A 56-year-old high-net-worth male, who was a nonsmoker, had an insurance policy that offered a $2 million death benefit, an annual premium of $39,221 and was guaranteed to age 105. The client wanted to save money and was looking for other policy options.
Baker Tilly Wealth Management reviewed the client’s current in force policy and suggested a new policy option that improved their health rating by utilizing healthy lifestyle credits, as well as added a 2% long-term care rider.
The new policy resulted in the client saving over $5,000 dollars per year by decreasing his annual premium from $39,221 to $33,517.
To perform a policy review, Baker Tilly Wealth Management will need to know your date of birth, current health information and in force illustration. From there, we can evaluate your insurance policies and help uncover other options that could result in cost savings and more!
Baker Tilly Wealth Management, LLC (BTWM) is a registered investment advisor. BTWM does not provide tax or legal advice. BTWM is not an attorney. Estate planning can involve a complex web of tax rules and regulations. Consider consulting a tax or legal professional about your particular circumstances before implementing any tax or legal strategy. The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought.
Insurance products and services are offered through Baker Tilly Vantagen. BTWM and Baker Tilly Vantagen, LLC are controlled by Baker Tilly Advisory Group, LP. Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, operate under an alternative practice structure and are members of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Baker Tilly US, LLP is a licensed CPA firm that provides assurance services to its clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting services to their clients and are not licensed CPA firms. ©2024 Baker Tilly Wealth Management, LLC
