“Whole life insurance is the worst place to put your money!”
You’ve probably heard this “conventional wisdom” spouted by the financial entertainers on social media or maybe even from your broke-as-a-joke uncle Joe at a family gathering. Apparently for most Americans it goes without saying (yet often is) that whole life insurance is just “way too expensive and hardly makes sense for anyone.” Period.
Luckily you know better because you actually took the time to investigate it for yourself and learn the process of banking, so you aren’t bothered by the naysayers. It’s been said that “most people’s understanding of whole life insurance is based on someone else’s misunderstanding.” This is evident nearly every time you start questioning those naysayers on their understanding of whole life insurance and their knowledge on the process of banking.
Here’s 2 simple questions to ask someone who is berating you for buying whole life insurance:
- What do you mean by that?
- How did you come to that conclusion?
These questions nearly always expose their ignorance of the process of banking and the product of whole life insurance. You will quickly see where they misunderstand this concept and can more easily correct what they think they know that just ain’t so. And who knows, maybe one day they will thank you!
For a deeper explanation, here’s a podcast episode to better prepare you to handle those inevitable conversations:
Episode 24:All of my friends think I’m crazy for putting my money into whole life insurance!
As always, please let me know if I can be of service.
Cheers,
Dave
