When Is It Safe To Drop My Life Insurance?

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When Is It Safe To Drop My Life Insurance?
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Опубликовано:

25 дек 2021

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Комментарии : 75

@JustinCase780 2 года назад

"She's better off..." ....pause... "mathematically" 😅😅😅 Papa Dave is hysterical

@SergioB-MakingMillionaires 2 года назад

Self-insure is a good problem to have

@DaveM-FFB 2 года назад

Life insurance can be a big drag on cash flow in retirement. We planned to purchase term life insurance until our mid 60s. At that point, our plan was to be self insured (life ins). We're on track. My 10 year term policy will expire in 2022, and we're not renewing it. Good topic.

@willelliott5052 2 года назад

I figured a few years ago that I was reasonably self insured against my death, and that was a good feeling.

@deadalus888 2 года назад

Hi Guys I just would like to say thank you!! I live in the UK. I just checked my life insurance and they will only pay me back 1/3 of the money that I invested in them, so I am closing my policy with them. I feel like I have been ROB by them. This is something no one talks about. No one tells you that you do not need life insurance if you become self sucre, so if I pass away my wife will still have a good income to live off!! Please can you tell more people about this. Many Thanks.

@TheRealMEEDABEE 2 года назад

Tim sounds 20/30 years old, not 60 - hope he's just as healthy

@jeffb.4800 2 года назад

I was surprised he said 62 also. Sounded much younger

@drbenirusani 6 месяцев назад

Serious question how about medical card? how long should we renew it for? Coz usually the policy ends in our 60s or 70 years of age. Any common strategy out there that anyone could share that works for them?

@shaneclk9854 3 месяца назад

Ramsey can u do a video on infinite banking

@rodrigomontoya1145 3 месяца назад

what happens when you have life insurance and the insurance company is saving the money for you because they are paying the premiums due to the fact I bought waiver of premium when I purchased originally, I dont think you can beat that.

@trevorlawrence310 2 года назад

I dropped half of mine, Cut down on Payments.

@livingunashamed4869 2 года назад

Random upload time but I'll take it!

@JustinCase780 2 года назад

That's what she said.

@nsant 2 года назад

Random comment time

@jalacaha 10 месяцев назад

We are in the same boat but we have a mortgage still. Our pension and social security income can easily pay the mortgage payment. We have no other debts kids are on their own. Should we keep our life insurance?

@astroman30 8 месяцев назад

If no one else is dependent on your income, drop the policy and get the money out.

@jgehbinv 6 месяцев назад

Question on becoming a Dave Ramsey "everyday millionaire": what comprises being such a millionaire? All of your financial investments, savings, etc? If your home is paid off do you add its value (assessment, current market value) to the financial investments?

@shawn1869 2 года назад

Im looking into term life insurance for me and my wife. I had a skin cancer removed last year and the insurance companies won't touch me... Is that even a thing?

@ClaxtonBay123 2 года назад

Of course. You’re high risk. It’s either going to be expensive or they won’t cover you.

@mrsd6allnatural 2 года назад

Yes, it is. If you have now been declined it is now on your record. If your agent represented more companies you may have had a better chance. However, depending on your age you can get a final expense policy. This will help until your able to self insure if that is your desire. Hope this helps.

@cornellsinclair 2 года назад

Yes, one must qualify for life insurance. Certain health conditions may make one uninsurable or cause application of a higher than standard rating. You may want to look into a final expense policy and double up on your investment contributions in retirement plans (employer and individual).

@cheyenneharmon1022 2 года назад

What is your age? You should look into a guarantee issued life policy. They don’t exclude high risk people. AIG and AARP offers one. Guarantee Issue is usually the last recommended option because the maximum available is usually $50k.

@cornellsinclair 2 года назад

Final expense insurance is the same as guaranteed issue policy insurance. Usually if one dies within the first three years, guaranteed issue final expense policies will only pay out a graduated death benefit that will be less than the face amount applied for. It is for that reason one should beef up investments and ensure that the executor of estate is a beneficiary of certain percentage of TOD account and FE policy.

@thetruth5635 2 года назад

I think they got confused with 1am and 1pm!! God bless Dave the goat

@marcenelj 2 года назад

Serious question. Just turned 40. I plan on buying a 20-year term life insurance. Is providing medical records a requirement to buy life insurance?

@shanep2760 2 года назад

It varies by company and how much insurance you are getting. I bought some a few years ago and $250k required a medical exam but $200k did not.

@marcenelj 2 года назад

@@shanep2760 Thank you... how thorough is this medical exam? Lab work and more?

@shanep2760 2 года назад

Mine was just taking some blood and checking blood pressure.

@spankynater4242 2 года назад

It depends on what the insurance company asks for.

@marcenelj 2 года назад

@@spankynater4242 some of them do ask for full medical records?

@TheDjcarter1966 2 года назад

Best advice is to get 10-15 yr term in your 20s it costs next to nothing then get 30 year term at 40ish years old it's what I did. If you are healthy its about $100-$150/month for a million dollars. Then by 70 ish you should be completely self insured my nest egg should over $2M so just don't need life insurance at that point

@cornellsinclair 2 года назад

Best to obtain a 35 year level term base policy with additional 10 to 30 year riders if 44 years or younger. This way, you lock in low rate as young person and then shift focus to wealth accumulation, debt elimination, and targeted investments for best life now desires such as higher education (professional degrees or vocational certifications), investment home purchase(s), travel, replacement vehicle(s), etc. Why gamble on future insurability just to save a few dollars?

