Senior Legacy Life Insurance's Advantages

Senior Legacy Life Insurance's Advantages

Leaving a legacy is a great goal for most people. It's not enough for your customers to enjoy their money throughout their senior years if they've worked hard all their life to accumulate riches. Most of the time, they wish to leave their fortune to their grandkids. Many grandparents are worried about their grandkids rather than their offspring. Your elder customers had more possibilities than their parents as children, and their children had more chances than they did. However, they are concerned about their grandkids, which our senior legacy life insurance plan addresses without compromising control.

How Senior Legacy Life Insurance Works

A permanent requirement can only be met by permanent (cash value) life insurance. They will be able to leave a legacy of financial independence in this manner. Here's an illustration of how this arrangement could function. A grandfather purchases a policy that covers his adult children in order to provide legacy insurance for his children and grandkids. This customer is both the plan's owner and beneficiary. Because the insurance is owned by the grandparent, he will have access to the cash value.

When a grandparent dies, the policy passes to the eldest named or insured kid. After that, he or she may designate a new beneficiary (i.e., a grandchild). The death benefit now goes to the grandchild when the adult child dies. The insurance plan helps all three generations in this instance. Your client's kid may use the policy's cash value throughout his or her lifetime, while the remaining death benefit will go to the grandchild.

Senior Legacy Life Insurance's Advantages

This approach is extremely beneficial when it comes to legacy wealth distribution for a number of reasons.

  1. Tax-Free Death Benefit- So when death benefit is ultimately paid to the grandchild, the whole sum is tax-free. For youngsters under the age of 18, putting the money in a trust is the best option.
  2. Permanent life insurance is beneficial for a number of reasons, including tax-deferred growth of cash value. One of the most significant advantages is that the policyholder accumulates monetary worth over the course of his or her life. The money grows tax-deferred, which is the best part.
  3. Tax-Free Funds- The cash worth of a life insurance policy would be accessible to the grandparent or their children on a tax-favored basis.
  4. Prevent Creditors- One of the greatest aspects of life insurance funds is that they are not susceptible to creditors. Depending on the state in which your customers reside, they may be able to pass on wealth even if they owe money.

Today is the best time to contact Advisor's Resource Company.

Help your customers do it properly when it comes to legacy planning. Work with one of our knowledgeable experts to discover the best senior legacy life insurance for them. For further information, please contact us.

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