Ramesyite

[rousemark]

Had a referral to a 47yr old male.. 6 stents.. last two inserted 12/09. Been declined by Primerica and AGLA. Has a term policy in force for 3 more months but the renewal rate is going to be very steep. Was able to qualify him for a SIWL at a price he though OK. Then I made a "mistake".. I said, "This is WL and it is guaranteed the premium will never increase like that of your present policy. To which he responded, "Oh, I don't want WL. I don't believe in it. I believe in what Dave Ramsey teaches." After much discussion to no avail, I told him, "Buying term as recommended by Dave Ramsey for a permanent need is what got you in the mess you are in."

He asked for my card and said he would give me a call.. Anyone want to post odds?

 

[BenS]

People are so ridiculous sometimes... I give it 200/1 odds that he calls back. He'll die soon and somebody else will have to pay for his funeral. Maybe his family can call Dave Ramsey to help foot the bill.

 

[0b1kanobee]

I wonder if Dave Ramsey has a whole life policy?

I bet if you were able to scrutinize his records, you find one or two, maybe more.

Then again he may be a complete stubborn ass.

 

[Mattschmidt]

I would simply tell him that Dave gives general advice to millions of people. Dave's philosophy would work if you didn't have medical issues. But since you can't qualify for term insurance this whole life is the only thing available for you. I know for a fact Dave would encourage you to have some insurance in place versus not being insured

 

[xrac]

Had a referral to a 47yr old male.. 6 stents.. last two inserted 12/09. Been declined by Primerica and AGLA. Has a term policy in force for 3 more months but the renewal rate is going to be very steep. Was able to qualify him for a SIWL at a price he though OK. Then I made a "mistake".. I said, "This is WL and it is guaranteed the premium will never increase like that of your present policy. To which he responded, "Oh, I don't want WL. I don't believe in it. I believe in what Dave Ramsey teaches." After much discussion to no avail, I told him, "Buying term as recommended by Dave Ramsey for a permanent need is what got you in the mess you are in."

He asked for my card and said he would give me a call.. Anyone want to post odds?

Nobody says that Ramseyites are smart.

 

[VolAgent]

Had a referral to a 47yr old male.. 6 stents.. last two inserted 12/09. Been declined by Primerica and AGLA. Has a term policy in force for 3 more months but the renewal rate is going to be very steep. Was able to qualify him for a SIWL at a price he though OK. Then I made a "mistake".. I said, "This is WL and it is guaranteed the premium will never increase like that of your present policy. To which he responded, "Oh, I don't want WL. I don't believe in it. I believe in what Dave Ramsey teaches." After much discussion to no avail, I told him, "Buying term as recommended by Dave Ramsey for a permanent need is what got you in the mess you are in."

He asked for my card and said he would give me a call.. Anyone want to post odds?

The guy is brilliant, he realizes he isn't going to live too long. Too bad the insurance company knows it too. Nobody on earth wants to give him term coverage.

 

[jdeasy]

Had a referral to a 47yr old male.. 6 stents.. last two inserted 12/09. Been declined by Primerica and AGLA. Has a term policy in force for 3 more months but the renewal rate is going to be very steep. Was able to qualify him for a SIWL at a price he though OK. Then I made a "mistake".. I said, "This is WL and it is guaranteed the premium will never increase like that of your present policy. To which he responded, "Oh, I don't want WL. I don't believe in it. I believe in what Dave Ramsey teaches." After much discussion to no avail, I told him, "Buying term as recommended by Dave Ramsey for a permanent need is what got you in the mess you are in."

He asked for my card and said he would give me a call.. Anyone want to post odds?

Newby has a great response to the Ramseyites of the world. He posted it on here. I don't know where to look to find it. But basically, if the guy was following all of Ramsey's advice he wouldn't need the insurance at time of funeral.

You can't pick and chose the parts of the Ramsey plan that you like. It's an all or nothing plan.

Most of his followers that I've run into are too stupid to have as clients anyway.

 

[0b1kanobee]

Newby has a great response to the Ramseyites of the world.

"Dave's been good to me!"

Yeah I read somewhere on here once where if you were a true Ramsey follower you would be eating Ramans soup for breakfast, lunch and dinner. LOL

 

[xrac]

Newby has a great response to the Ramseyites of the world. He posted it on here. I don't know where to look to find it. But basically, if the guy was following all of Ramsey's advice he wouldn't need the insurance at time of funeral.

You can't pick and chose the parts of the Ramsey plan that you like. It's an all or nothing plan.

Most of his followers that I've run into are too stupid to have as clients anyway.

