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Whole Life Insurance: The Truth Salespeople WON’T Tell You

Is whole life insurance a scam or a worthwhile investment? You may have heard us talk about whole life insurance before, but we’d bet we’re not the only ones mentioning it to you. Your financial advisor, business partner, parents, or fellow investors could have also let you in on the “amazing benefits” that only whole life insurance can provide. But how much of this is fact, and how much is fiction? And, if whole life insurance is such a bulletproof investment, why not buy a policy right now instead of investing for retirement? We brought on Dr. Jim Dahle, better known as, "The White Coat Investor," to explain the truth behind the whole life insurance system and whether or not it really is a scam. Jim started his financial education during his medical school residency after realizing that almost every financial professional was trying to take advantage of him. Whether it was a real estate agent, financial advisor, or accountant, Jim felt like he couldn’t hold his own when in casual conversation with them. So, he beefed up his knowledge of investing and finance and started "The White Coat Investor" to help doctors, just like him, make sense of their cents. Early in his investing career, Jim spent over seven years paying into a high-priced whole life insurance policy, only to realize that he made a negative return. Now, he’s here to educate EVERY investor on what whole life insurance really is, who truly needs it, and the MASSIVE commissions salespeople make when selling you a policy. If you have whole life insurance, you NEED to hear this. And if you don’t, you’ll now understand why it’s pushed so hard on everyday Americans. Show Notes at: https://www.biggerpockets.com/blog/mo... ~~~~ Join BiggerPockets for FREE 👇 https://www.biggerpockets.com/signup?... ~~~~ Join the BiggerPockets Money Facebook Group:   / bpmoney   ~~~~ Find an Investor-Friendly Agent in Your Area: http://biggerpockets.com/agentmatch ~~~~ Got a Money Tip to Share? Send Us an Email: [email protected] ~~~~ Episodes Mentioned in Today’s Show: Kyle Mast (FInd a Financial Planner): https://www.biggerpockets.com/blog/bi... Joe Saul-Sehy (Life Insurance): https://www.biggerpockets.com/blog/bi... ~~~~ Why All Real Estate Investors Should Have Solid Life Insurance Coverage: https://www.biggerpockets.com/blog/re... ~~~~ Connect with Jim: Books: https://shop.whitecoatinvestor.com/co... Podcast: https://www.whitecoatinvestor.com/wci... Website: https://www.whitecoatinvestor.com/ ~~~~ Why Whole Life Insurance Is a Bad Investment—Debunking the Myths: https://www.whitecoatinvestor.com/deb... ~~~~ Find a Fee-Only Financial Advisor: https://www.xyplanningnetwork.com/ ~~~~ Want to Be a Guest on the BiggerPockets Money Show? Apply Here: Guests: https://www.biggerpockets.com/guest?u... Finance Friday: https://www.biggerpockets.com/finance... ~~~~ Connect with Scott and Mindy on BiggerPockets: Scott: https://www.biggerpockets.com/users/s... Mindy: https://www.biggerpockets.com/users/m... Episode #390 00:00 Intro 01:29 Money Moment 02:10 Learning the Money Language 06:25 Whole Life Insurance Explained 12:33The Real Reason You're Sold Whole Life Insurance 16:29 Who Should Get Whole Life Insurance? 20:50 The "Infinite Banking" Illusion 31:18 Refuting the Sales Pitches 38:07 When to Dump Your Policy 41:43 Breaking Up With Your Advisor 53:02 Most Policies Don't Make It! 54:27 Fee-Based vs. Fee-Only Advisors 55:42 Connect with Jim! 56:21 The RIGHT Way to Buy Life Insurance