Dave Ramsey Says Short-Term Renting Isn’t a Problem, but Long-Term Renting Is a Problem, Well Dave, Why is Long-Term Renting of Life Insurance Not a Problem? – January 7, 2024

One of the problems with achieving mainstream “financial expert”status is that you’ll start getting people like myself who start to follow you, who know a thing or two about finances.

In the video below, Dave RIGHTFULLY attempts to make an argument about why people should OWN their own homes instead of renting.

 

Fair enough argument, but Whole Life Insurance is similar to owning your townhome; Whole Life Insurance has level premiums, meaning the cost of your insurance can’t go up, you can even sell your insurance policy in the United States, and you can borrow against your whole life insurance policy.

You whole life policy has a DEATH BENEFIT; your whole life insurance policy can be used for estate planning, and your whole life policy via policy loans are tax-free because you’re actually borrowing money from the insurance company while your whole life policy continues to appreciate in value, your whole life policy offers you the benefit of appreciation via Paid-Up Additions and/or dividends.

Your whole-life policy can literally have more money in it than the value of your house, which is why some whole-life policy owners use their whole-life policy to pay off their mortgages. Now I comprehend that Dave Ramsey’s entire schtick revolves around getting out of debt, but with a whole-life policy loan, you, as the policy owner, decide the policy loan repayment schedule, which could also help you to INVEST.

The whole life policy, because you’re paying for it your whole life, offers you living benefits, and these living benefits are better than home equity from a bank for some.

So, although I believe Dave Ramsey means well, consider making sure that you have a diverse financial strategy.

Interesting times ahead