Million Dollar Baby with Life Insurance... ugh

[marindependent]

but the materials I see on here talk about age 65 having $1M, not at age 18

Perhaps the Million Dollar Baby is more like a Millon Dollar Grandfather program?

Based on the following:
Future Value (FV): $1,000,000
Number of years (N): 18
Present Value (PV): $0 (starting from zero)
Interest rate assumption (i): 6%
Solve for Payment (PMT): $32,356 per year

Thank you @DHK so in order to get that plan up to $1MM by age 18, the true assumption is that familied would have to put just under $33,000 per year or around $2,696 per month [I did the math on that part myself].


#milliondollarbaby

 

[DHK]

Lol. This is really a trademarked thing, but the materials I see on here talk about age 65 having $1M, not at age 18

[EXTERNAL LINK] - The Million Dollar Baby Savings Plan | Life Insurance |

Agreed, and I think I personally know the person who designed this plan and yes, he's talking about age 65, not age 18.

But the fact that the newly licensed agent remembers age 18... is telling about the "experienced" agent who was presenting it.

 

[PrivClientSG]

I think something -- perhaps a lot -- was lost in the "story" from one person to the next. Like the game of "telephone" when you were a kid. It happens as an adult as well, LOL.

 

[DayTimer]

 

[walthamny]

Premier Financial Alliance does this. I have seen these posts. They sell a NGL IUL that becomes a million dollar. THey market it as million dollar baby.