Client, Female age 68, with first grandchild having first birthday. Her Advisor mentioned the cool Legacy Gift Idea, and she said great idea! Her mother (Great Grandma) contributed $1,000 and she committed to $100 monthly for 20 years into a Indexed Life Program for grandson.
Expected results: $25,000 invested over 20 years, cash value expected of only $40,000 at year 20 and with a death benefit of over $200,000 and growing from day 1. Nothing too exciting, yet, but wait. By year 40 the cash value is expected to be over $160,000 and the death benefit over $400,000. By age 65, the cash value is expected to be near $1,000,000 and death benefit over $1,200,000. Quite a legacy from only a small initial commitment.
Using a savings calculator on Bankrate.com with a 6% assumption, the result at age 65 is about $750,000 with no insurance. There are extra bells and whistles with the Legacy Gift Idea (tax free distributions-loans for example). Start letting your clients who have children and grandchildren know about this and you will be surprised how many will move forward. Call us for a customized illustration for a case today, maybe for your own child or grandchild!
Case Study Female Age 2
Sample Illustration Female Age 2
Tax free withdrawal of $23,000 to help pay for college expenses and $44,000 tax free supplemental retirement income. That is a wonderful legacy for you to be remembered by.
We met with an advisor and discussed ideas to help him boost revenue while helping many clients and prospects. We discovered a couple ages 59 and 58 who he had completed some retirement planning work with and they were going to be just fine according to his E-Money Capital Needs Projection. However, we modified the model to test for several scenarios.
Him dying tomorrow (had existing term insurance through age 75)
Her dying tomorrow (no current life insurance)
Him or her having a long term care event at age 83 for 4 years duration (no existing LTCi)
Him dying – plan still succeeded
Her dying – plan failed
Either having LTC event – plan failed
This planning session led to a 15 year term sale on her and traditional LTC insurance on both. They didn’t have the portfolio to justify a linked benefit strategy, but we did look at all options.
Partner with Westland and allow us to help you figure this all out and be by your side if needed when presenting solutions to your clients.
Hopefully you are thinking of clients where you can add real additional significance and value to their family with protection and legacy strategies.
Call for your personalized case designs today. We are here at your service.