Alternative to Cash on the Balance Sheet The Living Benefits of Permanent Life Insurance
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- Leslie Bates
- 8 years ago
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1 Alternative to Cash on the Balance Sheet Prepared For: Acme Construction Company Prepared By: John Q. NYLIC Agent, New York Life Insurance Co. 51 Madison Ave. Suite 1000 New York, NY (212) SUPPLEMENTAL LIFE INSURANCE ILLUSTRATION. Not valid without a complete basic illustration for each product shown. All guarantees are based upon claims paying ability of New York Life Insurance Company. Insurance is subject to underwriting. Please refer to the attached basic illustration for guaranteed values and other important information. This illustration shows currently illustrated non guaranteed values and is neither an estimate nor a guarantee of future performance. Non guaranteed values are subject to change and actual values may be more or less favorable than those shown. IMPORTANT TAX INFORMATION. This material includes a discussion of one or more tax related subjects. This tax related discussion was prepared to assist in the promotion or marketing of the transactions or matters addressed in this material. It is not intended and cannot be used by any taxpayer for the purpose of avoiding any IRS penalties that may be imposed upon the taxpayer. This writing is provided for informational and sales purposes only. Neither New York Life Insurance Company, its agents, or its employees are in the business of providing tax, legal or accounting advice, and none is intended nor should be inferred from the foregoing comments and observations. Clients should be advised to seek the counsel of their own tax, accounting and legal advisors who must form their own independent opinions on these matters based upon their independent knowledge and research. Advanced Planning Group SMRU (exp )
2 The need for cash in any business has never been stronger. Cash is not as available today for Financing sales Operational Lines of Credit p A lack of cash adds risk to your business because you are more dependent on others. So you've done the right thing you've created a cash reserve that can help your business. Although a portion of that cash fluctuates in a normal business cycle, most businesses have a threshold of cash that they seek to constantly maintain. These funds are the amount that provide the owners with operational security. For example, a construction company may keep $500,000 in reserves to support its bonding requirements. 2 of 16
3 Many Owners are Concerned about options for cash in their business Owners want to have access, if needed, but do not anticipate that they would access these funds except for emergencies. In today's economic environment concerns include: Low interest rates, Taxation of that interest, and Lack of alternatives for their cash reserves. Typically, this money is kept in a Bank Money Market account or Bank CDs, which are FDIC insured up to $250,000 per depositor. Money market accounts can usually be accessed without t penalties. The term t of a CD ranges from a few months to a few years. Withdrawals prior to maturity are generally subject to penalties. You may have another alternative that you have not considered. Let me show you how this alternative may be beneficial to you. 3 of 16
4 Consider permanent life insurance for death benefit protection and a vehicle for accumulating cash value for your cash reserves Business owners have a need for and recognize the value of life insurance to provide a death benefit for business and personal needs. Some of the uses of that death benefit include; Debt Repayment Buy Sell Funding To assist in the transfer of ownership/stock Key Person To help your business continue, even if sales decline or expenses increase Cash To protect the business against other contingencies Permanent life insurance can also be used for: Executive Benefits Providing key employees with assistance in funding their personal life insurance needs Many choose to purchase term insurance to meet some of these needs. But many have discovered that they can get the death benefit protection they need through h a permanent life insurance policy that t also gives them the cash value growth they want. 4 of 16
