The Irony of Whole Life Insurance

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 2 May 2025

⏱️ 8 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 SmartVester.
0:13.8	Christopher is in Richmond, Virginia.
0:16.4	Hi, Christopher. How are you?
0:18.1	Hello, Mr. Ramge. Thanks for taking my call.
0:20.2	Sure.
0:21.1	What's up?
0:26.7	I've heard you yell at quite a few people about whole life policies.
0:32.7	I have a universal life policy, and when I started hearing how terrible the whole life's where I looked into it, and I don't think it has all the same bad things to what their whole life does.
0:39.2	Like the cash value doesn't go away when I die.
0:42.3	Yes, it does.
0:42.7	Yes, it does.
0:44.5	I called the company at Austin.
0:46.9	They said, no, it does not.
0:48.3	Yes, it does.
0:49.4	Well, they sometimes will claim they can set it up in such a way in very few policies.
0:53.6	Do you have a universal B? I don't know if it's a or B okay a B you're sure you're sure
0:59.3	universal B works like this you pay let's say you bought a hundred thousand
1:03.9	dollar policy and you build up a twenty thousand dollar cash value okay
1:08.2	Universal B charges you for one hundred,000, the face value plus the cash value worth of
1:17.3	insurance. So you're purchasing extra insurance that makes it look like you get the cash value
1:24.4	upon death, but you don't. You're just buying more insurance in B. It's all that you're doing. The equivalent of the cash value upon death, but you don't. You're just buying more insurance in B.
	...

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