Not Your Average Financial Podcast™

Episode 64: [Mythbusters] Buy Term and Invest the Rest

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In this episode, we ask:

  • What happens when people hear the words “life insurance”?
  • How long does a death benefit last?
  • What does Whole Life Insurance provide that Term Insurance does not?
  • What is cash value?
  • What about high commissions paid to an agent?
  • Where did the slogan “Buy Term and Invest the Difference” originate?
  • Who is A.L. Williams? How was he involved with proliferating Buy Term and Invest the Rest?
  • What is the process for buying term?
  • What is Dave Ramsey’s soapbox built upon?
  • What do A.L. Williams and Dave Ramsey have to do with each other?
  • Does the stock market do 12% each year? …Mr. Ramsey?
  • What are the guarantees?
  • What legal limitations do insurance companies have with illustrations?
  • Can you compare the rate of growth on mutual funds and growth rate of life insurance?
  • What is the rate of return on a death benefit?
  • What about the tax consequences?
  • What about the market risk?
  • How is the loan feature on Whole Life Insurance different from a Term Insurance policy?
  • What does it mean to “self insure”?
  • Does self insuring make sense for you?
  • What’s the difference in cost on Term Insurance based on age?
  • What’s the increasing cost of term insurance?
  • Which type of insurance is better for you?
  • Are you really solving the same need with both insurance types?
  • What happens if you drop the term insurance and try to buy it again later?
  • Which type of policy has a “built in expiration date”?
  • How often do Term Insurance policies actually pay out claims?
  • What’s the difference between Annual Renewable Term, 10 year Term and 20 year Term?
  • How are the premiums different in Whole Life Insurance vs. Term Insurance?
  • In what vehicles did our grandparents save?
  • Who actually follows the advice of Buy Term and Invest the Rest?
  • What’s the risk of buying Term Insurance?
  • Why do people buy Term?
  • What is the idea of self insuring based upon?
  • Which method will protect our families and be there when we need it?
  • Is this myth officially busted?!

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