Madam Wong is widowed at age 55. Her late husband left her with 3 children. She currently has cash assets of about $ 5 million. Thinking ahead, she would like to be able to distribute an adequate amount amongst them and be able to keep a portion for personal use on her retirement. Having had worked very hard her entire life, she dreams of having a more comfortable and luxurious lifestyle and enjoy her hard earned money. While pondering about this, she realized that the $ 5 million might not be enough to fulfill this as she wishes to allot $ 3 Million for her retirement, which leaves $ 2 Million to be distributed to her 3 children.
Having these figures in mind, she has decided to use the $ 2 Million to purchase a Universal Life Plan. As a result, she got insured for a total of $ 9 Million. She also has willed the proceeds to be evenly distributed among her 3 children which ensures that they acquire at least $ 3 Million each.
Now, she can happily spend her $ 3 Million with ease without worrying about her children’s future.