5 The Benefits of Whole Life 1 Accessing cash value via policy loans, which is generally tax free, accrues interest and reduces the cash value and death benefit. Policy loans and accrued interest may increase the risk that the policy may lapse. Adverse tax consequences may result from a policy lapse. 2 All guarantees are based on the claims paying ability of the issuer, New York Life Insurance Company. 3 Dividends, which provide opportunity for cash value growth, are not guaranteed. 4 Asset protection laws are generally unique to each State and may vary widely. The client should consult his or her attorney and/or tax advisor with regard to the asset protection laws in his or her own State. In Oregon, The Whole Life policy form number is of 16
6 Objective for Reserve Account: Current Situation You have indicated that the earnings on this fund are reinvested in the account. As a result, this account is anticipated to grow over time to meet future needs. You have indicated that you want to maintain a minimum of $750,000 of liquidity between your Reserve Account and Policy Cash Values. Currently you have $1,000,000 in your Reserve Account You primarily want to: Obtain death benefit protection. Maintain a certain level of cash reserve. Insure that sufficient cash reserves are on hand to meet your needs. Be able to access that reserve if needed. Concerns: You have one or more of the following concerns in today s economic environment: Relatively low interest rate on the money. Taxation of interest earned. Lack of alternatives for this money. Current Cash Reserves: Current reserve account value: $1,000,000 Minimum desired reserve account balance $750,000 Annual rate of return on reserve account: 1.00% Income tax rate on reserve account earnings: 35.00% Earnings rate, net of income tax: 0.65% After tax earnings are reinvested in reserve account Yes * * Hypothetical rate provided by the client. Not indicative of any particular product. Rates are subject to change. As the concept being discussed is a long term strategy, clients should revisit and adjust this information regularly. 6 of 16
7 SMRU (exp ) Life Insurance Option Use the Reserve Account to Fund a Permanent Policy As an alternative to your current arrangement you may want to consider the purchase of a permanent life insurance policy using a portion of that reserve account value to pay the annual premium. Insurance is subject to underwriting, existing coverage should be maintained until new coverage is assured. In the future the cash value of that policy could be used to account for a portion of that reserve account value. How it Works: Take [$100,000] from your reserve account each year for [5] years to fund a NYL Custom Whole Life policy. At that time the policy becomes paid up.* Policy cash values can then be used to account for some of the Reserve Account. Benefits of Life Insurance: The alternative option offers you the following benefits: A life insurance death benefit provided premiums are paid when due. Guaranteed growth of cash value (contingent on all premiums being paid when due.) Potential additional cash value growth through dividends, which are not guaranteed. Tax deferred growth on cash value. Access to the cash value through policy loans.** Policy backed by the claims paying ability of New York Life Insurance Company. A fully paid up life insurance policy with no future premium due.* Illustrated Alternative: Insured: Charles "Big Boy" Builder Underwriting Class: Insured's Date of Birth: Policy Type: Non Smoker May 15, 1964 NYL Custom Whole Life Base Policy Face Amount $332,000 Decreasing Option Term Rider $1,660,000 Initial Death Benefit $1,992,000 Dividend Option Initial Premium: Scheduled Options to Purchase Paid Up Additions Paid Up Additions $37,038 $62,962 Total Policy Premium $100,000 Years premium is illustrated to be paid: 5 * ** Custom Whole Life: Limited pay policy based on the premium paying period selected by the client. The premium paying period cannot be less than 5 years and cannot extend beyond age 75. Policy Loans accrue interest and decrease the death benefit and cash value. 7 of 16
