Million Dollar Baby Savings Plan
The Million Dollar Baby plan is a phrase that we've coined which is a way to build financial freedom and lifetime protection for your kids and potentially your grand kids.
If you’ve followed us for any amount of time, you know that we are big proponents of using whole life policies with big cash surrender values. The Million Dollar Baby Plan is another way to use one of these whole life policies, but now you’re doing it for your kids or grandkids.
One of the big advantages is that you can build a pool of capital or pool of wealth or savings with which you can put together for your kids or your grandkids and then you can use that money to pay for the big expenses that usually come along in life – pay for school, downpayment for a house, money to start a business or for whatever else your kids or grandkids are going to need in life.
If you’re looking to gift money to your kids or grandkids, this is a great way to do it that’s safe, grows and is tax free.
There's no set age limit for setting up this strategy and the benefits are there at all ages. We can set this up for your brand-new baby, toddlers and teenagers.
The key part of this strategy is that it adapts to the person's milestones and life events. They’ll use it for different things over time.
You would set a plan like this up for your kids or your grandkids because you care about their well-being and about their financial security in the future, but on a selfish note as the owner of this policy you would also have full control of it, and you would dictate what happens to the money.
Which means that you could use it for whatever you want, whether it's for your kids or for yourself.
Setting up a policy like this for your kids or your grandkids with us is rather simple and if you do want to see some customized numbers for you and for your situation just get in contact with us and we're very happy to make you some scenarios that would be totally customized for you.
When it comes to setting up the Million Dollar Baby Plan in Canada, we’re the experts, we’ve been doing this for more than 10 years and we do it ourselves for our families.
Contact Us
At Safe Pacific Financial, we specialize in helping Canadian business owners, incorporated professionals, and investors structure life insurance for maximum wealth protection, tax savings, and business growth.
If you would like to discuss whole life insurance or investments, we’re happy to chat and see if we can be a good fit to work with you. Fill out our contact form and we will get back to you within 24 hours on business days.
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