Million Dollar Baby 12 08
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The document discusses using a "Million Dollar Baby" whole life insurance policy to provide for a family's lifetime needs. It outlines how the policy could be used to fund a child's college education through loans, a first home purchase at age 30, a second home at age 45, and retirement income starting at age 65. If maximum illustrated rates are achieved, over $9 million could be received in benefits while still providing over $15 million in death benefit protection at age 100 from an initial $200k policy and $100 monthly premiums. However, lower actual returns could reduce benefits and jeopardize the plan.
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This document provides information on various financial products for families, including:
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The Best Way to Buy Sell or Replace Life Insurance
http://ekinsurance.com/pennsylvania-life-insurance/
Traditionally, life insurance is purchased during your working years to replace your income for your family in case you died. But if you are retired, do you still need life insurance?
Cascading life insurance
The document summarizes a cascading life insurance strategy that allows clients to transfer assets between generations while minimizing taxes. It involves purchasing a permanent life insurance policy where the client's adult child is the life insured and owner. The client's non-registered assets are transferred into the policy. Upon the client's death, ownership can be transferred to the adult child without estate taxes. The adult child can then access the cash value or maintain the policy to provide death benefits to the client's grandchild beneficiary, avoiding taxes and probate fees. Marketing materials are provided to help advisors explain the strategy to clients.
Trudeaumania 2 and Trump Dynasty for Posting online
Trudeaumania-2 and What's in Store for Us All
- Justin Trudeau wants to strengthen Canada's middle class through income-based programs that tax higher incomes and increase benefits for middle incomes.
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Primerica
Primerica is the largest independent financial services marketing organization in North America with over 100,000 licensed representatives serving more than 2 million clients and insuring over 4.3 million lives. Primerica's mission is to help families become properly protected, debt free, and financially independent through teaching money management skills and providing various financial products and services. Primerica offers a Financial Needs Analysis to assess a client's situation and provide customized solutions and programs.
Estate Planning for Charitable Donations
EAG offers unique scenarios for leaving a true legacy. Scholarships, Endowments, major charitable contributions can be accomplished while also leaving to your heirs. Estate Advisors Group offers options for planning Estates. Wills, Trusts, and a unique combination of both are covered! Minimize the Estate Taxes, Cash Out Options, Plan for the Future with EAG! Learn more at http://estateadvisors.blogspot.com/ or http://estateadvisor.wordpress.com Also on YouTube: http://www.youtube.com/watch?v=eed-hrxoglI
Seniorleads (senior leads) buy sell or replace life insurance
This document provides information on using life insurance for retirement and estate planning purposes. It discusses three main reasons why retirees may still need life insurance: 1) to replace a spouse's lost income if they pass away, 2) for estate planning to distribute assets or pay estate taxes, and 3) to maximize IRA or retirement plan distributions by leaving tax-free life insurance proceeds to heirs. The document then discusses how much life insurance retirees may need based on obligations and supporting future family income needs. It also provides strategies for using existing life insurance policies, such as 1035 exchanges to annuities or lower death benefit policies, to gain tax benefits and income. Finally, it discusses how life insurance trusts can be used to keep policy
Similar to Million Dollar Baby 12 08 (20)
The Best Way to Buy Sell or Replace Life Insurance
The Best Way to Buy Sell or Replace Life Insurance
Trudeaumania 2 and Trump Dynasty for Posting online
Trudeaumania 2 and Trump Dynasty for Posting online
Seniorleads (senior leads) buy sell or replace life insurance
Seniorleads (senior leads) buy sell or replace life insurance
Million Dollar Baby 12 08
- 1. M ILLION D OLLAR B ABY* FOR AGENT USE ONLY – NOT FOR USE WITH THE GENERAL PUBLIC *The phrase “Million Dollar Baby” should not be used with the public TC44692(1208)
- 12. Illustrating – Cash Flow Grid FOR AGENT USE ONLY – NOT FOR USE WITH THE GENERAL PUBLIC
- 13. Illustrating – Quick Calc FOR AGENT USE ONLY – NOT FOR USE WITH THE GENERAL PUBLIC
- 14. Illustrating – Quick Calc FOR AGENT USE ONLY – NOT FOR USE WITH THE GENERAL PUBLIC
Editor's Notes
- The policy will adapt to the needs of both the parents and child.
- This is the product we utilized for this particular scenario. In order to illustration this in IC solutions, we configured using the following parameters.
- This is the product we utilized for this particular scenario. In order to illustration this in IC solutions, we configured using the following parameters.
- When the child attends college at age 18, the parents plan to take loans against the cash value of the policy to supplement tuition costs. This yields distributions in the amount of $12k, which will be taken yearly until the child’s graduation.
- At age 30, the child will access his policy’s cash value by taking a loan of $25k to be used as a down payment on his first home. At age 45, the child will take a second loan of $100k to purchase a vacation condo. All of these distributions will be received tax free.
- Anticipating retirement at age 65, the child will begin a distribution stream to supplement his retirement income. IC Solutions calculates the loans to be almost $250k each year. This distribution stream continues until the child reaches age 100, leaving a large death benefit and ample cash value inside the policy.
- The initial face amount of $200k provides early death benefit protection for the parents. When the child reaches adulthood, the parents plan to transfer the policy over to their son, thus allowing him to use the death benefit to protect his own family. By time the child is in his mid 50’s, his death benefit is projected to reach over $1 million.
- This is how everything is inputted and organized in the software. You will notice the premium outlay and distributions must be configured using the Cash Flow Grid in the Premiums/Distributions section of the software.
- This Quick Calc as created in IC solutions. This Agent’s Only report can be referenced to ensure the case is correctly designed. As we scroll through the document, we will verify the many distributions our of the policy.
- Page 2 of the Quick Calc.
- Lets summarize the benefits from the couples SecurePlus Provider Policy.
- This is the total solution. The policy provides for living benefits during the lifetime of the child, as well as an ample death benefit. This benefits assume the child lives to age 100. The most staggering statistic of all is the total premiums paid into the policy, a mere $27,000.