8 Supplemental Life Insurance Illustration Current vs. Life Insurance The 3,500,000 following graph is intended to illustrate how the current Reserve Account balance is projected to compare against Death Benefit the Life Insurance Option over the next 20 years. 3,000,000 2,500, in Excess of After Tax Cash Value Shortfall of Life Insurance Option 2,000,000 1,500,000 1,000, , Years Reserve Acct, Net of Life Ins. Premiums After Tax Cash Surrender Value* Projected Current Reserve Acct. (No Life Ins.) Res. Acct. Fund Bal. E O Y + Life Ins. DB Cumulative Permanent Policy Premiums The reserve account is assumed to have a hypothetical [1.00]% pre tax earnings rate, subject to a [35.00]% income tax rate of return based on client provided information. Net income is assumed to be reinvested in the reserve account The "Death Benefit in Excess of After Tax Cash Value" (light blue columns on top) represent the additional amount that the policy beneficiary is illustrated to receive if the insured were to die in any one year. It does not represent funds which could be accessed by the policy owner. The Breakeven Point is projected to occur in year [8]. The breakeven point occurs in the year that the combined value of the after tax cash surrender value, plus any remaining reserve account is projected to be equal to or greater than the projected value of the reserve account in the current situation. The maximum shortfall occurs in year [4]. At the end of that year, the combined value of the reserve account and the cash value is still [$987,561]. The proposed policy illustrated is a [New York Life Custom Whole Life AD113] for a [Male], [Non Smoker], Age [49], with an initial death benefit of [$1,992,000] Not valid without an attached policy illustration for the policy shown. Please refer to the attached basic illustration for guaranteed values and other important information. In the event of a discrepancy in the information shown here and in the underlying full basic illustration, the full basic illustration prevails. All information presented herein subject to and contolled by the terms and conditions of the underlying policy contract which governs all policy matters upon issuance. This illustration shows the continuation of the currently illustrated non guaranteed values (including dividends) and is neither an estimate nor a guarantee of future performance. Non guaranteed values are subject to change and actual values may be more or less favorable than those shown. 8 of 16
9 Supplemental Life Insurance Illustration Net of Term Cost Analysis What if the permanent policy death benefit replaced some existing term coverage? If permanent insurance replaces term insurance, then your term costs savings should be taken into account when considering this option so that it more adequately reflects the effect of purchasing the cash value life insurance policy. This effectively shortens the number of years it would take for this alternative option to surpass the current reserve account. (Based on current interest rate assumptions) Buy- Term and Invest the Difference Buying term and allowing more of your reserve account to be invested appears to be an attractive option because term premiums are initially much lower than permanent premiums. The idea is that you buy a term policy for the death benefit that you need and that the remaining funds are kept in the reserve account and invested at a conservative rate. The assumption that most people would make is that you can earn a better rate of return on the reserve account than you can on the cash value accumulation inside the permanent policy. But what rate of return would you need to earn to beat the rate of return of the cash value of the permanent life insurance policy. Internal Rate of Return Net of Term Costs By subtracting the term cost from the permanent life insurance premium, IRR Net of Term Costs provides a more appropriate measure of the return achieved on the portion of the premium used to build cash value* As you have acknowledged, the Reserve Account that your company keeps on its Balance Sheet is invested with little or no risk. It is for this reason, that the buy term and invest the difference concept may not be appropriate for your company. Important Factors to Consider How long will you need life insurance coverage? Permanent premiums are typically level but term premiums will eventually increase and at some point exceed those of the permanent policy. Term insurance may be cost prohibitive when the coverage is needed the most. Canpermanent insurance satisfy bothyour protectionand accumulationneeds? needs? Current Term Life Insurance Coverage Insured: Insured's Date of Birth: Term policy death benefit: Initial annual premium: [ Charles "Big Boy" Builder ] [ 5/15/1964 ] [ $2,163,122 ] [ $4,701 ] * The internal rate of return on the cash surrender value is equivalent to an interest rate at which an amount equal to the illustrated premium payments could have been invested outside the Policy (ignoring taxes) to arrive at the cash surrender value of the policy. Supplemental Life Insurance Illustration TheLivingBenefits ofpermanent Life Insurance 9 of 16
