Whole Life Insurance

challenge

Life insurance for a single individual

Tom is a young professional, he does not have a large need for Life Insurance, but does realize that could change down the road.

Once he realized the advantages to starting a plan earlier, his age and health working in his favour, he was willing to look into some options.

solution

Term Life Insurance

To take advantage of this we recommended a plan with premiums that would remain level and given the choice he would prefer a condensed period of paying premiums. He also would prefer a plan that would provide for a hands off approach with a savings element attached.

In this situation, a 20 pay (premiums stop after 20 years) Whole Life plan with a financially stable company and with a proven history of dividend performance was recommended.

results

Tax-free loan payments
  • After showing Tom how the cash values of the plan will grow significantly to the point where at retirement they can be used as collateral to allow for tax-free loan payments to supplement his other retirement planning.
  • The death benefit has also grown to still be able to provide for repayment of the loan as well as a tax free payment to his estate.
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