Your Financial Puzzle

Your Financial Puzzle

Dec 02, 2016

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Bradley W. Pratt

Throughout my 35 years as a financial adviser, the topic of life insurance has often come up in client conversations. For many people, life insurance is an important piece of their financial puzzle. It provides protection – the ability to pay-off debts, income for their family, final expenses, and dollars for estate taxes. The money is tax-free and allows other assets to remain sheltered and protected. In these days of extremely low interest rates, it can also offer a way to safely grow money.

One type of life insurance that is rarely talked about, but has fit well for a number of my clients, is Single Premium Whole Life. It offers growth of cash value and a death benefit, with no additional premiums ever needed. Here are two examples of how my clients have benefited:

A 68 year-old client of mine had an old life policy he was still paying premiums on. He wanted to keep some life insurance in force, but did not want to pay any more premiums. He took the old policy’s cash value and purchased a single premium whole life for $33,500.* He now has a tax-free death benefit for his family that will remain in force with no additional or future costs.

A 70 year-old client of mine had $50,000 in a CD. She asked me what to do with these funds since they were hardly earning any interest. She had no plans to use the money and indicated that it was being saved for her grandchildren. I suggested she look at a single premium whole life. She used the money to purchase a policy and named her grandchildren as the beneficiaries. They will now receive a larger amount of money and get it tax free as a death benefit.

When was the last time you reviewed your financial puzzle?

Western is one of the few companies that has a Single Premium Whole Life product available. Contact me at 800-390-0770 to discuss solutions to your financial puzzle.

*Subject to underwriting.

by Bradley W. Pratt, CLU, Agent for Western Fraternal Life



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