Whole Life Insurance Is the Payday Lender of the Middle Class

Ramsey Everyday Millionaires

Ramsey Network

Investing, Business, Careers

4.6 • 3.6K Ratings

🗓️ 4 September 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, George Kamel & Jade Warshaw. Helpful Resources: Need Help with your investments? Click here to connect with a SmartVestor Pro. To learn more about how to plan for Retirement click here To learn more about Investing click here Create a college savings plan for your child’s future. Click here to connect with a SmartVestor Pro. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0	This episode is sponsored by Smart Vestor.
0:07.2	Connect with an investing pro for free at RamseySolutions.com slash invest.
0:15.2	You're listening to Ramsey Everyday Millionaires, where we talk investing, retirement, building
0:19.7	wealth, and outrageous generosity.
0:22.9	Stacey's in Louisiana, hi Stacey, welcome to the Ramsey show.
0:26.9	Hi, thank you.
0:27.9	Sure, what's up?
0:29.4	I have a whole life policy that has been paid off.
0:33.2	It's a $15,000 policy that my dad took out for me.
0:38.2	And now the benefit amount is $47,399.
0:44.4	So my question is, I called them, I can keep the debt benefit at $15,000 and they're telling
0:52.3	me I can move a portion of it to an IRA, Roth, and make 4.5% on it.
0:59.4	And I didn't know if I should just leave it in there and leave it as a debt benefit or
1:05.0	just leave the debt benefit at $15,000 and then use that other.
1:09.3	What's the $47,000?
1:11.7	That is the debt benefit paid out now.
1:15.2	The cash value.
1:16.2	Yeah.
1:17.2	No, the cash value is $25,000.
1:20.2	Oh, so if you close the policy, if you close the policy, if you get $25,000.
1:25.0	Correct.
1:26.0	Well, let me kind of reset the table for you before I tell you what to do, okay?
	...

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