Dave Ramsey calls whole life insurance a scam, but we’re breaking down why his statements are misleading, and what he’s not telling you about how it really works. In this video, we go line-by-line through his article, fact-checking his claims, and explaining how wealthy people actually use whole life policies for the Infinite Banking Concept.
If you're ready to learn more you've got to watch our full Save & Spend Presentation and then schedule a FREE call with us at: https://thebankingbros.com/save-and-spend-system-podcast-link
If you're interested in the source material (we didn't come up with this!), we'd highly recommend that you get a hold of R. Nelson Nash's book: Becoming your Own Banker (5th Edition) https://amzn.to/2ZMw0h6
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Shownotes:
00:00 - Intro – Breaking down Dave Ramsey’s claims 02:18 - Dave’s stance on permanent life insurance 05:21 - Why “you’ll probably pay more than you get” is wrong 07:05 - Whole life vs. other types of insurance 09:50 - Mislabeling cash value as “savings” 13:18 - Premiums and costs explained 15:09 - Cash value guarantees – New York Life example 18:42 - Death benefit and guaranteed payout 22:03 - “Whole life is a rip off” – opinion vs. fact 26:39 - Why mutual funds aren’t a guaranteed better option 30:20 - How to fact-check financial advice 34:44 - Final thoughts – Is whole life for you?
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