CNE Competition

  • Home
  • What is Life Insurance and Why You Need It
    • Whole Life Insurance
    • Term Life Insurance
    • Life Annuity
  • General Insurance
    • Commercial Insurance
    • Motor Vehicle Insurance
    • Health Insurance
  • About Us
  • Contact Us

How Life Insurance Providers Are Screwing You Over! – Dave Ramsey Rant

October 16, 2019 By Zambrana

How Life Insurance Providers Are Screwing You Over! – Dave Ramsey Rant


Don’t waste money on cash value life insurance. Get a term life policy today:

SUMMARY

In this video, Dave reads an article about universal life insurance and explains why it’s the “the worst of the worst” of financial products. Unlike term and whole life insurance, universal life insurance allows buyers to have flexible premium payments. But eventually, the cost increases and those buyers are faced with an unattractive choice: pay an extremely high premium or collapse the policy altogether.

Here’s how universal life insurance works:

A portion of your premium covers your insurance and a portion builds cash value as an investment. The insurance is based on an annual renewable term, meaning that the cost of your insurance increases as you get older because statistically speaking, your probably of death is higher when you age.

So let’s say you pay a 0 premium at age 35, with of that covering your insurance and 0 going towards your cash value investment. By the time you’re 60, the cost of your insurance might be 0. You’re still only paying a 0 premium, so the extra starts coming out of the savings you’ve been investing for years. Once your savings are gone, the insurance company comes knocking at your door, demanding you either pay a higher premium to cover the increasing cost of insurance or you won’t be covered anymore. Now you’re left with no savings and potentially no insurance.

In this scenario, you could have been paying a fraction of the cost for term life insurance and had separate investments that your life insurance company can never touch. Dave recommends getting 10-12 times your income in term life insurance and

If your insurance policy is building cash value, you’re getting screwed. Get term life insurance today:

RESOURCES

Read more about the different types of life insurance:

Make sure you have enough insurance with the 5 Minute Coverage Checkup:

Life insurance is NOT an investment. Watch Dave explain:

THE DAVE RAMSEY SHOW

Welcome to The Dave Ramsey Show like you’ve never seen it before. The show live streams on YouTube M-F 2-5pm ET! Watch Dave live in studio every day and see behind-the-scenes action from Dave’s producers. Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. During breaks, you’ll see exclusive content from people like Rachel Cruze, Chris Hogan, and Christy Wright —as well as all kinds of other video pieces that we’ll unveil every day.

The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country! Become a Channel Member today:

Pages

  • General Insurance
    • Commercial Insurance
    • Health Insurance
    • Motor Vehicle Insurance
  • What is Life Insurance and Why You Need It
    • Life Annuity
    • Term Life Insurance
    • Whole Life Insurance
  • About Us
  • Contact Us

Latest Videos

  • Do | Trailer | New York Life Insurance

    Do | Trailer | New York Life Insurance

    February 23, 2020
  • [1Click Scene] WooDoWhan&RyuHwayoung Goes Inside TaeYang Life Insurance To Search For The Blackbox

    [1Click Scene] WooDoWhan&RyuHwayoung Goes Inside TaeYang Life Insurance To Search For The Blackbox

    February 22, 2020
  • PNB MetLife – #ShedTheTax , Not Your Celebration | PV Sindhu | Life Insurance Plans| Tax Investment

    PNB MetLife – #ShedTheTax , Not Your Celebration | PV Sindhu | Life Insurance Plans| Tax Investment

    February 20, 2020
  • Playtime With Dad | MS Dhoni | Exide Life Insurance | Partnership For Life

    Playtime With Dad | MS Dhoni | Exide Life Insurance | Partnership For Life

    February 19, 2020
  • PNB MetLife – #ShedTheTax , Not Your Style | PV Sindhu | Life Insurance Plans| Tax Investment

    PNB MetLife – #ShedTheTax , Not Your Style | PV Sindhu | Life Insurance Plans| Tax Investment

    February 18, 2020

Please Like Us!

Facebook
Facebook
fb-share-icon
Twitter
YouTube
Copyright © 2021 · CNE Competition | All rights reserved.