JD is spot on. Here is Newby's spill:

I am a Dave Ramsey listener and enjoy his
show. I think he's a great communicator. I sell a LOT of his listeners. I sell
them term, whole-life, long-term care, etc.

It's very simple how I do it.
You agree with everything he says as a workable plan.

My database has two
checkboxes 1. Suzi Orman Fan 2. Dave Ramsey
fan.

When those boxes are checked I market term life, long-term care
(after age 60), HSA health
plans and anything else they hear recommended on the show.

If Dave does
a big speech on everyone over age 60 needs to have LTC
insurance on today's show, I can pull all my Dave fans over age 60 that don't
own LTC out of my database in
10-seconds and have a mailer in their mailbox tomorrow.

It's also very
easy to sell Dave fans whole-life or GUL which he says are a waste of money. You
just agree with him IF they are following Dave's plan.

Here is an actual
conversation I had this week. The client was a divorced lady age 51, slightly
overweight and good but not preferred health, lower middle-class income. She
wanted insurance mainly to cover funeral and final expenses, kids are
adults:

Client: I listen to Dave Ramsey
and he says to only buy term life insurance. I don't totally understand why or
what other kind there is.

Me: Great! I like to listen to Dave too. He is
very good about reminding people to live within their means and not running up
debt. That's important for everyone.

His insurance information is sound
also provided that you are going to fully follow Dave's complete plan and NOT
pick bits and pieces of it.

Client: What do you mean?

Me: Well,
you have a choice of term life insurance like Dave recommends or permanent
whole-life insurance. The term insurance is MUCH less expensive which is why
Dave recommends it. Whole-life is very affordable in smaller amounts but
probably 5 to 10 times more than term if you are comparing the same death
benefit.

Client: So why would anyone buy whole-life?

Me: Because
it's permanent. It will always be the same premium amount. The term will last 20
or 30 years or for whatever term you need it but then it will end or the rate
will be so high no one would keep it.

Client: Why does Dave say EVERYBODY
should by term? What if you live past the insurance coverage?

Me: It
won't matter because if you're following Dave's complete plan you will be filthy
rich anyway.

Client: How can he guarantee that?

Me: Dave's plan
makes perfect sense IF you are going to get gazelle intense with it. You have to
do all these things for it to work OR you will expose yourself to
problems.
1. Cut everything you can out of your spending.
2. Increase your
income by asking for raises or finding a new employer that will pay you more.
Take on extra jobs like delivering pizza at night.
3. Never eat out. Take
your lunch to work. Eat lots of rice and beans and beans and rice.
4. Pay off
all debts from the smallest balance to the largest. This is called debt
snowballing. Get completely out of debt.
5. If you have a car payment, sell
your car. Even if you are upside down in a payment sell it for what you can and
refinance the balance and pay it off in your debt snowball. Buy a $1,500
"beater" car to drive until you are completely out of debt.
6. You need to
make sure you have good health insurance in place (preferably an HSA)
and long-term disability coverage.
7. You need an emergency fund that is
liquid and has at least $1,000 in it. Once you are out of debt you want to build
6-months of expenses in it.
8. Once you are completely out of debt you stay
on course and sock all that extra money into retirement accounts. You can
upgrade your car to around $3,000 at this point if you pay cash for it.
9.
Once you are rich enough, you can cancel your term life insurance and when you
retire you cancel your disability and get LTC.
Now you can live like no one else
because you have lived like no one else.

Client: Hmmmmmmm. I don't think
I'm ever going to be rich. How much is the whole-life insurance?

Me:
$40.32 for $25,000 of whole-life coverage.

Client: GIVE ME THAT!!! That
Dave Ramsey is full of crap! I'm not driving a
beater car and delivering pizzas all night just to save forty dollars a MONTH!
He's NUTS! Why would I want term life insurance? I'm not paying for something
and then worrying that I might LIVE TOO LONG. Give me that $40 plan. I need to
turn off the radio.


Agreeing will get you much further than debating
or argrueing.

 

[adamhawley]

NEWBY:

I've heard a lot of good tips around Dave Ramsey objections, but this is BY FAR the best I've ever heard. Love, love LOVE it! I'm going to share it with anyone who will listen. Well done, my man.

Up until that point, I told people this: (which isn't near as good.)

"Dave's advice can be very sound, but let's stop and think how Dave get's paid. He gets paid because people listen to him, right? Do you think as many people would listen if some of his remarks were, say, less extreme? We have to remember, Dave is an entertainer. He gets paid to attract listeners, and sometimes you have to be extreme to gather a big following."

Suze, on the other hand, is just downright irresponsible...