A Gift That Keeps Building Value!
One of my clients made a brilliant move that a provider could do for his family. He gifted the kids in his family - his children, and his children’s children compounding legacy policies! Given today’s economy, he figured that the most valuable gift that he could give is one that would continue giving…and that’s exactly what he did.
He bought each of them their own Index Universal Life (IUL) policies.
Ranging from the ages of 1 years old to 33 years old, he set up accounts that will continue to compound through their growing years - annual premium payments and monthly options as low as your favorite monthly subscription are also available.
Here are some considerations as you think about how you might make a similar move for your children and/ or grandchildren this holiday:
You can make monthly or annual premium payments as part of the gift. Alternatively, you can fund the policy with a single premium payment, if desired. For the father/grandfather referenced above, he chose to make a single premium payment so that he or their parents don’t have to take on an unplanned payment.
Payment structures are highly flexible and can start as low as $50–$100 per month for a basic policy with modest benefits to ensure affordability. However, contributing more allows for faster cash value growth and greater long-term benefits.
The cash value can be used to fund important life events - education, start a business, or provide a down payment on a home. They could provide retirement income, emergency funds, or a financial legacy for future generations. As adults, they can take over the policy, making additional contributions to grow its value further.
Premiums are not tax-deductible, but the cash value grows tax-free, and the death benefit is usually paid tax-free to beneficiaries.
By buying IULs for your children and grandchildren, you are creating a lasting legacy of wealth, security, and opportunity. Even with modest payments, the compounding growth over decades can provide substantial benefits for generations to come.
Ready to gift your family the gift the never stops giving? Let’s talk! Call me directly at (310) 256-7377 or send an email to kchildress@cigbh.com to book an appointment today!
I’m Kwesi Childress,
CEO & Founder of Kwesi Childress Financial Consulting!
I write about strategies to enhance your retirement savings and options for financial growth potential. I’m passionate about helping families of all ages, backgrounds and walks of life, plan for retirement and create generational wealth with power and confidence.