Why Shouldn't I Sell Whole Life Insurance? 

Most people do not want to think about their own demise, so this is always a hard sell. This guy needs to be on Dave's team, he has a awesome story.

I sell life insurance, I’ve only sold one whole life , I actually now always recommend term life insurance and if they want to build cash value i actually recommend and walk them in opening an investment account separate from the term life . Idk I just can’t morally rip people off like that . I work with a great company so that’s a bonus my goal is to help the customer first .

WOW! This dude sounds like hes really been saved. Good to hear! I wish him luck!

Lots of older people age 60-80years old with no money to pay for funerals buy a small $10-30 thousand final expense policy (aka whole life policy) to pay for funerals because the policy will never end and never go up in price. Has nothing to do with cash value. In a perfect world Everybody will be rich and a millionaire by the time they are old and retired and they won’t need life insurance. But this isn’t it how the world works.

Good luck on Selling life insurance it’s really brutal and sometimes you can’t control the monthly premiums

There are terrible companies and the insurance industry is plagued with shady salesman and products, that does not mean that Dave understand the ins and outs of an industry that he does not work in.

Congrats to this guy. I love hearing people who are trying to do better for themselves.

Dave's right....Guy is a hero. Thanks for share your story.

I sell life insurance in the UK but we are heavily regulated and can't give advice. However I never pitch a WOL policy to my customers and instead encourage them to take a policy to either 80 or 85, sometimes 90 if they really want longer. WOL isn't really worth it for anyone. Termed insurance is much better than WOL.

This is a good explanation, I think I will consider this

God bless this man! What an amazing journey, you are an inspiration sir.

I exclusively sell term life, and Dave is completely correct in whole life being a waste of money… for anyone that is following the baby steps. Realistically, final expense is aimed at people who did not save for retirement and will never have the capacity to increase their income, either due to age or health. The people these policies are aimed at are people that wouldn’t be eligible for term life. Like, 70 year-old living solely on SSI or someone with a BMI in the 50s or higher. They’re policies with a low death benefit that solely serve the purpose of not leaving the deceased’s beneficiary with the costs of a funeral. Are the policies all that good, especially compared to term? No. But they’re better than nothing, considering there’s a pretty high chance the person it’s aimed at will die before they’d be able to save enough to take care of a funeral. That being said, if you qualify for term, don’t get one of these. Get the term (if you need it), and even if you don’t make a lot or are on the older side of things, at least get on it and save the money for the funeral while you still have time. This is why listening to people like Dave to get out of debt and prosper financially is so important. You don’t want to be in a situation where one of these policies would make mathematical sense.

If dude is reading this, he’s a champ on recovering!!

If a 30 year old man bought a $250K 20 year paid up whole life insurance policy, it would cost far less than if he bought a term to 65 $250K policy. If the 30 year old bought a 10 year paid up whole life policy it would be exponentially cheaper.

Dave Ramsey is wrong in this context. Final expense whole life insurance is predominantly sold to (a) older folks 60+ who (b) have several co-morbidities that prevent qualification with most term insurance. Additionally, most are on low fixed incomes and do not realistically have the time to save enough money to bury themselves after accounting for monthly expenses. Millions of Americans fit the description above and without access to final expense whole life insurance, they would not have funds on hand to pay for proper burial. Don't let perfect be the enemy of good.

You could hear the caller was a people person the moment Dave answered the call.

If you have any loved ones/friends that sell insurance ... have them read this book ASAP. How I Raised Myself from Failure to Success in Selling by Frank Bettger

It's never too late to change! Better late than never!

The guys should join a company that sells term only and invests mutual fund for investments.

Praise God people get still get healed and saved.

You should only sell whole life insurance if you don't value your family or friends.

Thank you Mr. Ramsey for exposing the crooks in the insurance industry!

I'm in my late 70's and just paid of a whole life policy and felt I wasted money on the policy. Now I watch Dave here and I've made a bad deal.

The problem with Dave's view is that most people who buy final Expense do not have a good retirement account. It's better to have some thing than nothing.

Lincoln Heritage is a final expense company. People who buy this type of insurance do not want to burden their loved ones with expenses surrounding their death. Dave thinks of everything as an investment not as a need based solution. It is a senior product. Dave is trying to do his Art Williams imitation here.

SIMPLE: *Insurance* is insurance. *Investing* is investing. DO NOT MIX THESE TWO THINGS.

I consider myself well versed financially and I can't even figure out the confusing nature of these policies because that is an intentional feature of the product. It could easily be simplified with clear insurance costs, fees listed, growth ROI, and cash value AND Insurance paid, not an option. Anything you can't explain to me IN 10 MINUTES steers me clear of any mumbo jumbo insurance product. No I won't trust you on it. Fees and Insurance Prices are too high and are hard for agents to pull out of them.

I sold Lincoln Heritage...it is super expensive!

Praise God!

Great way to lose friends 🤣

Lol this is kind of an exaggeration though. I have New York life whole life. The whole point is to retire on it. It’s tax deferred. I put 100$ a month and My beneficiary gets 120k as of right now when I die and it grows as time goes on. I save over 2k a month cash. This account for me is the idea of “don’t keep all your eggs in one basket” I invest in etf’s mutual funds and popular stocks like Tesla Apple AMC. Whole life is not the worst. But spread your wealth

NOT A GOOD DEAL FOR THE PERSON WHO BUYS IT? So what?

just commenting for context, I am an independent life insurance agent and try to only sell term. the final expense policies I have access to are about double for the same amount of coverage. The same 52 male can get a $40/month 30 year term policy death benefit of around $25k, or $40/month whole life for an about $12.5k death benefit

I was went AIL. It's more comfortable selling a McDonald's hamburger.

