https://www.youtu be.com/watch?v=48CECT8rj2E
Entire life insurance coverage is the most deceptive financial investment or “tool” I have actually ever seen in my life. It’s basically a fraud. The commissions are sky-high, typically around one year of premiums. It’s ridiculously made complex so regarding be difficult to comprehend your real roi. You get locked into a high payments that are tough to leave for a lot of or your life, and the returns are dreadful. If you do leave the policy (many people wind up cancelling) there are potentially charges and tax repercussions. You get fooled into believing that loaning on your money worth is some type of incredible advantage. It’s not. I’ll inform you why. I speak about the advantages entire life insurance coverage salespersons will “offer” to you, and after that the reality behind every one. If you are an entire life insurance coverage salespersons, I hope we can still be good friends. Rich on Cash
Mari Lyn
I am a benefits advisor who handles the calls of customers who are calling in to cash out or collect death benefits on these policies. Everything is true and if you out live the maturity date you are fkd you get no death benefit just the cash value of the policy. Term is the way to go even though in your later yrs it is more expensive.
Jonah Hex
@astroman30 Sir, one is an investment the other is an insurance product. By the way how are you’re investments doing so far? How’s that 1300 point drop in the dose treating you. My whole life is still compounding 6% dividends and haven’t lost a dime. Stick to Term by the way, still haven’t received that vid you mentioned.Lol
Jonah Hex
@Final Expense Simplified Ha, ha, ha, ha! FINALLY!!! Someone who understands and gets it!! The amount of ignorant people on here is staggering. Spot on!!
Jessica Matthews
Whole life is really only beneficial for those in the later years who would likely not qualify for a term policy, or who didn’t make the decision to save a lot of money in previous years. This is one of the benefits of meeting with a licensed insurance agent, they can give you guidance based on your scenario. If you feel like they are more out for your money than your best interest, find someone else.
The advice in the video might be great for someone who is young and still has time to build their portfolio, but for an older person or someone who has health issues, a whole life policy may make much more sense.
SammyL0k
Lol this guy is super wrong on two fundamental principles. You pay over 40% on taxes on that 7% index fund. WL is tax free. He also forgets to mention that the returns on your index fund are not guaranteed , look at the market we’re in right now. WL is guaranteed growth. Not to mention Term will bAcktrack your underwriting and find a reason not to pay after your passing.
Rich on Money
40%? Is that what they told you? Here’s a little lesson in taxes, since your whole life salesman has been lying to you. The highest tax bracket for income is 37%, and that’s only for income earned over $500k in a year. Most people pay more like 24%. That being said, sales of investments like stocks or mutual funds are taxed as long term capital gains, not incomeThe highest capital gains rate is 20%. WL is guaranteed growth less than half of what the market in general has done over the last 50 years. You are leaving Millions with an M on the table by investing this way. Deal with it. No offense.
astroman30
“WL is tax free.” Any loan is tax free….try harder.
Dawn Carrasco
Who can afford 827.00 month .
Michael Carr
Great info as long as you don’t physically watch the video. The hands. The awful cuts every 4 seconds. Geez.
astroman30
Ok, Karen, be sure to complain to the Youtube manager.
Rich on Money
True. I’ll be redoing it soon. This video is doing pretty well, but I’ll reach a lot more people with my anti whole life message this way. thanks for your help!
Michael Carr
@Rich on Money it’s simply volunteered constructive criticism. Very hard to watch, even if the info is good.
Gen We
Whole life insurance is not suitable for majority of investors. I’m the idiot who bought 2 of these 12 years ago in my 20s…. It’s finally broken even. Sure – it’s a nice guaranteed return due to dividend and if i die the insurance pays out. Crappy thing is that if I’m already a high performer…. Would in hell would i buy this policy. Parlay it into cheap index funds, real estate rentals, and buy term.
Rich on Money
Hell yes! thanks for sharing this.
A T
We are forced to sell whole life insurance or we lose our jobs and clients. Massmutual being the worst they lobby politicians to get around client fiduciary rules. I can confirm it’s a scam buy term invest in retirement accounts
Rich on Money
o my! You confirmed what I already knew, but I appreciate your comment from inside the trenches!
brandon Roberts
Okay but what if you’re borrowing against it to throw instal the stock market? Are you not double dipping them?
Rich on Money
Two of the worst ideas I’ve ever heard. 1. Having whole life at all. 2. Borrowing agains it to invest in the stock market.
RandomBros.HDTV
It’s NOT true! Let me ask you this now that how many Mutual companies are selling whole life policy now? What’s the market share for WL? Warrent Buffett even have whole life policies…
Rich on Money
Warren would never suggest to the masses that whole life be purchased. Totally inappropriate for 99+% of the population.
mauricio caceres
What will you do after your term insurance expires and your old 65 and sick? No Isurance at the park end! Just cash? 😢
Desmond Watson
I dont agree with what hes saying, He cannot generalize the disbenefits. It depends on what you need Life Insurance for. There are people who are business minded and generate profit with the cash value to the point that they can put that money back and profit the difference. If you are someone who works for 70k a year and does nothing else but a 9-5. Then yes Life Insurance doesnt work for you. He is extremly bias based on his own expericne and not facts.
patrick joyner
Really millions more I just lost $4000 in my annuity in one week.
patrick joyner
It’s not an investment.
patrick joyner
He has no idea how whole life works. He forgot to say you don’t have to pay it back
dz
Thanks for sharing this information. I think for most Americans and in most situations, standard investing makes much more sense. It’s good to hear the opposing POVs on this topic. “Plans fail for lack of counsel, but with many advisers they succeed.”
Okie Pokie
how them index funds working out