Term Life Insurance Better Than Whole Life?

Life Insurance. ray is on Facebook wide term life insurance is to the whole life life insurance what's the difference term life insurance is just insurance so what is it like your car insurance call you get you don't get any money unless you die and so you don't ever gave money goes to your beneficiary right the only way by his office when you die in a car insurance pays off you don't make money on your car insurance your homeowner's insurance that's pure insurance at all what does doesn't have any gimmicks or builder whistles that has an investment built into it or you can buy cash value life insurance which includes whole life for universal life or variable life 

Now here's the typical numbers typical numbers are for $5 you can buy as much term life insurance on a twenty year level term as you can for $100 buying cash value life insurance per month so why would you pay ninety five dollars more per month because it builds up inside of it a savings account called cash value it built up a savings plans so that then later on if you close the policy they will write you a check and give you your savings back so you have you buy insurance in a sense for $5 and you invest $95 out of every $100 per month so why is that bad was bad for a multitude of reasons number one the rate of return on the typical whole life policy is around 1% about like your stupid savings account at the bank and no one builds welfare 1 percent on a universal life after all the fees no they quote you a higher rate but after all the fees your net is around 4.7% these are all documented numbers and on a variable which has mutual funds and it by the time the mutual funds get through the all the ways of the insurance company what should have been a 10 or 12 percent rate of return lind's up looking like about a six percent rate of return so they hit you heavy with the fees if you want your money out of your quote savings account out of your quote investment there's only two ways to get it wanted to cancel your policy and lose your insurance or two is borrow it now if you're gonna borrow your own money

And pay them interest to borrow money you put into an investment that's stupid people do it all the time and people that show is crap act like thats tax-free return it's not tax freeze borrowed money you're paying interest to more to an insurance company to get your own stink and money but here is the worst thing let's say you buy like a couple of hundred thousand dollar policy and you pay into it you pay into a new pay into it you pay into an finally it gets passed all these fees and $100,000 in there and you die cash values a hundred thousand your face values 200,000 you die you know what they pay 200 out what happened to your hundred thousand that you paid $95 per hundred dollars a month extra to build up well we don't know apparently they keep it to your savings account with a lousy rate of return it when you die they keep your savings that's why the life insurance it is one of the worst financial products in the world it is the payday lender of the middle class without a doubt and the people that sell the stuff should be ashamed of themselves it's absolutely horrendous it's just it's sad and you know here's what's really sad they are really good selling it while term insurance you know you're gonna run out time you just go out and do you know do you rent your house or do you buy your house you know you're buying your policy we're about your policy with whole life he quit paying you know what their cancer pain or term insurance canceled it you don't build up equity in this you are buying equity after they pick your pocket some of it builds equity called cash value but you still lose it all when you die and so it's absolutely ludicrous the whole sales process and you know here's the thing it's twenty times more expensive for the same amount of life insurance and guess what the agent gets paid their commission on you paid a commission on premium so the hedging its bets on a hundred bucks on the five bucks the same amount of life insurance and so what ends up happening is people by this crap and they don't buy enough life insurance take care of their family and then they died with his stupid but tiny little whole life policies that are attempt of what they ought to be so you want to have about 10 to 12 times your income on you meaning if you make $50,000 a year you on a $560,000 in life insurance on you you die your spouse takes that invested if they may get a 10% and they're creating $50,000 a year been replaced that that lump sum investment will pay your family what you used to earn before you died and it's that simple and you know it just doesn't cost anything term life insurance is very very inexpensive to get the proper amount and this is why I have endorsed a whole and dirt endorsed term life insurance from the very first day I turned on this microphone twenty-five years ago and why I've and/or sander insurance to get your term life insurance because they shop and get you the best possible price they're great folks they do a great job of taking care of the customer I personally by my insurance is an der but whether you buy they're not never buy cash value insurance it's absolutely an antiquated crappy product and it's all about them making money for nothing about you making money that's what I mean by being the payday lender of the middle class it's just horrendous so I hope that operate under insurance dot com get you a quick easy quote on that term and that's what you ought to do what I do as what I've done largely my whole life this is the Dave Ramsey show