10 Net of Term Cost Analysis 3,500,000 Death Benefit in Excess of After Tax Cash Value The 3,000,000 following graph is intended to illustrate how the current Reserve Account balance is projected to Shortfall compare of Life against Insurance Option the Life Insurance Option over the next 20 years. 2,500,000 2,000,000 1,500,000 1,000, , Years Reserve Acct, Net of Life Ins. Premiums After Tax Cash Surrender Value* Projected Current Reserve Acct. (No Life Ins.) Res. Acct. Fund Bal. E O Y + Life Ins. DB Term Death Ben + Res. Acct, Net of Term Costs Cumulative Permanent Policy Premiums Cumulative Term Premiums The reserve account is assumed to have a hypothetical [1.00]% pre tax earnings rate, subject to a [35.00]% income tax rate of return based on client provided information. Net income is assumed to be reinvested in the reserve account The "Death Benefit in Excess of After Tax Cash Value" (light blue columns on top) represent the additional amount that the policy beneficiary is illustrated to receive if the insured were to die in any one year. It does not represent funds which could be accessed by the policy owner. Results of replacing existing term coverage coverage with a permanent policy Taking the term cost into account, the Breakeven Point is projected to occur in year [6], as compared to year [8]. The breakeven point occurs in the year that the combined value of the after tax cash surrender value, plus any remaining reserve account is projected to be equal to or greater than the projected value of the reserve account in the current situation. The estimated term cost saved over the next 20 years is [$782,172] and The maximum shortfall occurs in year [3] as compared to year [4]. At the end of year [3], the combined value of the reserve account and the cash value is [$981,660]. The proposed policy illustrated is a [New York Life Custom Whole Life AD113] for a [Male], [Non Smoker], Age [49], with an initial death benefit of [$1,992,000] Not valid without an attached policy illustration for the policy shown. Please refer to the attached basic illustration for guaranteed values and other important information. In the event of a discrepancy in the information shown here and in the underlying full basic illustration, the full basic illustration prevails. All information presented herein subject to and contolled by the terms and conditions of the underlying policy contract which governs all policy matters upon issuance. This illustration shows the continuation of the currently illustrated non guaranteed values (including dividends) and is neither an estimatenor a guarantee of future performance. Non guaranteedvaluesare are subject to change and actual values may be more or less favorable than those shown. * After Tax Cash Surrender Value reflects non guaranteed policy cash values reduced by an assumed income tax rate of [35.00]%. This value assumes that the permanent life insurance policy would be surrendered. 10 of 16
11 The Living Benefits of Life Insurance Supporting Schedules Schedule 1 Reserve Account Balance This schedule is designed to show you, based upon input you ve given us, what your current situation is projected to look like for the next 20 years, at a hypothetical rate of return. We have assumed that the interest earned, net of income tax is retained in the Reserve Account. As rates will change and this is a long term strategy, you should revisit and adjust this information accordingly on a regular basis. Scheduled 2 Reserve Account with Cash Value of life insurance Schedule 2 is designed to show you the impact on your Reserve Account values if you take an amount of money each year from that account to pay a life insurance premium. It then compares your desired reserve account value, from schedule 1, with the potential combined value you would have if you purchased a permanent life insurance policy as shown in the attached policy illustration. Scheduled 3 Reserve Account Net of Term Costs Schedule 3 illustrates the term policy annual premium being paid from the Reserve Account. It also reflects the combined value of the term policy death benefit and the Reserve Account Balance Net of Term Premiums. Schedule 4 Reserve Account, Net of Proposed Whole Life Policy Premiums Schedule 4 illustrates the proposed whole life policy annual premium being paid