Taking care of kid's future using universal life plan

Taking care of kid’s future using universal life plan.

[Audio] What Is Universal Life ( UL) Plan/ Wealth Account?: Universal life (UL) Plan/Wealth Account is permanent life insurance (lasting the lifetime of the insured) that has an investment savings element and low premiums like those of term life insurance. Most Universal Plan contain a flexible-premium option. but some require a single premium (single lump-sum premium) or fixed premiums (scheduled fixed premiums)..

[Audio] KEY TAKEAWAYS: Universal Life Plan is a form of permanent life insurance with an investment savings element plus low premiums: The price tag on Universal Life Plan is the minimum amount of a premium payment required to keep the policy: There are no tax implications for policyholders who borrow against the accumulated cash value of their UL Plan: Unlike term life insurance, a Universal Life Plan can accumulate cash value: You can borrow money as a collateral loan from any accumulated cash value in your policy..

[Audio] So, in this Universal life plan or wealth account you start saving for 20 years for your kid's future $ 175/month and then you don't save once 20th year is over. You will see in the video later. As you can see your kid has a protection of $ 250,000 for his life from the first day, which will grow over time. The column that say total surrender value is your saving component in this plan that will also grow even after you stop saving money in this plan..

[Audio] As you can see, you stop saving after 20th year, but your saving and death is keep growing. So, at this stage you can take collateral loan of $ 35,000 for your kid university expense. Now when it's time for your kid marriage you can take another $ 30,000 as collateral load for marriage expense at age 30. Now it's time to buy their first home. You can again take $ 100,000 as a collateral loan for house down payment..

[Audio] Now they settling down and at age 50 they want to open their business. At that time, they can take collateral loan of $ 100,000 again to start their own business. Do you think you can spend money on these expenses except university expenses from RESP?.

[Audio] So, now when your kid retire, he can retire with retirement income of $ 1,462,932 from which he can take collateral loan of $ 75,000 till the time he turns 85..

[Audio] Average life expectancy of average Canadian is 85. Now when your kid pass away, your kid will be able to pass on ( cash value + death benefit)- collateral loan amount-interest to their next generation. So, tell me how much did you pay for this plan over the course of 20 years? 42,000 and how much your kid will be able to provide their next generation tax-free almost $ 1- $ 2M. Isn't it the best solution you can provide to your kid future?.

For any questions or concern, you can reach out to me at 204-963-2305 or you can book meeting through this link: https://calendly.com/gpatelfinancial/30min?month=2022-10 Share your though on this with me it will be appreciated.