- Dec 15, 2013
- Galena, Ohio
I'm a single guy with no dependents and no debt save for a mortgage. I was looking at cash value whole/universal policy from more of an investment standpoint and as something to leave my sisters(I'm the oldest). Would it make sense for me in any way?
If your interested in cash value growth with the opportunity of tax free income at retirement AND a you want a tax free death benefit to leave someone (such as your sisters) that will last throughout your lifetime, then a whole life or universal life policy may make sense.
Specifically, a variable universal life may give you the investment growth aspect you may be looking for or you may consider an Indexed Universal Life for safer growth and better return than fixed.
Whole Life may be the most expensive due to guaranteed cost of insurance, guaranteed interest rate and guaranteed level premiums….no surprises.
It’s important to shop carriers, compare tabular cash value growth features and benefits contracts may offer. Some contracts may offer great Accelerated Benefits such as chronic illness, critical illness, critical injury and terminal illness within the contract.
Personally, I have a variable Universal Life policy with ABR’s. The strategy I use for funding is a non- MEC level premium for building cash value. Inquire with your insurance agent about this strategy to see if it’s right for you or PM me for more information.
Sent from my iPad using Tapatalk