from the Reserve Account. It also reflects the combined value of the whole life cash value, using current non guaranteed values, and the reserve account balance Net of the proposed whole life premiums. As well as the combined value of the whole life death benefit, using current non guaranteed values, and the reserve account bl balance Net of the proposed whole life premiums. Schedule 5 IRR on Cash Value, Net of Term Costs Schedule 5 illustrates the before tax and after tax annual rates of return that the reserve account would be required to earn in order that the reserve account adjusted for the annual term policy premiums would equal the combined value of the reserve account adjusted d for the proposed permanent policy annual premium which h is reduced d by the premium you might have paid per term coverage. 11 of 16
12 Schedule 1 Year Reserve Account Balance B O Y [1.00]% Income Tax [35.00]% After Tax [0.65]% Reserve Account Balance E O Y 1 1,000,000 10,000 (3,500) 6,500 1,006, ,006,500 10,065 (3,523) 6,542 1,013, ,013,042 10,130 (3,546) 6,585 1,019, ,019,627 10,196 (3,569) 6,628 1,026, ,026,255 10,263 (3,592) 6,671 1,032, ,032,925 10,329 (3,615) 6,714 1,039, ,039,639 10,396 (3,639) 6,758 1,046, ,046,397 10,464 (3,662) 6,802 1,053, ,053,199 10,532 (3,686) 6,846 1,060, ,060,044 10,600 (3,710) 6,890 1,066, ,066,935 10,669 (3,734) 6,935 1,073, ,073,870, 10,739 (3,759) 6,980 1,080,850, 13 1,080,850 10,808 (3,783) 7,026 1,087, ,087,875 10,879 (3,808) 7,071 1,094, ,094,947 10,949 (3,832) 7,117 1,102, ,102,064 11,021 (3,857) 7,163 1,109, ,109,227 11,092 (3,882) 7,210 1,116, ,116,437 11,164 (3,908) 7,257 1,123, ,123,694 11,237 (3,933) 7,304 1,130, ,130,998 11,310 (3,958) 7,351 1,138,349 The Reserve Account value and rate assumptions used on this schedule are provided by the client and are subject to change. 12 of 16
13 SMRU 50 Supplemental Life Insurance Illustration 1 Schedule 2 The Living i Benefits of Permanent tlife Insurance Yr Age Reserve Account Fund Balance B O Y Reserve Account with Cash Value of Life Insurance Reserve Account 2, Net of Premiums Non Guaranteed Cash Values Reserve Account Comparison Non Guaranteed Death Benefit (DB) Distribution to Fund Premium After Tax [0.65]% Reserve Account Fund Pre Tax Cash Value Estimated Income Tax Due if Policy After Tax Cash Combined Reserve Reserve Account Annual Life Ins. Policy Death Benefit in Excess of Res. Acct. Fund Bal. Cumulative Effect on Balance (CV) of Life is Surrender Funds and Balance (Shortfall) Death After Tax E O Y + Reserve E O Y Insurance Surrendered Value 3 After Tax CV (Sch. 1) or Overage Benefit (DB) Cash Value Life Ins. DB Account A B (A+B) C (A+C) ,000,000 (100,000) 5, ,850 78, , ,917 1,006,500 (22,583) 2,163,122 2,085,055 3,068,972 (22,583) ,850 (100,000) 5, , , , ,536 1,013,042 (9,923) 2,158,855 1,989,407 2,969,943 (32,506) ,088 (100,000) 000) 4, , , , ,660 1,019,627 (5,461) 2,154,724 1,888,774 2,870,434 (37,967) ,710 (100,000) 4, , , , ,561 1,026,255 (726) 2,150,714 1,782,865 2,770,426 (38,693) ,712 (100,000) 3, , , ,934 1,000,024 1,032,925 5,792 2,146,846 1,669,912 2,669,936 (32,901) , , , , ,085 1,025,575 1,039,639 18,837 1,992,000 1,492,915 2,518,490 (14,064) , , , ,716 7, ,115 1,044,028 1,046,397 11,695 1,992,000 1,477,885 2,521,913 (2,369) , , , ,140 16, ,291 1,064,648 1,053,199 13,818 1,234, ,986 1,767,634 11, , , , ,534 26, ,097 1,085,921 1,060,044 14,427 1,258, ,317 1,795,238 25, , , , ,998 36, ,599 1,107,912 1,066,935 15,101 1,282, ,244 1,823,156 40, , , , ,563 46, ,816 1,130,641 1,073,870 15,794 1,307, ,623 1,851,264 56, , , , ,237 57, ,754 1,154,114 1,080,850 16,493 1,332, ,493 1,879,607 73, , , , ,166 68, ,508 1,178,426 1,087,875 17,286 1,357, ,879 1,908,305 90, , , , ,427 80, ,128 1,203,626 1,094, , ,383, ,157 1,937, , , , , ,038 92, ,625 1,229,728 1,102,064 18,984 1,410, ,576 1,968, , , , , , , ,105 1,256,835 1,109,227 19,944 1,438, ,110 1,999, , , , , , , ,553 1,284,935 1,116,437 20,890 1,467, ,958 2,032, , , , , , , ,294 1,314,351 1,123,694 22,159 1,497, ,603 2,066, , , , , , , ,773 1,345,528 1,130,998 23,873 1,530, ,276 2,102, , , , , , , ,060 1,378,538 1,138,349 25,658 1,564, ,822 2,141, ,189 The proposed policy illustrated is a [New York Life Custom Whole Life AD113] for a [Male], [Non Smoker], Age [49], with an initial death benefit of [$1,992,000] 1 Not valid without an attached policy illustration for the policy shown. Please refer to the attached basic illustration for guaranteed values and other important information. In the event of a discrepancy in the information shown here and in the underlying full basic illustration, the full basic illustration prevails. All information presented herein subject to and contolled by the terms and conditions of the underlying policy contract which governs all policy matters upon issuance. This illustration shows the continuation of the currently illustrated non guaranteed values (including dividends) and is neither an estimate nor a guarantee of future performance. Non guaranteed values are subject to change and actual values may be more or less favorable than those shown. 