Q: I have a CD matured at 65k which I have no need of the money now. I have been advised to put it in a single universal life insurance with Great West . I am 75 with more income now than I need for living expenses. Need worth about 1 million. 300k in CDs, 150k in Thrift Saving Plan & IRAs, plus properties.
A: It appears that you’ve done a great job of saving throughout your career so I’d first like to commend you on that front. Without knowing more about your situation it’s hard to advise on the single premium UL policy being recommended. I would suggest that you sit down with a more comprehensive fee-only advisor before you commit to a decision like that. We’d be happy to set up a free one hour consultation with one of our advisors, either in person or over the phone, to further discuss your situation.
If this is something you’re interested in, please let me know and we can get something scheduled.