John Age 60 Case Study

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John Age 60 Case Study

The 70% Insurance Solution:
John age 60 – looking to acquire $3 million of coverage for estate needs

John is a successful entrepreneur. His team of professionals has suggested that he expect an approximate personal tax liability of $3 million at his passing and that he should consider life insurance as a vehicle to address this future tax liability. As John is single and does not have a spouse, he wishes to acquire $3 million of individual personally owned life insurance to protect his estate for his children.

John asked his Canadian insurance advisor for a recommendation, and he was told that the best Canadian rate was ~$67,000 per year.

John asked Succession America for an equivalent quote of the U.S. insurance markets as he had been told that the insurance rates are more competitive. The survey of the U.S. insurance indicated that he could acquire a $3 million guaranteed coverage policy for $47,000 a year, a savings of $20,000 per year or approximately 30% per year.

He immediately applied for the insurance and was approved. Even with today’s conversion rate, he was still saving money, and his future death benefit will be paid out in U.S. dollars.

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