2 The Reserve Account value and rate assumptions used on this schedule are provided by the client and are subject to change. 3The after tax cash surrender values shown are based on the non guaranteed cash surrender value adjusted for an estimated income tax rate of 35.00%. This assumes the client surrenders the policy. 13 of 16
14 Supplemental Illustration 1 Schedule 3 Reserve Account, Net of Term Costs Year Reserve Account Fund Balance B O Y Term Policy Income After Tax Gross Earnings Tax Due Earnings Premium [0.65]% Reserve Account Net of Term Costs E O Y Term Policy Death Benefit E O Y Term Death Benefit, + Res. Acct, Net of Term Costs E O Y 1 1,000,000 (4,701) 9,953 (3,484) 6,469 1,001,768 2,163,122 3,164, ,001,768 (4,701) 9,971 (3,490) 6,481 1,003,548 2,163,122 3,166, ,003,548 (4,701) 9,988 (3,496) 6,493 1,005,340 2,163,122 3,168, ,005,340 (4,701) 10,006 (3,502) 6,504 1,007,143 2,163,122 3,170, ,007,143 (4,701) 10,024 (3,509) 6,516 1,008,958 2,163,122 3,172, ,008,958 (4,701) 10,043 (3,515) 6,528 1,010,785 2,163,122 3,173, ,010,785 (4,701) 10, (3,521) 6,540 1,012,623 2,163, ,175, ,012,623 (4,701) 10,079 (3,528) 6,551 1,014,474 2,163,122 3,177, ,014,474 (4,701) 10,098 (3,534) 6,564 1,016,336 2,163,122 3,179, ,016,336 (4,701) 10,116 (3,541) 6,576 1,018,211 2,163,122 3,181, ,018,211 (43,853) 9,744 (3,410) 6, ,691 2,163,122 3,143, ,691 (48,288) 9,324 (3,263) 6, ,464 2,163,122, 3,101,586, ,464 (53,695) 8,848 (3,097) 5, ,520 2,163,122 3,053, ,520 (60,293) 8,302 (2,906) 5, ,623 2,163,122 2,998, ,623 (67,712) 7,679 (2,688) 4, ,903 2,163,122 2,936, ,903 (75,500) 6,974 (2,441) 4, ,936 2,163,122 2,865, ,936 (83,720) 6,182 (2,164) 4, ,234 2,163,122 2,785, ,234 (92,048) 5,302 (1,856) 3, ,632 2,163,122 2,696, ,632 (100,484) 4,331 (1,516) 2, ,964 2,163,122 2,599, ,964 (109,569) 3,264 (1,142) 2, ,516 2,163,122 2,491,638 The Reserve Account value and rate assumptions used on this schedule are provided by the client and are subject to change. 1Not valid without an attached policy illustration for the policy shown. Please refer to the attached basic illustration for guaranteed values and other important information. In the event of a discrepancy in the information shown here and in the underlying full basic illustration, the full basic illustration prevails. All information presented herein subject to and contolled by the terms and conditions of the underlying policy contract which governs all policy matters upon issuance. This illustration shows the continuation of the currently illustrated non guaranteed values and is neither an estimate nor a guarantee of future performance. Non guaranteed values are subject to change and actual values may be more or less favorable than those shown. 2 Term Rates are Based on a [NYL Level Premium Convertible Term AD110 10] Year Term for a [Male], Age [49], [Non Smoker], Face Amount [$2,163,122] 14 of 16
15 Supplemental Illustration 1 Schedule 4 The Living ii Benefits of Permanent Life Insurance Year Reserve Account 2, Net of Proposed Whole Life Policy Premiums Reserve Account Fund Distribution Income After Tax Balance B O Y to Fund Premium [1.00]% Tax [35.00]% [0.65]% Reserve Account Fund Balance E O Y Non Guaranteed Cash Value (CV) Pre Tax Cash Value (CV) of Life Insurance After Tax Cash Surrender Value 3 Reserve Account, Plus A/T Cash Surrender Value Non Guaranteed Death Benefit (DB) Life Ins. Policy Death Benefit (DB) Death Benefit in Excess of After Tax Cash Value Res. Acct. Fund Bal. E O Y + Life Ins. DB 1 1,000,000 (100,000) 9,000 (3,150) 5, ,850 78,067 78, ,917 2,163,122 2,085,055 3,068, ,850 (100,000) 8,059 (2,820) 5, , , , ,536 2,158,855 1,989,407 2,969, ,088 (100,000) 000) 7,111 (2,489) 4, , , , ,660 2,154,724 1,888,774 2,870, ,710 (100,000) 6,157 (2,155) 4, , , , ,561 2,150,714 1,782,865 2,770, ,712 (100,000) 5,197 (1,819) 3, , , ,934 1,000,024 2,146,846 1,669,912 2,669, , ,231 (1,831) 