This Type of Life Insurance Sucks

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 12 August 2024

⏱️ 11 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. Susan's with us at New Orleans.
0:25.0	Hi Susan, how are you?
0:26.0	Hi, I'm well, thank you so much.
0:28.0	Good, how can I help?
0:30.0	Well, I'm learning how to navigate my finances alone for the first time in 30 years, and I hope
0:36.5	that I'm not confused, but I have a $750,000 variable life insurance policy that I've had for about 20 years.
0:45.0	It's something I carried after one of my employees after leaving one of my employers.
0:50.0	And I've recently looked into this to try to understand more and it has about a $1,500 cash value.
1:00.0	After...
1:02.0	Wow. After years of paying hundreds of dollars a month in life insurance and it's premium.
1:07.0	Wow.
1:09.0	You said recently alone, are you widowed or divorced? I'm divorced. Okay. After how many years
1:15.1	I'm married? 30? Yes sir. Wow I'm sorry that's a heartbreak and who's this
1:19.9	policy with which company? It's metropolitan. Yeah, okay. All right.
1:25.1	Typically what a variable universal life policy applies to is obviously it's a
1:31.4	type of cash value policy that you pay extra form beyond what you would pay for term
1:37.4	and the extra goes into an investment and with variable it generally is mutual funds that you select the mutual funds or
1:44.9	they select them for you with a you know a rubber stamp situation and you don't
1:49.1	realize you did it but basically it's going into that then Then they take all of their fees out
1:54.4	and so you don't get anywhere near the return
	...

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