Retirement Problem Solved

Dr. George’s agent performed a policy review with him and uncovered the fact that he would have a retirement shortfall because a current life insurance policy wasn’t performing suitably. Like many people today, George knows he must build a retirement pool of his own because traditional retirement vehicles are not substantial enough to maintain his current lifestyle.

Life Insurance in Retirement Planning (LIRP) can provide George with access to the potential policy cash value via tax-free loans and withdrawals to supplement his other sources of retirement income. If George dies before retirement, the life insurance tax-free death benefit provides cash to his family to compensate for the loss.

Retirement Solution

Male, age 67, Approved Standard Nonsmoker due to medical history 

The Policy:

• $1,770,000 initial death benefit, he is the owner and his wife is the beneficiary
• Indexed Universal Life Policy*
• $900,000 single premium via 1035 Exchange from existing life insurance policy

First Year Target Premium: $91,000

*MVP Financial used proprietary software to compare multiple products and carriers to determine which policy could provide the highest amount of cash flow.

Business Problem Solved

Ken is President, CEO and part owner (with other investors) of an equipment company. Ken handles the day to day operations and is responsible for growing the business. Most of the company’s value is derived from Ken’s experience and skill set which is crucial to the success of the business. The company is looking to protect the interests of the investors and provide debt protection. Additionally, Ken is key to his family’s current and future financial security.

Premature death can cause financial hardship to Ken’s business partners and his family. Purchasing life insurance can provide financial protection with a tax-free death benefit to the company and his family.

The Solution

Male, age 55, in good health, Approved Select Preferred as the best available class

Policy #1:

• $10,000,000 death benefit, the business is the owner and beneficiary
• Term UL Policy Guaranteed for 10 years
• $15,070 annual premium
  
  Policy #2:
• $1,500,000 death benefit, owned by him with his wife is the beneficiary
• Term UL Policy Guaranteed for 15 years
• $2,971 annual premium

First Year Target Premium: $18,000

Additional Estate Planning insurance solution is currently in the works. 

Fact Finders: The Facts Can Make the Sale

These handy detectors are easy to use, ask the important questions and are an excellent way to start a client conversation in a meaningful way. It’s the right thing to do to help your clients plan appropriately for their future while protecting your reputation and increasing your bottom-line.

MVP Financial has many Fact Finders available on our website for your use:

• Basic Needs Analysis
• Life Insurance in Retirement
• Blended Families Planning
• Single Parent Planning
• Domestic Partners Planning
• Charitable Planning
• Estate Planning, and more