Last of our 4 part series on Life insurance: We discuss the difference between ROTH IRA and Life Insurance. How fee’s are different with ROTH IRA vs life insurance. Income and contribution limits and the benefits of both.
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So I’m hearing life insurance is better bc your money is always accessible, no penalties when taking your money out, they actually give you a loan so technically you can use your money to invest in things that can give you more in return and put it back into your account. it’s tax free, death benefits and no contribution limits. With high return rates.
I only do Roth IRA, 401ks and cash balance accounts personally. I have yet to see a WL policy outperform a Roth IRA invested in good equity investments.
I never realized a whole life insurance policy is so much better than a Roth, thank you Mr. insurance salesman
Haha thank you for calling out Dave Ramsey
This was seriously one of the worst financial videos I have ever watched. So much misinformation I don’t even know where to start.
Thanks. Roth IRA’s: check the tax code. You can withdraw up to the amount of your contributions tax free, penalty free, at any time. The earnings are penalized if you withdraw before 59 1/2
What a bunch of garbage. There's a reason insurance companies are not allowed to refer to whole life insurance as an "investment." Why, you ask? First, whole life is 20 times more expensive than term in premiums. Oh sure, you're promised life-long insurance (as long as you keep up with the premiums) and a "cash value" account. The cash value acts like a savings account where the client/victim can BORROW against his own money, but has to pay it back PLUS 5% interest. If he doesn't pay it back, it will be deducted out of the death benefit when he passes. Hence, either way, he's out the money. The insurance salesman tells you that the Cash Value gains interest at around 5%. Yet, after you factor in fees/commissions, the ROI is about 1.5% ….garbage. Here's the kicker: When the client dies, the beneficiaries only receive the face value of the policy (e.g. $60k.) You ask, "What happens to the cash value that's been accumulating all these years in my account?" The insurance company KEEPS it. That's right, they keep your money. That's why it can't be labeled as an investment. Life Insurance is one of the worst financial products out there that people buy. Why is it sold? The salesmen and insurance companies make HUGE commissions selling this nonsense. Seriously, this garbage is barely one step-up from buying a timeshare. Scam.
Jason I have a few questions, what's the best method for asking you those questions?
Life insurance is trash bro!!!
Awesome job short and simple. Answered all my questions.
I need a 101 with you about all the financial things
Bro, style is everything. You are coming off as a rap star wannabe, not a financial guru. Also, comparing a Roth and a life insurance is completely nuts. It is like comparing a car with a dishwasher. Two completely different products serving different needs.
The Roth will kill a life insurance product any day when it comes to accumulation. The only time a life insurance wins is if you die young and your beneficiaries could live to good life spending your money. Life insurance products get the agent and life insurance companies rich.
Thank you for the insight. i have a policy but i was debating of opening a roth for additional funds to grow but i was wondering if its better to just allocate more into the policy vs starting something new
Thanks for that info. Was thinking of switching over to Roth IRA from life insurance, but after watching this, I'm going to keep both.