Whole Life Insurance As A Retirement Investment – Whole life insurance can be used as a retirement income vehicle as it provides very stable annual returns. This feature minimizes the effect of yield sequence risk that causes other assets to (sometimes) convert less of their savings into income because they need a larger cushion to protect against potential asset declines.
But how powerful is life insurance in this regard? We set out to evaluate this notion and put a figure on the relative strength of whole life insurance compared to a general savings portfolio. We’ve included the enemy’s tools with Vanguard’s retirement income calculator. I like this tool for this purpose because it allows us to calculate the compound annual growth rate that must be achieved to produce the same result as a whole life policy. I think the results of this analysis will open your eyes. Assessment of income projections from pension insurance and share portfolios
Whole Life Insurance As A Retirement Investment
We start with a standard (minimum) life policy that maximizes cash value through a combination of policies and additional benefits paid. We compared these results with Vanguard’s retirement income calculator. The calculator at Vanguard allows us to plug in an annual savings amount, determine the number of years we plan to save, and identify an initial rate of return. With this information, the Calculator will generate a projected retirement income from the investment.
What Is Whole Life Insurance?
The calculator reports something else, but it’s not applicable to this analysis, so I won’t discuss it in today’s blog post.
Using a calculator, we can determine what rate of return is needed in a stock portfolio to match a whole life policy. But I have to address some important notes about this calculator.
First, it does not take into account cost adjustments. Second, it does not make any adjustments for taxes that must be paid when the funds are liquidated to generate income. Thus, the figures reported by the calculator during the analysis of this gross figure, which
I conducted this analysis on a 40-year-old man, who plans to retire at 66. He saves $25,000 a year in this scenario.
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There are a lot of numbers here, but it’s important to note that we’re assuming exactly 25 annual payments of $25,000. The lifetime projections tell us that we can then use the cash value accumulated in the policy starting at age 66 to generate $62,265 in retirement income each year. We can do that over the policy owner’s lifetime of 100 (not shown in the book, but that’s how I set up the projection).
Using the Vanguard calculator and targeting the same $62,265 in annual retirement income, our hypothetical saver should get an annual rate of return of 9.1%. Here is the output from the calculator:
Vanguard’s calculator reports the retirement income figure as a monthly amount, so we just need to multiply that number by 12. This gives an income figure that is slightly lower than the lifetime annual amount, but slides the rate of return to 9.2% of annual income. the digits are further than any living numbers, so I rounded up and called it 9.1%. Everyone lives on a scale of diminishing dividends
Smarter financial bloggers who don’t like life insurance will be quick to chime in and note that these projections are just projections based on dividend rates currently considered unsustainable for the next 25+ years. I agree with the sentiment, so I see the same scenario using a 100 basis point dividend cut. Here’s what results in a dividend cut:
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Our income drops to $47,274 a year. Certainly significant, and now we need to adjust the rate of return assumption using the Vanguard calculator to determine how this compares to a stock market investment. Here are the results:
Our hypothetical saver would need a rate of return of 7.3% per annum to break even on a whole life policy with a 100 basis point reduction in dividends from the current rate.
Some suggest that the only way to make a meaningful assessment of whole life insurance is to look at it without dividends. That’s because it’s the only way to find out what the policy covers. While that’s an odd statement to make with a buy recommendation (I’ll let you see the irony without pointing it out), I thought why not?
The income figure is falling again (no surprise), but how does this compare to the Savings Alternative according to the Calculator? Here are the results:
Term Vs. Whole Life Insurance: What’s The Difference?
I am amazed at the rate of return required to match my current life projections. We saw something similar to this result last year when we showed that the whole life function became very strong as a retirement income vehicle. Simply put, whole life insurance provides a lot of retirement for your investment money. While some people choose to argue over the nominal rate of return and who has the highest cash balance at the end of the year obviously agreed, I’ve always thought it wise to look at the absolute value that can be extracted from a given pursuit. This is why I have such a positive attitude about life insurance.
Keep in mind that the chances of getting a 9.1% annual return on a systematic investment over a period of 10 years or less are extremely low.
I was also surprised by the level of returns needed to match the projection of a 100 basis point cut. While we agents often see dividend cuts as a scary thing, we often overlook the fact that there are many life policies that still have … despite dividend cut announcements every year … options. All life does not live in a vacuum, and economic conditions that cause it to decrease or increase in value also affect other asset classes.
I find the guaranteed results to be perhaps the most interesting. In fact, I hardly bothered with the analysis part. It seems pointless because the chances of that happening are very low. But looking at the required rate of return to match the results, I was shocked at what a lifetime brings in this case. Remember, this is what life insurance covers.
Best Whole Life Insurance Companies Of December 2022
Of course, most people expect a higher rate of return on the stock market than 4.2%. I believe we can earn more from long term investment in stocks. But we don’t forget that DALBAR consistently shows us every year that most people access this result with equity-focused mutual funds. And again… don’t forget that all numbers are live for this scenario
Whole life insurance produces exceptional value for policyholders. Rate of return is an oft-quoted and even more often misunderstood vanity statistic used by investment salespeople and some (probably well-intentioned) bloggers to try to disprove life insurance. But unless or until those same people come to you with a solid plan that shows exactly what they want for you with the stock’s rate of return, you’d make sense to be wary of these claims. After all, you can’t buy groceries yourself at the return rate. Whole life insurance, also known as traditional life insurance, provides permanent death benefit coverage during the insured’s lifetime. In addition to paying a death benefit, whole life insurance also contains a savings component that can accumulate cash value. Interest is recognized at a fixed rate and on a taxable basis.
A whole life insurance policy is one type of permanent life insurance. Universal life, indexed universal life and variable universal life are others. Whole life insurance is the original life insurance policy, but whole life is not the same as permanent life insurance because there are many types of permanent life insurance.
Whole life insurance guarantees a death benefit payment to beneficiaries in exchange for an equal premium, which must be paid regularly. The policy includes a savings portion, called the “cash value,” along with a death benefit. In the savings component, interest can be charged on the basis of taxes.
Cpf Life Or Retirement Sum Scheme For Your Retirement?
To build cash value, the policyholder may make payments in excess of the scheduled premium (known as paid-in excess or PUA). Over time, the dividends and interest earned on the cash value of the policy will give the investor a positive return, greater than the amount of premium paid on the policy. Basically, it serves as a source of capital.
To access cash reserves, the policyholder requires a withdrawal or loan. Interest is charged on loans at rates that vary from insurer to insurer. Also, the owner can withdraw funds tax-free up to the value of the premium paid. Outstanding loans will reduce the death benefit by the remaining amount.
Unpaid policy withdrawals and loans reduce the cash value of the policy. It depends on the type and size of the policy
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