# @daveramsey on Instagram

- **Type:** Image
- **Original URL:** https://www.instagram.com/p/CmPcRl0Mz9g
- **Gondola URL:** https://gondola.cc/posts/11580480-daveramsey-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/thumbnails/7d71ddf18a.jpg
- **Posted:** 2022-12-16T19:54:13.000+00:00
- **Account Owner:** Dave Ramsey (@daveramsey) — https://gondola.cc/daveramsey

## Caption

Whole life insurance is what most insurance companies will try to sell you. It's expensive, and it's one of the WORST financial products out there. The only people who think you need whole life insurance are the whole life insurance agents who want to make a commission off of you for your WHOLE life. I only recommend TERM life insurance. Why? — You get the same amount of coverage for about 5% of the price of whole life insurance. A term life insurance policy lasts for a set number of years (a term); I recommend getting a term of 15 or 20 years. During that time, you'll pay a VERY low rate each month for the coverage amount you need.

It's best to get a term life insurance policy that's worth 10 to 12 times your annual income. For stay-at-home parents, I recommend a policy valued between $250,000 - $400,000.

During that 15 to 20 year term, if you're following my 7 Baby Steps plan, 3 things will happen:
1. Your kids will grow up and move out on their own.
2. You will pay off all debt, even your mortgage (remember, I recommend no more than a 15-year mortgage)
3. You will consistently save and invest at least 15% of your income each month.

So, picture this: You're 15 to 20 years older than you are right now... you've got no more teenagers to feed, no debts to pay, and there are hundreds of thousands (probably millions) of dollars in your retirement investments. You're SET! If you passed away with no life insurance, your loved ones would be financially taken care of. You will have left a legacy that reminds them you cared for them deeply, and you wanted to make sure they'd be okay. A huge reason you'd be able to do that is because you weren't giving hundreds of dollars away each month to a greedy whole life insurance company.

✔️ Click the link in my profile to use my Term Life Insurance Estimator. It will help you see how affordable term insurance would be for you! 

🚨 If you already have whole life insurance, but you're thinking of switching to term, DO NOT cancel it UNTIL you've got your new term policy in place! I don't want you to go without any coverage during that in-between time.

#stayathomeparent #sahd #sahm #family #financialpeace #daveramsey #babysteps

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- **Likes:** 21,164
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- **Comments:** 310

## Tags

stayathomeparent, daveramsey, sahd, sahm, babysteps, financialpeace, family

## Matching Posts

- @daveramsey on Instagram — https://gondola.cc/posts/11580842-daveramsey-instagram

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