Episode 74: Dave Ramsey v. Pamela Yellen, A Bank on Yourself Battle Royale

In this episode, we ask: What are Dave Ramsey’s major complaints about Whole Life Insurance? What does Dave Ramsey’s website say about term insurance? What is term insurance worth? How do you get the value in term insurance? What is the rate of return you can actually get in the marketplace? Does Dave Ramsey compare...

In this episode, we ask:

What are Dave Ramsey’s major complaints about Whole Life Insurance?
What does Dave Ramsey’s website say about term insurance?
What is term insurance worth?
How do you get the value in term insurance?
What is the rate of return you can actually get in the marketplace?
Does Dave Ramsey compare to after tax equivalent?
What are Dave Ramsey’s sources?
How does he back up his claims?
What about dividends?
What’s the whole story?
Who is Pamela Yellen?
What does Pamela Yellen’s website say about Bank On Yourself type whole life policies getting a tax equivalent yield of 9.94%?
What do her policy statements say?
How soon do Bank on Yourself type whole life policies get cash value?
How much did Pamela contribute to her whole life policy?
What is a paid-up additions rider?
What happens to cash value upon death?
How much did Pamela’s policy increase in 2009, when the market was very low?
Does the insurance company keep your cash value when you die?
Do term policies keep up with inflation?
How much does the death benefit increase?
How much does the cash value increase?
What is the beauty of a properly designed policy?
Do Dave Ramsey’s claims apply to all whole life insurance policies?
Would Dave Ramsey consider a Bank on Yourself type policy?
What are the pros and cons of both sides of the argument?
What are the pros of term insurance?
How can you protect insurability?
Here are Pamela Yellen’s Bank on Yourself type policy statements:

Financial security expert and best-selling author Pamela Yellen investigated more than 450 savings and retirement planning strategies seeking an alternative to the risk and volatility of stocks and other investments. Her research led her to a time-tested, predictable method of growing and protecting wealth she calls Bank On Yourself (www.bankonyourself.com) that is now used by more than half a million people.Pamela is the author of the New York Times bestselling books BANK ON YOURSELF: The Life-Changing Secret to Growing and Protecting Your Financial Future and THE BANK ON YOURSELF REVOLUTION: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future.

Pamela has appeared on every major TV and radio network and served as a source for organizations and publications such as the Associated Press, Fox News, Bloomberg Businessweek, Ladies’ Home Journal, Essence Magazine, Aging Today and AARP. Her articles have been featured in thousands of major publications and websites, and she has spoken to more than 1,000 audiences world-wide.

Pamela was born in Buffalo, New York, and has lived in Sarasota, Phoenix, and the San Francisco Bay area. She graduated from the University of San Francisco with a degree in psychology. Pamela and her husband Larry currently live outside of Santa Fe, New Mexico, They enjoy theatre and the arts, hiking, biking, bird watching, traveling, gourmet cooking, working out (Pamela can leg press 200 pounds!), reading, spoiling their two grandkids, and are involved in supporting numerous charitable causes.

Ten percent of all author royalties are donated to educational not-for-profits, such as The Smile Train, The Nature Conservancy, Susan G. Komen for the Cure, Wounded Warrior Project, Heifer International, and Hawk Watch.

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