest the difference into their retirement account. When the kids are grown and gone, the mortgage and debts are paid off, they need retirement income, not life insurance. What exactly is your plan for these clients you care about so much? One of them should die so the other can retire?
@a1prime1 I can tell you how much a 65 year old WON”T pay with WL compared to cheap term, but it wouldn’t matter to you.
@a1prime1 NO, sir! That family would get the exact amount, give or take a million, of term they need to start with. I have NEVER sold WL as the holy grail, and certainly never will. I’m budgeting just like they are, and I have compassion for the families I serve. By the time your client turns 65, their term has risen to an unaffordable amount, with nothing to show for it. My WL, when applicable, at least gives them something they can have back. Let me guess, you rent your home. . .
@a1prime1 Wow. Just wow. My book is actually only about 8% WL. To be honest, I don’t find ppl these days in my area that can afford the amount of WL they actually need. I cover the needs with a good basic term policy, and give them the option that someday they may upgrade their term to WL if they wish. I go to golfing and to basketball games with my clients, I go to church with my clients, and my wife teaches the children of my clients. Not sure if that qualifies for giving a crap.
@a1prime1 wow. just wow. you really are a company man, aren’t you?
@92builder I know what kind of agent you are. The kind that keeps your clients in the dark and feeds off of their fears. You said once that you have no trouble sleeping at night. That must be because you just don’t give a crap about the people you “serve”.
@92builder What about the couple in their 30’s with kids and debts and a mortgage? You undersell them on the amount of insurance they actually need because you know they’ll never be able to afford the amount of insurance they’ll actually need using products like WL. Meanwhile they could have gotten the proper amount of term insurance at a fraction of the cost and invested the difference into their retirement fund. By the time they’re 65 there way further ahead then with that WL rip-off.
@92builder No, somebody will win. The client will win when they’ve been educated about the purpose for life insurance and how the policies actually work. At that point agents like yourself will be out of business. Stranding people at 65 and 70? How much is a 65 or 70 year old going to overpay if they decide to buy a WL policy. How much better off would they be if they just kept their money? You crooks always make it sound like they can get something for nothing.
@a1prime1 and you keep stranding people at 65 and 70 with no life insurance b/c the cheap term you sold them runs out and they’re uninsurable for the market. I know what kind of agent you are, and I’m sorry that you’re wasting your passion and talents on a crappy concept.
@a1prime1 I’m not going to get into a pissing match with you in this forum, b/c it’s clear nobody will win. I have my job, and you have yours. Let’s just agree to disagree. The last thing I will ever do is anything that could be misconstrued as false and misleading, so don’t worry about that. I’m happy that you’ve educated yourself on the policy.
@92builder You go ahead and keep “showing” that WL garbage to as many people as you want. We’ll keep walking those same people through those policies and show them exactly what you sold them. Then we’ll replace those WL policies. Funny how what you WL agents tell the client never seems to match up with what’s in the actual policy. Oh, but I’m sure you’re the exception, right?
@92builder I removed the comments because I meant to direct them to you instead of to the general comments area, which I then did. Dividends from insurance policies come from overpayments on the premiums, pure and simple. If you get caught trying to pass them off as being in any way similar to investment returns, you’re committing fraud and losing your license will be the least of your worries. WL policies operate just as I have stated they do – source, the policies themselves.
I’m responding, although the comments have been removed; I’m not going to get into where exactly dividends come from b/c i don’t have enough characters left to really tell you, although it’s not that easy to say. What I’m saying is, WL fits a certain need and term fits a certain need. I’m happy to do whatever, but I’m not going to negate the real benefits of WL that you gloss over. Dave basically lies about the benefit of WL, and I will not stop showing it to the ppl it can help the most.
@92builder Do you tell them that if their policies pay dividends those dividends come from paying extra on their premiums and not through any investments – essentially an interest free loan to the insurance company? My source is the actual policies. Anyone who owns one can go through them and see it all for themselves. What’s your source? Maybe you should stop ripping people off with this garbage and go sell something that brings value to people’s lives instead.
@92builder Do you point out that if they want to access the cash value in their policies the only way they can do that, other than surrendering the policy (permanent insurance?), is to take out a policy loan at 6 to 8% interest? Do you tell them that any outstanding policy loans are deducted from the death benefit? Do you tell them the policy will cost between 4 to 10 times more than a term policy?