@personalfinanceclub: Jonathan @LifeInsuranceRefunds has figured out a way to actually get a REFUND to buyers who were sold these products on these false premises. If you have a policy and want to get out, it may be worth contacting him. I'm sure (some) life insurance salesmen are going to come for me in the comments, but there's something important to note: I'm not selling anything. This isn't sponsored. Jonathan didn't ask me to post this. It's simply what I believe and think is right. It seems like the only people on the "pro" side of the "should you invest in life insurance?" debate are the salespeople who earn huge commissions for making a sale. Those commissions are generally about a FULL YEAR of premiums paid. i.e. if an agent signs you up for a $500/month permanent life insurance policy, they stand to make about $6,000 in commissions. And the insurance company loves paying those commissions because the products are so profitable. Guess where that money is coming from. You and your future potential investment growth. Yesterday I had a few people kindly share via DMs that they've been following for a while and they're now millionaires or well on their way. I shared those messages in my stories and then more stories FLOODED in. So many people who CANCELLED their permanent life insurance policies, started INVESTING that money and now have hundreds of thousands if not millions invested. Guess what story I didn't hear. This one: "I bought a bunch of life insurance and now I'm rich". The reality is that for most of these policies it takes YEARS for them to have a cash value of just what you put in. You'd be better off shoving those premium payments under your mattress. You're SO much better off investing in index funds in a Roth IRA! If you need life insurance because someone depends on your work to live (in or out of the home) buy a TERM policy for 10-20 years. Term policies are CHEAP. More like $50/month (depends a lot on your age, how much coverage you have etc). INVEST the money you're not spending on life insurance! As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often. -Jeremy

Jeremy Schneider

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Region: US

Friday 18 July 2025 04:23:43 GMT