SParker
Super Genius
- 105
This is for retirement/estate planning purposes, the couple has no children.
If the wife is younger and have better health than the husband, then it makes more sense to have just 1 policy with the wife as the policy owner as opposed to designing one policy for the husband and one for the wife, correct? This way premium will be less and the policy will be more efficient.
If the wife passes first, husband will be well taken care of by the DB.
If the husband passes first, wife can take a lifetime tax free income and she will be well taken care of too.
The one potential downside is that if the husband passes away in the early years before the policy has time to grow, the wife will have nothing.to fall back on. But that can be taken care of by having the husband take out a term policy with the wife as beneficiary.
Makes sense? I really can't think of a reason to take out 2 WL policies for the couple.
Any feedback would be appreciated.
If the wife is younger and have better health than the husband, then it makes more sense to have just 1 policy with the wife as the policy owner as opposed to designing one policy for the husband and one for the wife, correct? This way premium will be less and the policy will be more efficient.
If the wife passes first, husband will be well taken care of by the DB.
If the husband passes first, wife can take a lifetime tax free income and she will be well taken care of too.
The one potential downside is that if the husband passes away in the early years before the policy has time to grow, the wife will have nothing.to fall back on. But that can be taken care of by having the husband take out a term policy with the wife as beneficiary.
Makes sense? I really can't think of a reason to take out 2 WL policies for the couple.
Any feedback would be appreciated.