3, , , ,085 1,025,575 1,992,000 1,492,915 2,518, , ,265 (1,843) 3, , , ,115 1,044,028 1,992,000 1,477,885 2,521, , ,299 (1,855) 3, , , ,291 1,064,648 1,234, ,986 1,767, , ,334 (1,867) 3, , , ,097 1,085,921 1,258, ,317 1,795, , ,368 (1,879) 3, , , ,599 1,107,912 1,282, ,244 1,823, , ,403 (1,891) 3, , , ,816 1,130,641 1,307, ,623 1,851, , ,438 (1,903) 3, , , ,754 1,154,114 1,332, ,493 1,879, , ,474 (1,916) 3, , , ,508 1,178,426 1,357, ,879 1,908, , , (1,928) 3, , , ,128 1,203,626 1,383, ,157 1,937, , ,545 (1,941) 3, , , ,625 1,229,728 1,410, ,576 1,968, , ,581 (1,953) 3, , , ,105 1,256,835 1,438, ,110 1,999, , ,617 (1,966) 3, , , ,553 1,284,935 1,467, ,958 2,032, , ,654 (1,979) 3, , , ,294 1,314,351 1,497, ,603 2,066, , ,691 (1,992) 3, , , ,773 1,345,528 1,530, ,276 2,102, , ,728 (2,005) 3, , , ,060 1,378,538 1,564, ,822 2,141,361 The Reserve Account value and rate assumptions used on this schedule are provided by the client and are subject to change. The proposed policy illustrated is a [New York Life Custom Whole Life AD113] for a [Male], [Non Smoker], Age [49], with an initial death benefit of [$1,992,000] 1 Not valid without an attached policy illustration for the policy shown. Please refer to the attached basic illustration for guaranteed values and other important information. In the event of a discrepancy in the information shown here and in the underlying full basic illustration, the full basic illustration prevails. All information presented herein subject to and contolled by the terms and conditions of the underlying policy contract twhich h governs all policy matters upon issuance. This illustration ti shows the continuation of the currently illustrated t non guaranteed values (including dividends) and is neither an estimate nor a guarantee of future performance. Non guaranteed values are subject to change and actual values may be more or less favorable than those shown. 2 The Reserve Account value and rate assumptions used on this schedule are provided by the client and are subject to change. 3 The after tax cash surrender values shown are based on the non guaranteed cash surrender value adjusted for an estimated income tax rate of 35.00%. This assumes the client surrenders the policy. 15 of 16
16 Supplemental Illustration 1 Schedule 5 The Living i Benefits of Life Insurance Yr Net Annual Premium for Proposed CWL Policy Term Policy Annual Premium Outlay (1) IRR on Cash Value, Whole Life Premium Net of Term Costs Non Guaranteed Policy Values Difference in Net Annual Outlay Cash Value of Life Insurance (2) IRR Net of Term Costs on Cash Surrender Value Cash Value Analysis IRR Net of Term Pre Tax Equivalent (Assumes a Tax Rate of 35.00%) 1 100,000 4,701 95,299 78, % N/A 2 100,000 4,701 95, , % N/A 3 100, ,701 95, , % 3 N/A 4 100,000 4,701 95, , % N/A 5 100,000 4,701 95, , % 0.05% 6 0 4,701 (4,701) 499, % 2.15% 7 0 4,701 (4,701) 521, % 3.38% 8 0 4,701 (4,701) 548, % 4.32% 9 0 4,701 (4,701) 575, % 4.97% ,701 (4,701) 603, % 5.44% ,853 (43,853) 633, % 6.87% ,288 (48,288) 664, % 8.02% ,695 (53,695) 696, % 8.98% ,293 (60,293) 729, % 9.82% ,712 (67,712) 764, % 10.57% ,500 (75,500) 800, % 11.24% ,720 (83,720) 837, % 11.85% ,048 (92,048) 877, % 12.40% ,484 (100,484) 919, % 12.90% ,569 (109,569) 964, % 13.36% Non Policy Values shown are based on information provided by the client. The proposed policy illustrated is a [New York Life Custom Whole Life AD113] for a [Male], [Non Smoker], Age [49], with an initial death benefit of [$1,992,000] 1 Term Rates are Based on a [NYL Level Premium Convertible Term AD110 10] Year Term for a [Male], Age [49], [Non Smoker], Face Amount [$2,163,122] 2 Not valid without an attached policy illustration for the policy shown. Please refer to the attached basic illustration for guaranteed values and other important information. In the event of a discrepancy in the information shown here and in the underlying full basic illustration, the full basic illustration prevails. All information presented herein subject to and contolled by the terms and conditions of the underlying policy contract which governs all policy matters upon issuance. This illustration shows the continuation of the currently illustrated non guaranteed values (including dividends) and is neither an estimate nor a guarantee of future performance. Non guaranteed values are subject to change and actual values may be more or less favorable than those shown. 16 of 16
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