Tom and Kristin Scott, age 40 and 35, have two daughters, Daisy and Jody, age 10 and 8. We analyzed how much life insurance the Scotts should acquire to take care of both girls' needs through their college years should something happen to their parents. We ended up recommending $500,000 of 15-year term insurance coverage on each parent. Tom's annual premium: $600; Kristin's annual premium: $400. But when we returned with our recommendations, we expanded the analysis further to include a retirement evaluation for Tom and Kristin through their age 100/95 using InsMark's Wealthy and Wise® planning software. We'll include the cost of the term insurance noted above in this assessment, and we'll also include funding for the actual cash flow needed for the girls' college plus other items described below. Then we'll examine cash value life insurance alternatives instead of term insurance.
In this video blog, I interview Insmark
senior advisor Don Prehn to demonstrate this powerful tax advantaged idea.
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Steve Savant is the host of the daily producer show, Let’s Get Down to Business, and the weekly consumer show, Steve Savant’s Money, the Name of the Game. Both shows are sponsored by Ash Brokerage. Steve is the #1 online author and videographer of insurance content. Steve has been cited on FO... More
Steve Savant recently shared that Why retirement plans can make a sudden impact on the tax returns with Mike Kilbourn, CLU, ChFC & Rob O’Dell, CFP, RIA on Let's Get Down to Business. http://youtu.be/PZLrYMSggFA