Yes. I’m talking life insurance. Yes. I know that financial gurus Suze Orman and Dave Ramsey despise life insurance. Ramsey calls it “garbage.” Orman once said that if a friend ever tried to talk you into life insurance, dump that friend. Ouch.
A life insurance agent once called into Ramsey’s show and tried to convey the value of dividend-paying whole life. The agent was patient and polite while Ramsey was argumentative and rude. It was then that I knew whole life was the answer. Nobody gets that angry unless the truth is involved.
Suze Orman professes to hate whole life insurance while her boss, General Electric, invests heavily into it. Corporations like GE, Walmart, JC Penny, and others own a great deal of life insurance (though they can only invest 25% of their money there). The largest owner of life insurance? Banks. And where does over 51% of Wall Street have their money? Right. Not in stocks, but in life insurance.
Yes, Orman and Ramsey have helped many people, but when it comes to dividend-paying (participating) whole life (permanent) insurance policy set up properly (customized) by an Infinite Banking Concept-oriented broker through a reputable mutual life insurance company, they’re wrong.
They do love their term life, though, which is nothing more than betting an insurance company you will die within an allotted time. The longer you live, the more money you pay them. The insurance company (the house) only pays out 3% of the time.
(Photo by Pixabay.)
Paradigm shift. Paradigm shift. Paradigm shift. We’re used to either paying cash or borrowing from credit cards, banks or financial institutions. When you pay with cash, you lose all your capital plus the interest you could make. When you borrow from others, you lose both capital and the interest you pay them. The average American pays out 34.5 cents of every disposable dollar in interest. Whole life allows you to recapture that interest.
Banks, corporations, Wall Street, financial institutions buy dividend-paying whole life then borrow from their policies, without ever touching their capital, to loan out money to you and me. When you set up a dividend-paying whole life policy, you do the same. You borrow from your own policy, paying back with interest, and never, ever are you touching the capital that continues to compound within that policy.
Why do Orman and Ramsey hate whole life insurance? For one, there are a myriad of life insurance policies: universal life, variable life, dividend-paying whole life, traditional whole life, and so on. There are also different types of life insurance companies: mutual life insurance and stock insurance. Mutual life companies don’t have shareholders, stock insurance companies do. Most life insurance policies are not set up to allow you to utilize the life benefits of a whole life plan. An Infinite Banking Concept-oriented broker changes all that by coaching you with this amazing strategy.
Life is sometimes ignoring even the sane voices. Sometimes you’ve just got to go it alone.
**Note: I am not a financial guru nor a licensed insurance agent. I am not affiliated with Nelson Nash and the Infinite Banking Concept nor Alpha & Omega Financial Services (links below). I love to teach. Plain and simple.