Dave Ramsey "Kind Of" Recommends FE

[WGO]

I was listening to the Dave Ramsey radio show last night. He hates whole life and always recommends term only. A lady that was 80 called in for her and her husband. Said they had no savings or funeral plan and should they consider a FE policy. Dave said he doesn't know a lot about FE, but it looked like in their situation it might be their only option. He did advise them to shop around as she was talking about a GI plan with a waiting period from one of the mailers.

Looks like they never started that savings plan to go along with their term.

 

[lsalmans]

I was listening to the Dave Ramsey radio show last night. He hates whole life and always recommends term only. A lady that was 80 called in for her and her husband. Said they had no savings or funeral plan and should they consider a FE policy. Dave said he doesn't know a lot about FE, but it looked like in their situation it might be their only option. He did advise them to shop around as she was talking about a GI plan with a waiting period from one of the mailers.

Looks like they never started that savings plan to go along with their term.

LOL im glad you mentioned this... Im not a huge fan of Ramsey for obvious reasons, so when I see him "cave in" on one of his principals so to speak, its kind of refreshing... but in general I just dont think financial advice can be a one size fits all for all families. I have learned that Ramsey is not that smart when it comes to actual financials. His concepts on how to invest in the stock market, is just terrible. His illustrations he runs in his books are such that they show 10% annual COMPOUNDING interest. We all know the market doesnt go up 10% year after year. People forget the market has to go up 100% to make up for a 50% loss. I think Ramsey made a very good tactical decision and got plugged into the churches, and the church crowd ( which im a part of), was buying his books up like crazy and doing small groups based on it and the whole shabang.

 

[jacobtn]

I actually did just listen to that call on his website archives. The lady was talking about AARP or Globe, not sure which. He told her that he would buy it!! But he recommended she call Zander first to see if they would offer a better product than ROP (kind of crazy since he says none of his ELPs can offer Whole life??)