AGP INSURANCE OFFERINGS: CHICAGO
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Our Success Story
A self-employed professional, age 60, came to us for advice setting up a retirement plan. He had less than $50,000 in his retirement account. His cash flow was limited due to strict bank financing. His cash flow would improve in approximately four years. Upon review of his finances, we advised him to reduce the cost of his life insurance premiums. He was currently paying in excess of $10,000 per year for over $4,000,000 death benefit.
We worked with a carrier, that due to his health was able to approve him within two days. Due to his good health and expanded mortality tables, we reduced his cost of coverage by over 50%. Our solution was to replace his whole life policies with a 20 year term policy. We accessed his cash value in his whole life policies by borrowing against the cash value, hence not causing an adverse tax consequence. Then we used the cash taken as a loan to contribute to his new 401k Plan as a deductible retirement plan contribution.
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