Grandparents – Give the Gift that Lasts a Lifetime!
July 6, 2016Insurance
Grandparents are a family’s greatest treasure who understand the speed of life’s journey and the need to plan for the future. They are the best storytellers, the keepers of tradition and the master memory makers. What they bring to the life of a grandchild is priceless. Time spent with grandchildren reading stories, laughing, going on walks, trips, buying presents, and creating wonderful memories are all part of the package.
But what if you could take a portion of the money you would normally spend on gifts and put it toward a permanent life insurance policy that would last a lifetime? Let’s consider what this gift could provide for your grandchild.
When children are young and healthy, premiums are very affordable. Purchasing a policy with a guaranteed purchase option for your healthy grandchild will also give them a lifetime opportunity to have increased coverage in the event that they become uninsurable, due to an unexpected illness down the road. It’s hard to think about these things but as wise planners, it’s good to be prepared.
The gift of life insurance may not only protect your grandchildren today, it may help to protect the financial future of your grandchildren’s children as well.
When you purchase life insurance on the life of your grandchild, you are the owner of
the policy and you pay the premiums. In the future, you transfer the ownership of the policy to your grandchild. This transfer may qualify as a tax-free rollover under rules set out in the Income Tax Act. As the new policy owner, your grandchild may now access the cash value within the policy to help them pay for an education, a first car, or a down payment for a first home. Another benefit is the new policy owner (your grandchild) can now name a beneficiary who is important to them.
The insurance policy you started and gifted to your grandchildren has now become a very important part of their financial plan. Life insurance is a legacy of love from a grandparent – providing a solid foundation for protecting the financial futures of the grandchildren that you love today and want to help tomorrow.
Life insurance really is the gift that lasts a lifetime! Speak with a FaithLife Financial Representative today about how you can give the gift that lasts a lifetime.