It's a difficult sale, most people don't understand it and they think they have to die in order for it to help them. That's not always the case.

What should you do if you outlive your term life insurance and by that time you are not eligible for any insurance because you are too old? You leave your family with no death benefits when you die? Permanent policies like whole life, IULs and final expenses have a purpose for too. They are not that total evil David Ramsey paints.

He should sell something else. But what do I know!

This guy should just get his casualty and property Insurnace sell Life Insurnace On the side. I would recommend him go work for AAA insurance they have a nice program

Awesome, Dave! And that guy has a great future. But he should quit now and connect with Primerica. It’s exactly what he’s looking for.

Dave displays his ignorance, “anything that has a cash value is where I’m going I have a problem” I have heard him say he is a fan of variable rate annuities. A variable rate annuity is extremely similar to a variable rate life insurance policy.

Dave Dave Dave....I love what you do my friend but you are mistaken. The type of whole life this chap is talking about selling is Final Expense. It is targeted at low-income individuals who are just looking to alleviate the financial burden of death for their families. Most don't have long to live, have health issues, and cannot qualify for term insurance because they are too old. Final expense is the only way they can get coverage - and they have no means to save enough money with the time they likely have left. Keep in mind dude, some people buy life insurance because they need life insurance - duh.

$200k death benefit for $5 month? Is he serious?

Whole life I sell to really old clients. They buy x amount of years of mortgage payments for a decent price. Equity protection! Without it foreclosure would happen!

The only thing is that term life is only around 20 to 30 years max. So what happens when term policy expires?

Dave does not understand whole life insurance. At the heart of every straight whole life policy is a decreasing term insurance component. That's the insurance part. The other part is a savings portion. One must calculate the internal rate of return before surrendering any policy. Many older policies actually have a decent rate of return. In the early years the death benefit is the insurance part; the death benefit from a mature policy is the savings part. As interest rates go up whole life will make more sense for some high income people who want an estate. Of course with term life the company "keeps all the money" and more often than not pays no death benefit; that's why it is cheap. Does whole life make sense for low income people with little other assets who need a big benefit in case of early death: No. But this is not always the case and each situation should be evaluated individually

I would only do business with a company who sells ONLY term insurance.

Buy term and lose the difference...

I want to be a agent insurance sell where can I start in Spanish

Because majority want partial life insurance? They sell whole turkeys, but what if I want half a turkey? If they sell whole rack of ribs, what if I want half a rack of ribs?

yess !!! HURRAH TO YOU !!! THE LORD WILL OPEN OTHER DOOR!!! YOU’RE WISE TO ASK FOR AN ADVICE !

Dude, Dave’s takes are wild sometimes.

a new/different job might be hard to impossible depending on the toll that addiction took on his life and his ability to get jobs from an employers standpoint

is it just me or does this guy not sound exactly like ramseys co host john?

So term life doesn't give any money out to the family?

4:25

Judging by the video title this is going to be interesting.

I read all these comments about him "exposing" whole life. You guys should really think for yourself and not just accept everything he says as if it's the gospel. Whole life has been around for hundreds of years. Do you suppose that would be the case if it was valueless? I wish my grandparents had bought a whole life policy on me when I was a child. If they had (with all of the years of compounding) I would be set for retirement. The fact is that term insurance becomes unaffordable later in life, so if you need insurance later in life, whole life is the answer.

Most people are begging, stealing scamming so selling a twisted policy is way way better imo. Dave Ramsey's opinion are good but he should leave some to himself especially when someone recovering from drug abuse.

Jesus Christ is our King of Kings and Lord of Lords praise God praying for everyone everyday God bless you all

Research IUL....and why affluent and banks use WL....key is design....life Insurance option B pays out cash value and death benefit...

sell Index Universal Life

Dave only highlights the McDonald’s whole life burger and then tells you not to eat burgers at all, well my home made wagyu burger isn’t all all like he described. Just to say, yes there are bad whole life policies and there are great whole life policies. Sheep

tag sells im about to sell whole life. So hes going to sell his entire life and his soul

First of all the guy who card said he’s gonna sell final expense which is whole life , however , final expense is for senior people in their 60s or older that don’t wanna leave a bill behind when they die , and people with fixed income and social security, in other words poor people are the ones that need this type of life insurance , so no Ramsey is wrong and didn’t really guide this guy to a career where he will actually help people

High cash value whole life insurance works for me, I pay my off in five years. The Rich and Banks have been putting their money in whole insurance cash for years. Day one I could borrow against my cash value taxes free and still earn interest on the full cash amount. Insurance agents are pay less commission because you have more money going in your life value than death benefit. That is why only a few good men and women sell 'Becoming Your Own Banker".

Jesus Christ died for our sins according to the scriptures and that he was buried and that he rose again the third day praying for everyone everyday God bless you all

at the same time Dave say's buy a house cash, when 90% of americans cant save 1000 dollars.

Research, education is key, of course...not one-sided agendas

Is Dave Ramsey your Dad?

Final expense is for persons 70 and older whom have not used an IRA to pay for their funeral. Sorry Dave, but you are WRONG on Final Expense.

ALL insurance amounts to gambling that something bad will happen to you. Car wreck to get paid on car insurance. Die to have your family get paid on life insurance. Get sick for health insurance to pay. The "actuarial tables" are all based on the insurance company collecting more than they pay out. Like any gambling institution,it's designed for "the house" to win. Out of $100 in premiums paid, appx $60 goes out in paying claims. Slot machines generally give back $90 + of every $100 that gets put in (then the people put that back in and get 90% of that back.... Your odds are better with the slot machine.

Primerica clowns...

I work for Primerica, join an Amazing team who doesn’t promote Whole Life.

this is a religious show ugh