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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.
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.
This guy will literally teach how to become broke 🤦🏻
Thanks to your advice I got rid off a whole life insurance that was squeezing my finances… Thanks a lot
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.
Term insurance is harder to get for older people. I agree with Dave's point. But getting approved for term isn't easy.
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!
Thank you Dave
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
This man's attempt at explaining permanent life insurance is less than mediocre.
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.
Who would you recommend for term life insurance
You had me at "borrow your own money"
I got a term 100 I’m going to keep it
Thanks for all the detailed information you have provided in this video. I like your way of explaining every point. Keep sharing such great videos in the future also.
In a paid up whole life policy, your cash account pays the premiums.
I'm seeing a lot of comments saying it's good to get both term and whole. Why is that? And I also see people saying get term and invest the difference? Invest the difference where and why?
So why is the rich getting richer from whole life insurance then term insurance?
Who is actually going to invest the difference ?
Ok I like this man and I gotta call my insurance ppl on Monday and get out of my policy