Since I obtained the Certified Executor Advisor (CEA) designation, I have had many meaningful conversations with senior clients. One common thread I find is their deep love for their grandchildren. Many of you have asked me, “What can we do to help secure our grandchildren’s future?”
With the financial challenges that lie ahead, such as high inflation and the rising costs of housing, planning for their future has never been more important.
One effective option is a participating whole life insurance policy for your minor grandchildren. This can provide them with a lasting legacy that ensures their financial security and peace of mind for years to come.
Here are the Key Benefits:
- The premium is a lot more affordable as they are still young.
- When compared to an adult, a child’s policy is usually easier to get approved, due to less complicated medical history.
- You only pay premium for a fixed period (i.e. 10 years), then the coverage could last for life.
- Your grandchild would have one less thing to take care of when they grow up.
- The policy has a dividend feature, and it can be used to grow the coverage and surrender value automatically.
- Your grandkid may borrow from the policy based on their needs at the time. (i.e. tuition, wedding, down payment for a home)
- Note: There will be interest charged on policy loan
- Down the road, if there is no claim, they may even use the dividend or the cash surrender value to supplement their retirement income.
If you want to explore how this strategy can help your grandchild, I welcome you to contact me at Samuel@SamuelConsultant.com.
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Disclaimer:
The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as investment, financial, legal, accounting or tax advice. Please obtain independent professional advice, in the context of your particular circumstances. This newsletter was written, designed and produced by Samuel Li for the benefit of Samuel who is Advisors at : SamuelConsultant.com is a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities.
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