Dave Ramsey, Zander Life Insurance and Scammy Term Life Insurance After 65 Years Old

Personally, I like Dave Ramsey; nobody is perfect; we all have flaws and biases, and I’m hopeful that Dave, who, like myself, is a Christian, is not being malicious and profit-driven when he pushes term life insurance on everyone.

Personally, I hate term life insurance; if they had whole life AUTO INSURANCE, I’d sign up for it; why anyone wouldn’t want their money dissolving into the insurance company’s hands without any compensation is beyond my comprehension.

Let’s put INSURANCE, which is a profit-driven industry, into its proper perspective. For example, Primerica, which is a Term Insurance company, is not this lovable, squishy insurance company that is requesting money from you without the expectation of PROFIT. Primerica makes its money because the majority of the people who buy term life insurance NEVER get any money from Primerica.

When you look at Primerica in its proper context, you start to comprehend its Multi-Level-Marketing(MLM) business model. The only way Primerica is going to send you any money is if you get people to sign up to Primerica under your name and accept their COMMISSION split MLM model.

MLM is a very crude business model; selling life insurance isn’t easy, and commission splitting makes it worse. Imagine you get a sale, and your commission gets sliced to share with the PEOPLE who recruited you.

I bring this up because the term LIFE insurance is DEATH insurance. You might lose a lot of friends joining an MLM, and combining an MLM with term life insurance sounds really depressing to me.

Zander Life Insurance is the company Dave Ramsey recommends (as of the time of this publication), and if you want to get a glimpse of the FLAWS in term life insurance, use their quote form, use their quote form and type n that you were born in “1958” or earlier as your birthday.

What will happen once, you’re older than 65 years old is that Zander will have to contact you to see if you even qualify for term life insurance anymore. The flaw in term life insurance is that it’s a TERM, and terms expire, and the cutthroat nature of life insurance is they’ll gladly insure when they think the likelihood of you dying is very low.

But the moment you reach retirement age, the insurance company knows that it’s likely going to have to pay your beneficiary something, so it will not only raise the cost of your term life insurance to a price likely much higher than my Whole Life insurance, but they’ll also lower your death benefit.

The name of the game in insurance is to get paid, not to get a payout. Whole Life Insurance is more expensive because we are guaranteed a death benefit and living benefits.

The purpose of whole life insurance is for you to be SELF-INSURED, so you have some while life insurance contracts that are paid up in 10 or 20 years, and if that contract was $100,000, it will not cost $100,000, it might cost $800,000.

Now, if that whole life insurance contract pays out dividends, after it’s paid in full, it will pay you dividends. But it gets better: Because the insurance company would rather not pay you in cash, it might offer you Paid-up Additions.

You might ask yourself, why in the hell, would I take paid-up-additional insurance when I can get paid cash? Well, that’s where the Whole Life Policy loans come into play, the pad additional insurance which simply means making your insurance policy larger, so if let’s say you bought a $100,000 policy, and the cash dividends yearly would be $2,500, the paid up additional insurance, would instead of paying you cash, potentially make your $100,000 policy $110,000

So instead of $2,500 cash, you’d get an additional $10,000 worth of insurance. If you’re saying to yourself that sounds STUPID, well, when you’re 65 years old, that’s when you’ll figure out that term insurance played you for a fool.

Because sure my whole life insurance was more expensive, but there comes a point in the scenario I provided that my insurance is PAID UP in full, and is now accumulating CASH, on auto-pilot and I can borrow against this accumulating cash, that’s also increasing my death benefit, with those silly term life insurance policies you’re not accumulating any cash, so when you reach 65 make sure you’re as rich as those success stories on Dave Ramsey’s show, because if you’re not, you might find yourself uninsurable.

Those of us who buy whole life insurance don’t have to worry about being uninsurable because we OWN our insurance policies. If you’re smart enough to own your insurance policy, you’re usually smart enough to invest, too.

