Have discretionary cash just sitting there?

Grandparents often have discretionary money set aside that they never plan on spending.  Instead, these funds are normally intended to be passed down to their kids or grandchildren.

If that is the case, what we have done for many of our other clients in this position is to move that money instead into a Single Premium Whole Life policyWhat this does is simply takes the money you already have set aside and turns it into a greater amount in the form of a death benefit which you name your beneficiaries of.  Not only does this increase the amount of your intended gift, but it also avoids probate and the death benefit is tax free.

If this is something that you would like to consider – the sooner, the better.  The IRS has made regulatory changes on permanent life insurance that go into effect January 1, 2022.  These changes will result in increased premiums, albeit we aren’t aware of by how much at this time.

If you are interested in converting your “never money” into a single premium whole life policy please call Beck Insurance Agency at 419-446-2777, email us at help@beckinsurance.com, or click here to submit your request.

Joseph D. Beck, CIC, CPRM, President