EquiTrust WealthPay Life: SilverSide has long been a proponent of Single Premium Life as a powerful tool to leverage assets for wealth transfer and illness. One challenge advisors?often face
d when presenting this concept is the need for their client to have immediate access to a significant lump sum of non-qualified funds to deposit. Now, the latest product offering from EquiTrust,?WealthPay Life, addresses this. By combining a SPIA with a 3, 5, or 10 pay life contract,?WealthPay Life creates a bridge between your client?s qualified assets or low-tax-basis annuities and the excellent benefits of Single Premium Life products.
EquiTrust Single Premium Life
Imagine this. Your client has $100,000 currently at work for them in an annuity or their IRA. Converting to a traditional Single Premium Life design may not always be the best option for your client. Liquidating that low basis annuity or chunk of qualified funds often results large immediate tax burden as the tax deferred funds are transferred to a non-tax advantaged status in order to deposit in the lump sum life contract. Depending on specifics it could result in $25k, $30k, or more going to Uncle Sam leaving less than $70,000 to put to work.
EquiTrust WealthPay Life
Enter the WealthPay Life concept. Rather than immediately moving the asset to a non-tax advantaged status?incurring a massive tax bill, the funds are moved to a SPIA (single premium immediate annuity) which then systematically pays premiums for the life contract over 3, 5, or 10 years, depending on design. For relatively smaller amounts one may be best with a shorter premium period to capture better leverage, for large amounts the 10 year option may suit best to spread the tax burden over a longer period.
Regardless of specific design, Wealthpay Life will allow your clients aged 60-80?an effective means for income tax-free wealth transfer with access to death benefits for potential health issues via one of the best chronic illness living benefits on the market. Now, they can do all this while minimizing the past constraints resulting from a lack of immediate, non-qualified cash!
Neither the company nor its agents give tax, accounting or legal advice. Please consult your professional advisors in these areas. The policy must be in force at the?time of death to pay a death benefit. The death benefit will be reduced by any outstanding loan balance or partial withdrawals at the time of death or by any payment?of Accelerated Death Benefits. Policy issued on Form Series ICC13-ETL-IWL-2000(01-13) with rider ICC14-ETL-ADBR(08-14). SPIA issued on Contract Form?Series ICC13-ET-SPIA-2000(01-13). Product may not be available in all states. EquiTrust Life Insurance Company, West Des Moines, IA. For Producer Use Only. AC15-WPAY-1134
Give SilverSide a call today and get started with this product 480.400.7171.