20 Pay Whole Life may be effective for:
- A young professional couple with favorable career growth potential – to accumulate fund for college once they start a family (or even before the baby arrives; unlike an Education IRA or 529 Plan, a Whole Life policy doesn’t require that that the child be born and have a Social Security number); and
- A more established couple anxious to protect their legacy for future generations – To give the gift of life insurance to a grandchild, perhaps, or to leave a bequest to their alma mater or favorite charity.
Life Paid Up at Age 65 may offer advantages for those anxious to lock in a comfortable retirement:
- Premium payments stop just in time to tap into the policy’s cash accumulations to supplement retirement income; and
- Since full Social Security benefits are now delayed beyond age 65 (up to 67 for anyone born after 1959), this policy can provide a tax-advantaged cash resource for those who anticipate retiring at the typical age 65 milestone of sooner, thereby bridging a potential “retirement gap.”
There is a full line-up of riders available with both policies, including:
- Lifetime Paid Up Additions Rider enables the consumer to continue adding value to his or her policy even to age 121, if desired.
- Guaranteed Insurability Option Rider locks in insurability, allowing for the purchase of additional whole life insurance without further medical tests.
- Enhanced Accelerated Benefit Rider, available for no additional premium, pays a portion of the death benefit in advance should a chronic or terminal illness occur.
- Waiver of Premium Rider waives premiums due in case of total disability and may make the policy self-completing.
For more information, visit www.GuardianLife.com.