Universal Life Insurance

challenge

Supplement retirement planning

Barry, a practicing General physician, was looking for a vehicle that would allow him to supplement his retirement planning.

solution

Universal Life Insurance

Since he already had a need for Life Insurance, we suggested he look into a Universal Life policy. As he was recently allowed to incorporate, we were able to use some of his retained earnings in his corporation to fund the program.

results

Investment Control
  • With Universal Life Barry was able to allocate the funds to his own preference which suited him well as he was able to choose his own investments and it also gave him the flexibility to contribute more in some years and less in others.
  • Also, we were able to create a tax shelter for the retained earnings that were previously being taxed while they were sitting in the corporation. Once we showed Barry how he could use the tax sheltered accumulation of his funds as collateral to pay himself tax free loan payments for supplemental retirement funding and still have enough Life Insurance to pay off estate taxes he was sold on the idea.
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