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SVTPerformance's Chain of Restaurants
Road Side Pub
Whole life insurance
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<blockquote data-quote="Ohio Snake" data-source="post: 15906883" data-attributes="member: 157862"><p>I’ll chime in again. Term insurance works perfect for what YOU need and how YOU will use it. There is nothing wrong with your philosophy.</p><p></p><p>Term is utilized for the majority of life insurance needs due to the low UPFRONT cost for a specified period of time.</p><p></p><p>Cash value policies may serve the same purpose, however there are many scenarios cash value policies are better to utilize over term insurance. Again, it all depends on what the owner wants. </p><p>The key to a good policy is making sure the policy features align with the goals of the owner AND the owner fully understands the policy. </p><p>Someone mentioned the cash value is lost at the time of death in a cash value policy. That statement is not entirely true depending on how the policy is written.</p><p></p><p>I’ve read a lot of misinformation and opinions on life policies. Again it depends on what you want.</p><p></p><p>Here’s a potential complex scenario. Lets see if any one can answer this and why:</p><p></p><p>Meet Tom: </p><p>Tom is 68 years old and retired. He is single.</p><p>Tom has an old 401K converted to a traditional IRA with a balance of $1,000,000.</p><p>Tom has social security income of $30k annually.</p><p>Tom is taking distributions from his IRA of $50k annually.</p><p>His federal tax bracket id 25%.</p><p></p><p>Meet Jerry</p><p>Jerry is also 68 years old and retired. He is single and a good friend of Tom.</p><p>Jerry has an old 401k converted to a traditional IRA with a balance of $500,000.</p><p>Jerry has a variable life insurance policy with an option B death benefit of $500,000 and cash value of $300,000. </p><p>Jerry has social security income of $30K annually.</p><p>Jerry is taking distributions from his IRA of $25K annually</p><p>His federal tax bracket is 25%.</p><p></p><p>Question: Which one ( Tom or Jerry) has the highest net annual income ( spending cash), including social security, after federal taxes are paid? </p><p></p><p>Why?</p><p></p><p>I think it will be interesting to see what answers are generated. </p><p></p><p></p><p></p><p></p><p>Sent from my iPad using Tapatalk</p></blockquote><p></p>
[QUOTE="Ohio Snake, post: 15906883, member: 157862"] I’ll chime in again. Term insurance works perfect for what YOU need and how YOU will use it. There is nothing wrong with your philosophy. Term is utilized for the majority of life insurance needs due to the low UPFRONT cost for a specified period of time. Cash value policies may serve the same purpose, however there are many scenarios cash value policies are better to utilize over term insurance. Again, it all depends on what the owner wants. The key to a good policy is making sure the policy features align with the goals of the owner AND the owner fully understands the policy. Someone mentioned the cash value is lost at the time of death in a cash value policy. That statement is not entirely true depending on how the policy is written. I’ve read a lot of misinformation and opinions on life policies. Again it depends on what you want. Here’s a potential complex scenario. Lets see if any one can answer this and why: Meet Tom: Tom is 68 years old and retired. He is single. Tom has an old 401K converted to a traditional IRA with a balance of $1,000,000. Tom has social security income of $30k annually. Tom is taking distributions from his IRA of $50k annually. His federal tax bracket id 25%. Meet Jerry Jerry is also 68 years old and retired. He is single and a good friend of Tom. Jerry has an old 401k converted to a traditional IRA with a balance of $500,000. Jerry has a variable life insurance policy with an option B death benefit of $500,000 and cash value of $300,000. Jerry has social security income of $30K annually. Jerry is taking distributions from his IRA of $25K annually His federal tax bracket is 25%. Question: Which one ( Tom or Jerry) has the highest net annual income ( spending cash), including social security, after federal taxes are paid? Why? I think it will be interesting to see what answers are generated. Sent from my iPad using Tapatalk [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Whole life insurance
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