What Kind Of Life Insurance Does Dave Ramsey Suggest?
1365 POINTSview profileRobert Attala LUTCF, PFPAgency Owner, A1 Insurance LLC, Arizona, California AgencyGreat question. Dave Ramsey on his radio show that i listen to when I am in the car he like term life insurance. He like 20 year term life. That is good life insurance for the least cost. If you die in the term lets say year 19 you passed away the policy would pay your kids or wife the death amount.Answered on August 27, 2013flag this answer
21750 POINTSview profileJim WinklerCEO/Owner, Winkler Financial Group, Houston, TexasThat is a great question! Dave Ramsey believes that there are some kinds of insurance policies that you definitely should carry, but Life insurance is not necessarily one of them. I believe that his take is that if you have done your finances right, there is no need for life insurance, you pay your funeral costs out of a cash fund set aside for it. You cover debts with short term policies if needed. I agree with a lot that he suggests, but I'm not sure that I agree with this one. Who has a savings account big enough to cover your missing income, and cover your final expenses that won't get touched? Certainly not the majority of Americans. A recent study showed nearly 60% of Americans have less than $3000 savings. Life insurance makes sense for them. Thanks for asking!Answered on July 7, 2014flag this answer
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