There is nothing wrong with Term Life Insurance, and I fully comprehend that Dave is selling people on “getting out of debt,” but there is no way in hell I’d recommend term life insurance to anyone. I’ve even heard about people who blend their whole life insurance with term riders, you can miss me with that junk also.

I’m a CAPITALIST. I like to own sh*t; why should I rent when I can buy? I rent when I absolutely have to. Policy loans aren’t even debt; a collateralized loan is covered debt, which is why whole-life policy loans don’t have a debt repayment schedule.

Whole life insurance puts you in control; there are some Universal Life insurances that I like, but not for the purposes of investing. Universal Life Insurance allows people with a lot of money to dump larger sums of cash into secure life insurance vehicles, which if you’re asking me is the real reason Universal Life was created in the first place.

You have these idiot Democrats, for example, trying to create a wealth tax; well, similar to any trust, when you put money into insurance CONTRACTS, the money is no longer yours; you’re paying for the Insurance company to deliver you a service.

Now, for me, this is where I might see value in a Term-to-100 insurance contract, but you see, these term life insurance peddlers don’t even promote term-to-100 because they’re actually anti-permanent insurance, which, from my point of view, is DEMONIC.

Life Insurance for people like myself isn’t an investment; it’s INSURANCE. If you can buy term and invest the difference, you can buy whole life or universal life insurance and invest the difference; it’s the same discipline.

If you get sick and you have term insurance and the insurance company finds out you’re sick, you’re screwed at renewal time, regardless of your age. Those of us with permanent insurance don’t even think about that; all we think about is making sure we’ve at least paid the minimum amount owed so our loved ones are protected.

Nothing is more terrifying than NOT being rich and finding out in your 60s that your term insurance bill has skyrocketed. This is why Dave, in my opinion, should be bashing Universal and Whole life Insurance because I believe only a small percentage of his clients end up rich. Furthermore, death is a taxable event; when you’re dead, your assets are considered SOLD and therefore taxable.

Life Insurance was primarily designed for orphans, which is why it’s tax-deferred, but term insurance is NOT guaranteed to pay out, so before you buy term and invest the difference, make sure you’re aware of why people like me will NEVER tough term life insurance.

If you have the discipline to buy a term and invest the difference, you have the discipline to buy Universal or Whole Life Insurance and invest the difference. You’re not guaranteed to get rich, but you are guaranteed to DIE, and if you’re going to leave a legacy, you want to make sure that legacy PAYS OUT when you die, no matter how old you are when that happens.

Term insurance is renting insurance; it’s a silly way to buy insurance if you ask me. You buy term ONLY if you have no money to buy whole life insurance, But no smart person, including those of us with large sums of money, go out of our way to buy term insurance if you have a competent estate planner, he’s going to tell you to buy permanent insurance.

If you have Jeff Bezos money, well, then you buy your own insurance company, which is what the uber-rich do, but for those of us who live comfortably, permanent insurance is a brainer.

Term insurance aligns with Dave Ramsey’s brand of helping people get out of debt, but if I were you, I would NOT cancel my whole life insurance for some crappy term insurance; the mere thought of term life insurance makes me nervous, especially if you’re poor because typically it’s when poor people are about to retire that they figure out that they no longer qualify for term life insurance, and thinking about that breaks my heart.

Because if I was convinced that I was doing the right thing by buying term insurance and I was convinced that the insurance companies cared about me, only to find out at 65+ years old that these term life insurance companies no longer want to insure me because I’m old and risky, that would leave me heartbroken, especially if n my mind, I thought I had money put away for my loved ones when I die.

You have to remember that people who buy term and invest the difference are imagining that they will be able to live off those investments and that their term life insurance will pay out to their loved ones when they die.

This is why, for me, to hear anyone bash permanent life insurance is demonic. Permanent life insurance is the best insurance ever created, I’m thankful there s both whole life and universal life insurance in the marketplace because term life insurance makes me nervous and it should make you nervous to know that when you need life insurance the most term insurance won’t be there.

Interesting times ahead!