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Elijah Hang
I almost got “tricked” into selling whole life as an insurance salesman, or ‘representative’ as they labeled it, for a large mutual financial services org. Learning more about the ethics and scheme of ‘WHOLE LIFE’ as a product disgusts me. You have to wonder; how can those salesmen live with themselves knowing they’ve sold someone a garbage product that has considerable life consequences? I could not do it.
astroman30
God bless you, Elijah. You have integrity and class.
Maliq Matthew
This man’s attempt at explaining permanent life insurance is less than mediocre.
astroman30
By all means, tell us where he is wrong.
Janseen
With whole, State Farm states that, “the savings or cash value gets added to the death benefit after you pass away.” So.. I’m confused here.. please help me out here
astroman30
No….they keep the cash value. It doesn’t get added to the DB.
Dustin White
Thank you Dave
Balani Investments
True about payday lending and the poor, yet it’s typically corporations, banks, and the rich that actually understand maximizing whole life. Lol… keep preaching, though, Dave so you can keep your base where you want them!
Miguel Bean
Term insurance is harder to get for older people. I agree with Dave’s point. But getting approved for term isn’t easy.
astroman30
Older people with no dependents don’t need life insurance.
NAL
This video is very confusing…The insurance rep I spoke to at State Farm said I would NOT pay interest on borrowing money. Just if I don’t pay it back it gets taken out of the death pay out.
astroman30
That insurance agent is lying. It’s all about what’s written in your contract.
NAL
@astroman30 I should believe you over my local agent
astroman30
@NAL yes, I’m not the one trying to make money from you
Rayan Kinalski
Thanks to your advice I got rid off a whole life insurance that was squeezing my finances… Thanks a lot
astroman30
Awesome!!
Mighty
This guy will literally teach how to become broke 🤦🏻
S. Love
Get Both! Term for when you a actually kick the bucket, granted you don’t outlive your policy, cause then your family doesn’t even get a penny. And Whole so you can actually withdraw your cash value or borrow against the cash value which gives you a nice nest egg.
Your move world
This is very biased and not accurate advice. If you’re in your 20s and 30s you can get whole life and pay it off completely in ten or twenty year terms and it will just grow until your retirement tax free, if you die your beneficiaries get the death benefit and in retirement you can take cash value as distributions which probably grew 6-10% yoy. Additionally no matter what health problems come up you’re already insured. Good luck affording term life in your 50s and 60s if you even can qualify vs the Pennies on the dollar you would have paid doing whole life at a reasonable age.
astroman30
If you’re in your 20s and 30s it would be waaayyyy better to buy term at a fraction of the cost compared to whole life and invest the difference i a ROTH IRA and/or matching 401k. Because at the very least, I GET TO KEEP MY MONEY. Tell us, how does one get money out of cash value without having to BORROW or defer it out of the death benefit?
Mavryck
Well, the other benefit of Whole Life is the fact your payment is the same until you pass. Term life runs out and when you renew, your info is reevaluated. So if you develop a condition between the prior policy and the rewritten term you will inevitably have to purchase, then your rates will skyrocket due to your affliction. With a Whole Life, it never would change. 50 years later, you’re still paying the same premium. I definitely see Dave’s point, but there is a bit more risk with the Term stuff. Usually a blend of the two is optimal for folks if budget is an issue. That’s just my opinion.
Mavryck
Also, I know very wealthy people that purchase Whole Life and Universal Life policies, so I’m not sure why he mentioned that only poor people buy it. Lol but to each their own.
astroman30
@Mavryck Some billionaires buy whole life insurance to assets along to heirs. They don’t buy this garbage as an investment.
FR8 TV
Feeling so much better about my term life insurance policy 😌 since 2015
Dawn Carrasco
I have term. I read its only only good till age 85 then what. ?
cpabuild
bravo