|Posted on 10 December, 2018 at 16:35|
Parents and Grandparents -
Have you thought about the legacy you will leave for you Children and Grandchildren?
Is leaving a legacy important to you?
I often think about the legacy I will leave behind. I think about how my Children and my future Grandchildren will remember me, and what I would like them to remember me for. I also think about the financial legacy I will leave my family. Not just my children, but my grandchildren, and their children and so on. I would love to be able to impact future generations in a positive way, both personally and financially.
The idea of leaving a legacy comes to mind more often around Christmas, The Season of Giving.
Most gifts we purchase are material and for the immediate, but do we think about the future? Do we think about leaving a lasting gift that will bless not only our children and grandchildren but future generations? I do. If I can, I would love to provide for my children and grandchildren when I’m older and even continue to provide for them when I’ve passed away.
A great proven way to leave a financial legacy – and one that Amy and I personally use - is to give our children / grandchildren the lasting gift of a Dividend Paying Whole Life Insurance Policy.
What Did I Just Say? What Kind of Gift is a Life Insurance Policy? Answer: One of the best possible gifts to give.
Let me explain.
Dividend Paying Whole Life Insurance is a permanent insurance policy, so first things first you’ve insured the next generations. You've protected their income and their future families. That’s a gift in and of itself.
This policy however, is not just a death benefit (which already is a great asset). It also grows cash values every day within the policy which can be used throughout the insureds life. It’s basically a GIC on Steroids (cannot lose value, and guaranteed to grow) that your loved ones can use for education, a down payment on a house, to travel and even to use as tax-free income in retirement. That's right, Tax-Free!
(With Government Debt now at over $664,080,990,000.000 (try saying that 5 times as fast as you can) and Baby Boomers hitting retirement, the words tax-free are becoming more and more important)
This entire policy grows every day. The policy stays in force and grows in value every day. whether the loved one you’ve insured lives until age 45, 85 or 105. When they pass it transfers to their loved ones – a spouse or children, whomever they choose.
You - parent or grandparent - can help the next generations in your family through post-secondary school, buy their first house, travel the world, be prepared financially for retirement, and take care of their future families, all with the gift of a small premium (level premium that doesn’t increase, that can be fully paid in 20 years, and that can be paid monthly or annually) towards a whole life insurance policy.
Think about this: You purchase a small whole life insurance policy on your grandchild when they are 1-year-old. Your children know of the gift you bought for their children. Your grandchild grows up and has a family. Your children buy their new grandchildren a small gift of dividend paying whole life insurance, following in your footsteps. Your own grandchildren use the policy you’ve purchased for them to help fund their retirement and when they pass away their death benefit goes to their kids as an inheritance. Now, their kids use part of that death benefit to purchase a life insurance policy on their grandchildren, and use the rest as they please - opportunity. And the cycle continues. For generations you’ve built a legacy of giving, a legacy of opportunity, and a legacy of family wealth. Years and years after you’ve passed away, you are still impacting your family’s lives. All from one gift! Pretty incredible.
Amy and I are very interested to see how our children will use the life insurance gift we’ve given them and what kind of difference in will make in the lives of them and their future families.
If you’d like to learn more about this gift and how to go about giving this gift to your children and/or grandchildren, we’d love to help. Contact us here.
Merry Christmas and a Happy New Year,
From Fresh Ground Financial.