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1 All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims-paying ability of the issuing insurance company.
2 Dividends are not guaranteed. They are declared annually by Guardian’s Board of Directors. The total dividend calculation includes mortality experience and expense management as well as investment results.
3 Some whole life policies do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information
4 Universal Life Insurance may lapse prematurely due to inadequate funding (low or no premium), increase in cost of insurance rates as the insured grows older, and a low interest crediting rate. This does not apply to universal life policies which have a secondary guarantee, but if the secondary guarantee requirements are not met, the policy will most likely lapse.
5 “Funeral Costs: How Much Does an Average Funeral Cost?” Parting, September 14, 2019
6Deceased Taxpayers – Understanding the General Duties as an Estate Administrator” IRS, July 16, 2019
7 https://www.policygenius.com/life-insurance/affordable-life-insurance/ Last accessed August 2020.
8 Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans and loan interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any outstanding loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable withdrawal may also be subject to a 10% federal tax penalty.
Guardian® is a registered trademark of The Guardian Life Insurance Company of America, New York, NY.
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Preet: have enjoyed your videos. A question for you. Have you performed quantitative analysis of net costs comparing term and whole life insurance for 20, 30, 40, or 50 years for a 20-year old male person. It should include time-value of money of tax-free payout of monies upon death and/or at the termination of life insurance. if you have or of others who have, can you give me some links for me to study and analyze.