Got banned from r/personalfinance for telling someone to ditch their whole life insurance policy

I replied to a guy in Omaha who was paying $340 a month for a $50k whole life policy he'd had for 3 years. Told him to cancel it and buy term life instead, then invest the difference in a low cost index fund. The mods nuked my comment for "giving unlicensed financial advice" but the guy DMed me thanking me because he was about to drain his savings on premiums. Has anyone else gotten hit for stating basic financial literacy on those strict subs?

3 comments

3 Comments

the_anthony5d ago

Yeah I got hit in r/investing for telling someone to skip the Roth IRA and max out their 401k match first lol. Mods said I was "promoting unregistered advice" but seriously that's like Day 1 stuff.

jamief675d ago

Did you end up appealing that or just let it go?

jamieb805d ago

Is it just me or do mods on those subs think they're the SEC now? @the_anthony you're totally right about the match thing being basic stuff... it's literally rule number one in the flowchart lol. I didn't bother appealing mine because I figured they'd just ban me again for being a smartass in the modmail. The funny part is the guy who DMed me actually thanked me for saving him like $12k over the life of that whole life policy. But yeah, telling people to buy term and invest the difference is apparently "risky advice" now... what a joke.