During the last week we have worked on dozens of life, long term care, disability and annuity cases working alongside our Advisers.
Advisor had a relative that was a young high earner and inquired about his need for life insurance and alternative to supplement retirement income. He was very interested in a premium finance option to limit out of pocket expense. After our research, we offered a new turn-key program offered by Insured Retirement Advantage to fund the premiums.
The planning objective was to maintain the Target Death Benefit over his lifetime with maximized income starting at age 65. Client was age 31 earning about $500,000 annual.
Solution: Client out of pocket was $91,000 annual for 10 years to pay interest. Premiums were $182,167 for 10 years paid by the financing company. Initial death benefit was $4,000,000. The financed premium loan was paid off from cash value in year 15. The projected cash value at age 64 was over $5,700,000 and the projected TAX-FREE income at age 65 was over $575,000 annual to age 100.
Call me about a case and we’ll create a nice presentation package for you.
Tim Morton, CEO
If you are not discussing these types of cases with your clients, then who will?
Westland is here to help you protect your clients, their families, their businesses and their portfolio.
Call for assistance with any LTC, Annuity, DI or Life case today.