Yes, Dave Ramsey does like Term Life Insurance. He believes you should take out Term Life Insurance while you need the protection, all the while saving and investing on the side. Then when the term is up, his goal for you is to be "self insured" (have enough money that your family would no longer need life insurance if you died).
He recommends a particular agency that sells life insurance, but many of us on this website sell the same companies and are also good at helping you find the most affordable term life insurance.
Dave Ramsey is a big fan of buy term life insurance and invest the rest. He cut his teeth with Priamerica here in Tennessee and the philosophy has stayed with him since he started his Financial Peace University located here in Brentwood, TN. From his radio show he usually recommends a 20 year level term which for most people is a good choice. I recommend using an independent broker to purchase the right coverage at the right price for your unique situation. Peggy is correct most of us do exactly the same as the broker Dave recommends with the same life insurance carriers.
That is a great question! Yes, Dave Ramsey does like term insurance. In Dave's world, people actually save money, and keep enough on hand to be able to cover their burial expenses. They also are able to find tax-advantaged ways to transfer wealth to their loved ones. With 55% of American Elder Citizens living in poverty, 66% of our children living in poverty, and the majority of Americans living without any savings at all, I'm not sure how well his world translates into the real one. Dave has a great program, and some solid financial advice, but if you cannot save money, term will be the best choice for you only if you are too poor to afford any real coverage. I hope that helps, thanks for asking!
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Dave Ramsey recommends term insurance. He endorses a specific agency. He emphasizes adequate coverage which I consider essential in any type of financial planning. Not everyone will adapt their finances to Dave Ramsey’s model. For those who do not it would be wise to consult with a qualified agent and determine the best way to provide the protection that you need. It could be that the answer will be term insurance but for many it is other forms of life insurance. Each of us is unique and one program does not meet the needs of everyone. There is a subculture that lives near my agency that rarely purchases term life insurance.
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He recommends a particular agency that sells life insurance, but many of us on this website sell the same companies and are also good at helping you find the most affordable term life insurance.