Whole Life? Heck No!

A caller to Dave's show heard that Dave has a whole life insurance policy. Dave has some strong words to respond.

QUESTION: David is shopping for life insurance and his agent is trying to push some whole life insurance policy on him. His agent says Dave has a whole life policy. Is that true?

ANSWER: Not only does your agent sell one of the worst financial products on the market, but he's a liar. I don't have a whole life policy with anyone. What your agent just bought was some really bad PR. He lied about me.

One of the ways I learned about how bad whole life is was that I had one that I got ripped off on. I bought it when I was 23 and got rid of it the same year I bought it. I'm 48 and it was with Northwestern Mutual. That's 25 years ago. If that doesn't make your man a complete liar, I don't know what does.

A friend of mine showed me how bad that policy was, and it infuriated me. That was almost 26 years ago and I've been mad ever since.