Advice for a client in his early 60’s
There are basically three ways to structure Universal Life (UL) for estate planning:
1. Lock in Highest death benefit at the lowest cost, lifetime coverage with Guaranteed UL
2. Build cash value with a UL level death benefit for potential premium payment flexibility in future policy years
3. Build cash value with a UL increasing death benefit (option B) for potential partial cash surrenders and premium payment flexibility in future policy years.
$100,000 Face Amount, male, age 63, best health rate, sample quotes
1. $152.40 monthly Guaranteed UL
2 $195.48 monthly, UL, cash value year 20 $41,501, non guaranteed
3. $304.74 monthly, UL, cash value year 20 $74,086 and death benefit $174,576, non guaranteed
3. $304.74 monthly, UL, cash value year 20 $74,086 and death benefit $174,576, non guaranteed
