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$Mil dollar baby
- 1. TM
- 2. Expect more from Life TM
- 3. Expect more from Life TM
- 4. Expect more from Life TM
- 6. Expect more from Life
- 7. Couple in their early 30’s Looking to provide a life long benefit for their newborn child Want a product that can adapt to the child’s many life stages Affordability is an issue
- 8. Death Benefit Protection until the child reaches adulthood College expenses for 4 years (child age 18 to 21)
- 9. Death Benefit Protection (adulthood) First home purchase (age 30) Second home (age 45) Retirement income (age 65 and on) Access to Death Benefit (while living)
- 10. Male, Age 1,Verified Standard NT Check-O-Matic Premium ($100/month) $200,000 Face Amount Option B (increasing) Death Benefit Guaranteed Insurability Rider ($50k) Accelerated Benefit Riders – No Cost Life Insurance input parameters
- 11. Child begins 4 years of college at age 18 Parents take annual loans against the cash value to supplement tuition costs Produces 4 separate income tax-free distributions totaling $48k
- 12. At age 30, child takes a loan of $25k from the cash value for a down payment on his first home At age 45, child purchases a vacation home with a second loan of $100k Distributions are received income tax-free
- 13. At age 65, child takes distributions to supplement retirement income Insurance illustration calculates tax free income taken as loans at age 65 to be $154,979 per year Distributions continue until age
- 14. Initial face amount provides death benefit protection for parents Transfer of policy provides death benefit protection for child’s family DB is over $700,000 by mid 50’s
- 15. Scheduled Premium Payments • From age 1 to age 5 $100 per month • From age 6 to age 10 $150 per month • From age 11 to age 17 $200 per month Scheduled Income • From age 18 to age 21 $12,000 / year for 4 years college • At age 30 $25,000 for house down payment • At age 45 $100,000 cash for 2nd home
- 16. Illustrating Cash Flow Ages 1-20
- 17. Illustrating Cash Flow ages 21- 51
- 18. Tax Free Income continues to age 120. Death Benefit @ age 100 is $9.1 Million
- 19. College Expenses ($12,000 x 4) $48,000 Mortgage Down Payment $25,000 Vacation Condo $100,000 Retirement Income ($155K x 35 yrs ) $5,424,265 Total Benefits Received $5,752,244 Death Benefit at Age 100 $9,186,477 Total Premiums Paid $31,800
Hinweis der Redaktion
- 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.