Using Life Insurance for Wealth Preservation

Last week a man told me he needed to think about wealth preservation for the benefit of his wife and children so he had worked out a plan.

Believing he was insurable, he intended to buy a whole life or term to age 100 life insurance policy, so turning his capital of $500,000 into $1 million. He calculated that his capital (invested in bond and dividend funds) would earn enough to pay the annual premium, thus achieving his goal of wealth preservation.

However he realized that the earnings might not continue and for whatever reason , he may have to eat into the capital. He was okay with this as his prime objective , the $500k policy, would guarantee wealth protection for his family. He had explained all this to his two children who offered to help pay the premium, in the remote chance it was necessary.

Life Insurance for Wealth Preservation

Fortunately he passed the life insurance medical, though not without some clarifying medical reports and shopping between various life insurance companies.

Here is one of the life insurance quotes we obtained for this client. As usual we had the client medically examed for various life insurance companies to make sure he had several offers of life insurance premiums to consider.

Of course another reason for asking for more than one life insurance company to quote, is that any particular company could turn him down and then his wealth preservation plan would have been dead in the water.

Wealth Preservation

Like a lot of people he is concerned about rising prices, inflation and housing expenses, so wealth preservation was very important for him. And further along in line, he is worried about his grandchildren.

The only problem with this solution, was that he had to pass the medical exam.

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