If so, you may want take advantage of the power of Single Premium Life Insurance. In consideration for the deposit of a single premium (minimum $5,000) many of these plans provide the following benefits:
Here's an example of how this type of plan works.* We have a client that had a nest egg of $125,000 (non-qualified money) that she wanted to leave to her children at her death. However, she was concerned that she might need the funds for her own care in her later years as she did not qualify for long term care insurance due to health concerns. At age 72 she used her $125,000 to fund a Single Premium Life Insurance plan that will provide a death benefit of $225,000. If needed, she could draw over $6,000 a month for chronic illness care (long term care) expenses against the death benefit. The balance, after her care expenses, would go to her beneficiaries as a tax free benefit. The cash value in the policy will grow tax deferred and can provide cash for emergencies if the need should arise.
*This case is shown as an example only. Age and health considerations determine the amount of coverage available for a given premium and also determine eligibility. Not offered without full disclosure of all plan details and limitations.