Where to put CD money

capnjim01

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I have a client 82 year old male, who has $100,000 CD maturing in two weeks. He will need some money during the year to help with expenses what do you guys recommend. I'm thinking a money market and take out what he needs.
 
What is the goal? Just because someone has money doesn't mean you can make a sale. (I don't know what "take out what he needs" means, but I assume you aren't going to steal it for yourself.)

If income is the goal, I'd look into a lifetime pay SPIA and perhaps a portion of the income for a life insurance/FE type of policy.
 
He already has about $500,000 in annuities, some I sold him. He just needs a little extra money for things that come up during the year. he is just getting out of a nursing home the middle of July. As far as insurance he might qualify for a 2 year ROP final expense policy. He basically has no debts.
 
One in the next year but I'll role that into another one to talk care off his wife when he passes away.
 
Perhaps a single premium life policy? Of course, that depends on why he was in the nursing home, but maybe $50k in there that doubles the death benefit to $100k?
 
Perhaps a single premium life policy? Of course, that depends on why he was in the nursing home, but maybe $50k in there that doubles the death benefit to $100k?

Do know now of any SPLI policies that an 82 yr old can buy that will double his money? I'm guessing he might get a 20% bump.

Rick
 
No idea. I just put the concept out there and it's the agent's job (and/or their IMO) to figure out how it could work out (or not).
 
Age, nursing home (for whatever reason), policy availability... you're right, it's probably a long shot and it probably won't work... but sometimes an IMO can "pull a rabbit out of a hat".

Never know until they take a look.
 
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