LLQP Exam Dumps | Nelson is turning 46 and wants to explore additional tax planning opportunity. He is an avid investor

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Question 103/126

Nelson is turning 46 and wants to explore additional tax planning opportunity. He is an avid investor and has invested into a lot of mutual funds and stocks. His RRSP is currently maxed out. He is meeting with Andrew, his financial advisor with life insurance license, to discuss on his financial future and some life insurance policy options. As a risk taker, Nelson would like tohave a plan that would allow him to supplement his retirement income when he reaches 70. However, his employment income is very high and his marginal tax rate will remain at the top bracket even after his retirement.
What recommendation should Andrew make in order to fit Nelson's need?

A. Purchase a universal life insurance and access its cash value with a policy loan.

B. Purchase a universal life insurance and leverage the cash value with a collateral loan.

C. Purchase a whole life insurance and access its cash value by policy loan.

D. Purchase a whole life insurance and leverage the cash value with a collateral loan.

Correct Answer: B

Comprehensive and Detailed Explanation From Exact Extract:
For high-income individuals like Nelson, acollateral loan strategyusing aUniversal Life (UL)policy allows for tax-free access to accumulated values without triggering income. This is preferable to direct withdrawals, which are taxable. LLQP outlines this as a common retirement strategy for affluent clients.
Reference: Insurance Study Guides Chinese.pdf, Universal Life - Leverage and Retirement Planning

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