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Life Insurance Calculator Helps You Figure Out How Much Insurance You Need

This calculator makes life insurance a lot easier to figure out.  

This is a great discussion between two knowledgeable experts with different opinions on the value of whole life vs term life.  Dave Ramsey is on record many times as saying it is stupid to buy whole life and to only buy term life because term is 1/20th  the cost of whole life, but the caller Russ is 100% correct that each situation is different, and the job of the insurance agent isn't to sell a product that is in the insurance agent's best interest, but in the client's best interest as a fiduciary.  Dave has no fiduciary responsibility toward anyone with the advice he offers.  And while it is simpler to let money grow in a mutual fund, IRA or other growth asset, it is not without risks of loss which Dave minimizes over and over again as insignificant.  Dave is not alone, Suze Orman also says the same thing in public (that the market always returns positive returns over the long term and just buy term insurance and invest in mutual funds).  It all boils down to your comfort level and understanding of these product offerings.  I like Dave Ramsey's advice on financial peace and eliminating debt aggressively.  However his statements that the only reason cash value insurance is in existence is because agents get higher commissions to sell these product is flat out wrong as the caller points out.  It is illegal for insurance agents to sell products that are not suitable to their customers, and industry regulations and standards are very clear about that.  Dave knows better or should know better.

Where does insurance fit in your wealth building plan?

Wealth managers and smart marketers trying to educate the public on investment products do a great job educating their clients on building wealth and eliminating debt as quickly as possible.  I agree with almost everything said about eliminating debt  and wealth building through managed funds, but in a balanced position.   I see the risk vs reward for some people best balanced with insurance products that provide guaranteed protections for wealth with index universal life and increasing death benefits as illustrated in this video as a great explanation of index universal life insurance.

Why people are confused about life insurance

Between opinions from only purchase term insurance (which is the most profitable product for insurance companies), to only purchase whole cash value life insurance it is confusing to anyone listening to differing experts opinions.  Bottom line to consider is this:  Whoever offers you advice should have your best interest in mind and in heart, and fully at risk of malpractice for steering you into products that could cost you tangible losses of principal by steering you into mutual funds at risk or variable annuity products that have risk of loss of principal.  Only fixed rate annuities and cash value insurance policies guarantee you that you will not lose any principal and is like creating a bank account for it that is better on a rate of return than a checking or savings account, certificate of deposit, or other cash asset.  If you only rely on market growth and die early, your family is screwed.  You need to cover all your bases with 
portfolio diversification.

Every downturn in the market that experts cite always came back base the statement  on long term historical gains and losses and assume you would never cash out of the market (because it would be stupid to pull out of the market in their opinion).  Do they really have your best interest at heart here?   Aren't they assuming that the risk of loss of your principal is acceptable to you if you need to cash out of the market for some reason prematurely.   Everyone's risk tolerance is not the same, and the perceived risk of loss of principal can be stressful to anyone to decide.  Don't let greed or fear dictate your decision making or thinking.
Diversify and understand risk.  Talk to a professionally licensed insurance and annuity agent that is legally bound to look out for your best interest in determining suitability of risk.  The managed fund brokers/dealers will make you think that accepting some level of risk to achieve this incredibly better gain is far smarter than just leaving principal in a cash value life insurance plan or fixed rate annuity contract, or certificate of deposit.  But it is your money.  Understand the risk and your levels of risk tolerance to feel good about what you are doing with your money.  Call 301-892-0207 for assistance in selecting a life insurance or annuity agent that I would trust in your state.