@AB-be7ew 2 года назад

Nah you just buy term 40 in your 20s so you and your family is protected until retirement.

@nchinth 2 года назад

what's SWI?

@john4808 4 месяца назад

Sharon (Daves wife) wants it

@robertb4101 2 года назад

Life insurance is only needed when somebody gets themselves in a financial mess. Or has a spouse that is dependent on them like a child.

@sethmontank8623 2 года назад

Are you saying that stay-at-home moms are like children?

@steviejd5803 2 года назад

Why even bother, can’t see the point.

@jimroscovius 2 года назад

We have life insurance on my wife because she's the one with the great income. We do not have any life insurance on me because she would do just fine if I was gone.

@harryl7946 2 года назад

Ouch!! That’s a dose of realism!

@stefancoban59 2 года назад

Is she a doctor or a lawyer?

@jimroscovius 2 года назад

@@stefancoban59 She's neither, but she has a great job, and we're set for retirement. I'm semi-retired, so not much money comes in from me.

@jeanlenor1858 2 года назад

I Have to leave the real estate business for good now. My tenant was working, did not pay me for 8 months. Her rent was only $800/month. After I finally evicted her. I learned that she s paying 500/week at the local motel. She plans to stay there for a year because no other landlord will rent to her. We are in the only business where people are allowed to steal from us. Then we have to follow a long eviction process. If you don't pay the hotel for even one night. They lock you out legally. If you leave a Walmart store with $1 worth of item. The police will come for you that day, NOT 3 months later. I will invest my money in hotels from now on. THANK YOU, CORRUPT AMERICA.

@richardleston5237 2 года назад

/Off topic

@smokinhalf 2 года назад

My mom has been renting for decades. she wanted me to rent out the house I just moved out of.. I told her I am a factory worker NOT a landlord (didnt want the headache) anyway it is alomst guaranteed that you will not get the last few months rent even from "good renters". Yes it is stealing in my eyes

@youngtimer964 2 года назад

Oh cry me a river

@laylow8648 2 года назад

I have people wanting to rent my lake cabin all the time for family vacations. I turn everyone of them down. Then they up there first offer. I just tell them to go to a resort. I wouldn’t ever rent it out. People just don’t care about other people property. If they break something or steal it they feel they paid for it in the rent. My wife wants a beach condo. I just tell her to forget it. Every relative, coworker, close friend, Will think they have a free place to stay on the beach at our expense. Not interested. We will rent a hotel room on the beach and when we are done we drive away. No responsibilities.

@djpuplex 2 года назад

I'm sure the wife loved that probably made her freak.

@scottiebumich Год назад

Ramsey is NOT a 'critical thinker" He actually say, "At 69 your mutual funds will have doubled again". He is still assuming 10% CAGR growth with today's valuations. Wow, I would say stocks will trade flat AT BEST in real terms over the next decade.

@larryd.deutchman9454 2 года назад

You Dave are well enough to save your estate from a Taxes huh?

@astroman30 2 года назад

See above

@nchinth 2 года назад

he's not REALLY a millionaire. the general consensus is that $3M is the new "million." He needs to double his net worth.

@jwall62 2 года назад

Consensus smensus. You seriously think he can double his net worth in the next 5 years .

@Mathis218337 2 года назад

words have definitions, millionaire means having 1 million dollars net worth. 3 million would be a multimillionaire

@miketheyunggod2534 2 года назад

Working at 62? That's nuts.

@aolvaar8792 2 года назад

20 Years of service, Lifetime Family Medical + a Pension with 100% survivorable Why would you work? " The happiness point" Mom and Dad stay home on $85K and raise kids. Working at 62? That's nuts!

@CaseyBurnsInvesting 2 года назад

The plan is boring but the fact that its core principles are so ignored is society wide/generationally is why so many need life insurance in the first place.

@jeanlenor1858 2 года назад

Find a real job, Casey.

@alinatamashevich3354 2 года назад

@@jeanlenor1858 He trolls worse than Saul.

@astroman30 2 года назад

just don't buy trash value insurance.

@larryd.deutchman9454 2 года назад

Guess your estate taxes are paid off for your children Dave?

@astroman30 2 года назад

Only the estates of the wealthiest 0.2 percent of Americans - roughly 2 out of every 1,000 people who die - owe any estate tax. This is because of the tax’s high exemption amount, which has jumped from $650,000 per person in 2001 to $5.49 million per person in 2017.

@saulgoodman2018 2 года назад

Sounds like an ad for his new book. Just say you have a new book. You don't have to create a fake call.

@spankynater4242 2 года назад

I’ve come to enjoy your cynical comments. 👍 like Rizzo from Grease: “because he sounds like a drag.“

@preston0808 2 года назад

lol Cmon man. Dave doesn't need to do a fake call to promote his book. Obviously this wasn't planned. Dave even said "the book is boring". Yea, that sounds like a scripted fake call advertisement..... not