menotellname
Joined: 15 Jul 2005
Posts: 8
|
| Posted: Sat Jul 16, 2005 1:10 am Post subject: |
|
|
Age zero. The younger the person the cheaper the cost.
Call an insurance agent and tell them that you would like to see a life insurance policy illustration using these criteria:
Age of the insured: 6 months old
Type of insurance policy: guaranteed UL (universal life) policy
Finally, tell them that you would like to dump $10,000 in the policy on a single premium and never pay premiums again. Also, state that you would like to buy the LEAST amount of face amount coverage...NOT THE MOST [tell him to run the calculation just under a MEC (modified endowment contract) calculation].
Ask to see the illustration.
What is the cash value at age 35? What is the death benefit at age 35?
What is the cash value at age 50? What is the death benefit at age 50?
What is the cash value at age 65? What is the death benefit at age 65?
What is the cash value at age 80? What is the death benefit at age 80?
If you do this and take at look at the numbers at the corresponding ages then you will know what to do for your children. Keep in mind that the owner of the policy can access that cash value at any time...tax free...as long as the policy stays in force. |
|
