Money for Sale - Buy Tax Free Money at a Discount

Geoff Cook - CFP, CHAIP

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Did you know that you could buy Tax Free money at a discounted price? This may seem unbelievable but it is absolutely true. Anyone could buy money at a discounted price, to provide for their family, or better yet to protect their income in the event they become ill.

We all have a family. Families are people we love more than anyone in the world. Many people proclaim they would do anything for their family. Would you buy your family money? If you haven’t guessed it, I am describing Life Insurance. Many people don’t understand what Life Insurance is and how it can work for them.

LIFE INSURANCE IS MONEY

Money that you buy at a discounted price and that is received Tax Free. It is this simple:

  • A 30 year-old Male, who is a non-smoker could purchase ONE MILLION DOLLARS of Life Insurance for a cost of $32.00 per month.
  • Would you pay $32.00 to guarantee your family One Million Dollars TAX FREE?
  • Do you love your family?
  • Would you like to provide them the ability to continue living the way they live today if anything were ever to happen to you?
  • Did you know that you could pay PENNIES for DOLLARS, while ensuring that your salary will be forever replaced? Guaranteed.

This chart shows us an example of the rate of return someone would assume on a life and Critical Illness policy;

Now wouldn’t that bring you peace of mind?
Do you have a million dollars in the bank?
Did you know that if your yearly income is $50,000 after tax, and you passed away tomorrow, a million dollars would only restore your income for 20 years?
How old are your children?
Do they only need support for 20 years?

You could also buy money at a discounted price to protect your income if you suffer from heart attack, cancer, stroke as well as many other illnesses. This protection is called Critical Illness Insurance. This is essentially a lump sum payment, that is Tax Free should the insured person be diagnosed with certain illnesses.

Cost Of Life Insurance:

30 yr old Male
30 yr old Female

$ 31.50 a month
$ 20.70 a month

35 yr old Male
35 yr old Female

$ 33.30 a month
$ 25.56 a month

40 yr old Male
40 yr old Female

$ 44.10 a month
$ 33.30 a month

45 yr old Male
45 yr old Female

$ 63.00 a month
$ 41.40 a month

50 yr old Male
50 yr old Female

$ 103.50 a month
$ 68.58 a month 

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When dealing in financial matters, you are urged to consult an advisor for legal, tax or investment advice. Every effort has been made to present information in a clear, exacting manner. However neither the publisher nor the authors can be held responsible for any losses incurred due to the actions of any individual as the result of this post or any errors or omissions contained herein.

Infinite Financial places mutual fund transactions through Banwell Financial Inc. and Life Insurance transactions through Bridgeforce. To learn more about these relationships - click here

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