Life Insurance
A popular misconception about life insurance planning is that it has something to do with ensuring others (your policy beneficiaries) enjoy the fruits of your insurance once you’ve passed. While that is just one aspect of planning for the inevitable, if executed properly, life insurance planning can offer multiple benefits – even as you live to enjoy them!
Why Life Insurance Planning Is Important for Individuals & Families
The death benefits payout for survivors is only one aspect of life insurance. If the policyholder passes, the policy's cash value can help young families meet their financial needs, or can even help pay off a mortgage. However, other facets of life insurance are equally important.
Most life insurance products allow policyholders to tap into funds as the value of their policy grows over time. If you are looking for tax-deferred gains, a life insurance policy offers that too, because you are only taxed once you withdraw the money from your policy. With the right life insurance planning strategy, your policy can be a great source of tax-free wealth transfer to your beneficiaries.
A well-planned life insurance strategy can generate additional retirement income or provide additional living health care benefits in retirement.
What We Can Do for You
Not every life insurance policy provides all of these benefits. Our experienced Life Insurance Planning specialists will discuss your needs in detail and then customize a plan that meets those specific goals.
Some of the life insurance planning tools and products available include:
- Term Life Insurance: If you have a specific time horizon over which you need protection, then Term Life Insurance policies are definitely worth considering. These policies are designed to provide short to intermediate-term coverage at an affordable cost. For instance, if you have young children whom you wish to provide for until they are older, to age 85, or if you have an unpaid mortgage that you want your family to pay off in the event of your untimely passing, then a Term Life policy is worth considering.
- Permanent Life Insurance: Permanent life policies not only provide insurance protection for life but are also a great way to grow the value of your policy. The enhanced cash value might then be tapped subsequently to meet future needs, such as funding a child's college or university education or creating an additional retirement income stream.
- Participating (or Whole) Life Insurance to age 90: Depending on what your investment goals are, our insurance team might recommend a Participating Life Insurance product for you. With these products, the cash value and death benefit payout of your policy can experience tax-advantaged growth within the policy. You might also be eligible to borrow tax-free funds (for any purpose you deem fit) against your policy's cash value.
- Universal Life Insurance: If you are looking for higher savings and earnings potential from your life insurance policy, our financial professionals might recommend Universal Life Insurance. These policies also offer great flexibility, as the amount insured can be changed, and premiums can be adjusted (increased, deferred, decreased) while enabling policyholders to withdraw part of the cash value.
- Life insurance is a complicated product that requires a trustworthy advisor to explain its pros and cons.. (Only a few types are listed here.)
- Your life insurance purchase should not be taken lightly and a mistake now could be problematic later. My office offers Complimentary life insurance reviews. Simply call for an appointment.
*The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a life insurance strategy, it would be prudent to ensure you are insurable by having the policy approved. As with most financial decisions, expenses are associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications.
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Let’s face it. Death is inevitable. Although thinking about it may be hard, preparing for it can make all the difference. Talk to me today about life insurance and help protect your loved ones.