Our Universal Life Policy Is Costing Us More Than We Put In

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 4 August 2025

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	This episode is brought to you by SmartVestor.
0:07.9	Connect with an investing pro near you at Ramsey Solutions.com slash SmartVestor.
0:13.7	Aaron is in Spokane, Washington up next.
0:16.0	What's going on, Aaron?
0:17.3	Hey, thanks guys for taking my call.
0:19.9	Sure.
0:21.2	My wife and I purchased an IUL index universal life insurance policy when we were in our early
0:28.4	20s.
0:29.7	I'm 29 now since I've been listening to you guys' show for probably the moment last month.
0:35.8	I took a deep dive and see what they're giving, what they're giving me their rates and stuff.
0:40.5	And I saw that the money that I put in, it's been eaten up by most of their fees.
0:44.8	Yep.
0:46.2	That's IOL for you.
0:47.4	So I'm all in, you know, taking it out.
0:50.8	I'll take care of with, you know, get the stupid money to get, you know,
0:54.4	take away the fees that they're going to get, get that take when I take the money back out.
0:59.6	But I don't know where to put it and park it so that we can retire in a nice time period.
1:06.3	Because we're only 29.
1:08.0	We started up the whole thing when we were 25. So what is your goal here? So you want to cancel this policy. You figured out it was a rip-off and then you got scammed. But I hope it wasn't from someone you like. No, it was – I worked for the Postal Service, and someone came in and sold it to us. Okay. Did they sell it to other co-workers? Yeah. Oh, boy. Well, let's
1:30.6	help get them out too while you're at it. So what's it going to cost you to get out of this thing,
1:34.5	and what will you get out of it when all said and done? So right now it says $12,000 is how much I
1:42.7	have into it right now. And it said, if I take it out, the surrender money I would get is $10,500.
	...

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