Financial Security 55+

Patrick T. Davis, CSA


I specialize in whole life insurance coverage designed specifically to meet the needs of adults ages 55-85.  These policies typically range in coverage amounts from $5,000-$2,500,000.

For mature adults the functions of life insurance are:

1. It provides money to take care of expenses after transition. 

2.  Supplements retirement savings.

3.   Increases charitable giving funds.

4.  Creates tax free cash transfers to your heirs.


People often leave their financial assets in their will or trust. Great move, but immediately following death, this money is likely to be tied up in legal knots. Survivors are likely to be temporarily denied access to some, or maybe even all, credit, investment, and banking accounts. Even if a survivor had access to their loved one's bank accounts through power of attorney. the power of attorney would be lost immediately after the person dies.

Time will generally resolve these challenges. But in the short run, there will be lots of expenses.  While the legal system surrounding death moves slowly, life insurance pays quickly. In addition, the beneficiary can deposit the insurance money in their own bank account, allowing them unfettered access to the cash. This will allow them to stop worrying about paying the bills.


When you buy a whole life policy, you are buying both life insurance and a tax-free savings vehicle. Each year a growing part of your premium goes into the savings vehicle. The cash balance in it grows tax-free at an interest rate guaranteed by the insurer.

Life insurance is a way to save a serious amount of money. 

Permanent forms of life insurance have cash values.  When the policies are structured and funded properly, this cash value will grow internally, resulting in a net gain to the policy owner.  Over time, the owner can make far more money than they put into the policy.

It may sound odd to some people that life insurance can actually make money, but it is the actual intent of almost every permanent life insurance policy to have a positive return on investment.


Would you like to make a contribution to your charity in your name after you're gone?

The most straightforward approach is to designate your charity (school, hospital, church, support group, club, foundation, etc.) as the beneficiary of a permanent life iinsurance policy.

This strategy can be attractive because you can often make a larger gift — of the death benefit — than of smaller gifts of cash. 


Adults 55+ are concerned about their children and grandchildren’s future, and wish to transfer a portion of their estate to them upon their death, but are unfortunately unsure as to an effective way to do so. At the same time, there are concerns about a catastrophic or prolonged illness and the devastating impact it can have on our accumulated wealth.

Single Premium Whole Life Insurance is an ideal solution.

By simply reallocating a portion of your invested assets to an SPWL policy, you can:
• Increase your estate.
• Provide beneficiaries an inheritance that’s free of federal income tax*.
• Pass money directly to beneficiaries avoiding all probate courts.
• Have a guaranteed lifetime death benefit.
• Access your guaranteed cash values for financial emergencies.
• Receive your death benefit while living in the event of a catastrophic illness

EXAMPLE:  By simply moving $50,000 from the certificate of deposit to a SPWL policy, “Janet” was able to purchase a $90,909 death benefit guaranteed for the rest of her life. “Janet” increased the original gift she intended to leave her grandchildren by 82% and her estate by 16%. In addition, the death benefit will pass income-tax free* to her grandchildren and she no longer has the tax liability for the interest income earned on the certificate of deposit.


There is no clear-cut answer for the best type of life insurance. The questions you should ask yourself are why you need life insurance in the first place, and what your financial and health situation is, and if you’re 55+ and looking for a new life insurance policy, you will have obstacles that younger people won’t.   

My mission is to make the people I serve my number one priority.

Trust and loyalty is not given. It is earned, and I will give everything I have to earn it with you.

Thanks for visiting my site.  Let's get together either in person, by phone, or by video chat soon.  

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