Ann and Mark are brother and sister. Here’s how they’re alike:
- They both live in Tahoe. I am jealous of this.
- Their dad bought them both Whole Life Policies. In 1973.
- Premiums on these policies were either paid, or they weren’t.
- Today, each policy has about $300k of benefit, with about $130k in Cash Value.
Here’s how they’re different:
- Ann is married with 2 teenage kids. Mark is single with no kids. But he really loves his dog.
- Ann has a need for life insurance where Mark really doesn’t.
- Ann’s Whole Life policy has a small loan attached.
Here’s what we did:
- For Ann, we did a 1035 exchange into a John Hancock IUL plan. She won’t have to pay any further premiums, and we got her OVER A MILLION DOLLARS of life insurance, designed to last until she’s 100 years old. The small loan will soon be wiped out.
- For Mark, we got him a Long Term Care plan that will provide him LTC for 6 years. If he goes on claim at 65, he’ll get OVER A MILLION DOLLARS in LTC reimbursement benefits. Oh, and his plan also has a Death Benefit should he die, and a Return of Premium rider, should he change his mind.
To which they both said: Thank you, Dad!