Dave Argues With a Whole Life Insurance Salesman

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 4 October 2024

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	This episode is sponsored by SmartVester. Connect with an investing pro for free at Ramsey Solutions.
0:11.0	Com slash invest.
0:22.0	You're listening to Ramsey everyday millionaires where we talk investing, retirement, building wealth, and outrageous generosity. Elliot is in Louisville, Kentucky.
0:25.0	Hi Elliot, welcome to the Ramsey Show.
0:26.8	How can we help?
0:27.8	Hey, can you hear me?
0:28.8	Absolutely.
0:29.8	Okay.
0:30.8	Great.
0:31.8	So, you know, my name is Elliot. I graduated from a top 20, you know, business school and college. After college, I sold Triple Net investment sales for about two years. And then for the last year year I've been a whole life agent that you know in
0:46.0	Louisville we partner with many different working class companies for discussion purposes
0:51.9	you know the average American retires at about $5,000 in their bank account.
0:59.2	Personally, I tell my friends and family to cash out their whole life policies and the way I
1:04.8	pitch whole life it's not necessarily as an investment vehicle but more so as a
1:08.8	savings or a savings account but simply as insurance that accumulates cash value and a paid-up coverage over time.
1:17.0	In my eyes, I believe I'm leaving my members better off than before they talk to me, but why am I doing something so horrible
1:25.6	in your eyes?
1:26.6	Well, because the product is crap, not because you're a bad guy, but the product that you're selling, you're trying to do a good thing, you're a bad guy but the product that you're selling you're trying to do a good
1:34.5	thing Elliot and thank you for doing that and I appreciate I appreciate your
1:38.5	heart but basically I mean it's a math problem.
1:43.0	So if you take a $200 whole life premium per month,
1:48.0	I can buy the same amount of term insurance on that 30 year old for about $10. So the other
	...

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