Case Study
Baker Tilly Wealth Management insurance review identifies that executing a 1035 Exchange will decrease client’s annual premium
Learn how an insurance policy review led to a 1035 Exchange decreasing a client’s premium by over $11,000.
Case Study
Baker Tilly Wealth Management insurance review identifies that executing a 1035 Exchange will decrease client’s annual premium
Learn how an insurance policy review led to a 1035 Exchange decreasing a client’s premium by over $11,000.
Client background and challenge
A 65-year-old high-net-worth male, who was a nonsmoker, had an insurance policy that offered a $3 million death benefit, an annual premium of $47,728, net cash surrender valued at $542,483 and guaranteed coverage until the age of 89. The client was curious if they could save money by re-evaluating their coverage.
Approach and results
After reviewing the client’s policy, Baker Tilly Wealth Management found an option that would better meet the needs of the client. By executing a 1035 Exchange to the new policy, the premium decreased by over $11,000 and guaranteed coverage for 16 more years, until the age of 105.
Interested in an insurance review?
To perform a policy review, Baker Tilly Wealth Management will need to know your date of birth, current health information and in force illustration. From there, we can evaluate your insurance policies and help uncover other options that could result in cost savings and more!
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Baker Tilly Wealth Management, LLC (BTWM) is a registered investment advisor. This information should not be construed as a recommendation and BTWM makes no warranties with regard to the results to be obtained from its use, or whether any expressed course of events will actually occur. BTWM does not provide tax or legal advice. BTWM is not an attorney. Estate planning can involve a complex web of tax rules and regulations. Consider consulting a tax or legal professional about your particular circumstances before implementing any tax or legal strategy. The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Insurance products, when offered, are offered through Baker Tilly Vantagen, LLC. Baker Tilly Wealth Management, LLC and Baker Tilly Vantagen, LLC are controlled by Baker Tilly US, LLP. Baker Tilly US, LLP, is an independently owned and managed member of Baker Tilly International. © 2023 Baker Tilly Wealth Management, LLC
