Wednesday, May 16, 2012

Dave Ramsey says...

BUY TERM LIFE INSURANCE!!!

Not whole life. Which SO many people have. And that's fine. It's your deal. It's your money. Dave Ramsey says that buying term (which is SOOOO much cheaper) is better. He says that you should NOT look at life insurance as a "retirement policy".



Ex: I just purchased a sizeable amount of insurance at $10.24 a month for 30 years. So if I die in the next 30 years that sizeable money will go to the people i have listed on my policy. If I had purchased this same amount in WHOLE Life insurance it would have cost me $112.84 a MONTH... and if I'm still alive at 68 I could take it out.

but let's do the math... It would cost me $55,000 over the 40 years I would be paying on this insurance. OR... i could put $55,000 in an IRA at what I am currently drawing and end up taking out TRIPLE the amount whenever i'm ready for it!

So... be smart. Do not look at life insurance as retirement money. Look at it as a way to protect your family if something were to happen to you.

Be smart.

Look into ZANDER insurance today. This is a great company, and hey--it's Dave Ramsey and Cara Matthews approved. :)

1 comment:

Insurance SA said...

Whole life insurance is expensive because of its investment component. If you're young, have a limited budget and only looking for temporary protection then term life insurance is probably best for you.

Regards,
Laura from lifeinsurancequotes.co.za

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