Myths created by Dave Ramsey & Suze Orman

If you listen to these two above when you need life insurance & long term care the most, you may not be insurable. They "preach" buy term, not perm (permanent life insurance) because you can do better putting your cash in an investment tool. First of all, what is safer than life insurance? There has never been a life insurance company that couldn't pay its claims. Never. Secondly, there are permanent life insurance policies that only use the cash build up to keep the policy in force & that are guaranteed throughout your 60's & 70's. Example, a client 22 years old has a 10 year term policy paying $23/month every month for ten years, I put in place through a conversion from the term to a permanent Universal Life Product. The client now has $200k of life insurance for the rest of their life and now pays only $34/month. The thinking is what if the client needs term after he 32 (when the 10 year term runs out) & has become uninsurable along the way? That means Mr. Ramsey, he pays an extremely higher premium IF he/she can get the insurance at all.
Along the same lines is their views on Long Term Care Insurance. Tune in anytime & you'll hear, "You don't need Long Term Care Insurance until your in your 60's. Example of why this is not good advice. Mr. & Mrs. Client, that I just recently did an estate plan for listened to this sort of advice. Now in their 70's and uninsurable, the only exposure in the estate plan is due to not getting long term care in their 50's & 60's. So Mr. Ramsey's advice has created an estate planning problem that will addressed if something should happen & LTC is needed.
You see, while their discipline may be good for us all, their advice may not be great for many. They'll say, "he's selling insurance, of course he wants you to listen." I'll say, they are selling stuff too and want you to listen. If you listen to Dave's advice & follow the "buy term instead of perm & invest the rest," you'll be part of the
10% of his listeners that actually do so!
Point is, don't be left without insurance, you don't know what life has in store for you. Don't buy into this mentality, maybe your investments don't do as well as they are projected (they never do). Long Term Care insurance isn't something we think about everyday, but if you need it, you'll think about it every hour.