With expertise in annuities and insurance, Edward J. Wendol currently serves as the owner and managing partner of Total Retirement Security Planning and Mentoring Group (TRS). Edward “Ed” Wendol and his agents help clients achieve financial security through a number of products and solutions, including the Generation Legacy product from Baltimore Life.
The Generation Legacy product, which consists of two contracts, allows an insured to turn taxable annuities into a tax-free death benefit. The first component, a “period certain single premium immediate annuity” (SPIA), subsidizes the second, a “simplified issue whole life insurance policy,” via regular disbursements. According to Baltimore Life, the product is designed for the allocation of qualified funds and non-qualified annuities.
Yearly SPIA disbursements start straightaway and are promised for the entire payout period. In the event that an annuitant passes away during the disbursement timeframe, the designated beneficiary receives the earnings from the life insurance policy as well as the residual annuity payouts throughout the remainder of the contracted period.