A popular misconception about life insurance is that it primarily concerns your beneficiaries and what they will receive from your planning and efforts. While that is one aspect of life insurance, if executed properly, a solid life insurance plan can also provide you with living benefits.
Why Do I Need Life Insurance?
A death benefit payout for survivors is only one aspect of life insurance. If the policy holder passes, the cash value of the policy can help young families meet their financial needs or can help pay off a mortgage. However, there are other facets of life insurance that are equally important.
Most life insurance products allow policy holders 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 as well, because you are only taxed after you withdraw the money from your policy. With the right life insurance planning strategy in place, your policy can act as a great source of tax-free wealth transfer to your beneficiaries.
In retirement, a well-planned life insurance strategy can serve to generate additional retirement income, or even provide additional living health care benefits as you age.
What We Do For You
Not every life insurance policy provides all possible benefits. Our experienced life insurance planning specialists will discuss your needs in detail, then customize a life insurance plan that meets those 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 – say 15 to 20 years – 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 college/university education of a child or creating an additional retirement income stream.
Participating (or Whole) Life Insurance
Depending on what your investment goals are, our insurance advisory 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 might deem fit) against the cash value of your policy.
Universal Life Insurance
If you are in search of higher savings and earnings potential from your life insurance policy, then Universal Life Insurance might be recommended. 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 also withdraw part of the cash value.
Variable Life Insurance
If you are someone looking to leverage stock market performance through your insurance policy, then a Variable Life Insurance product might be what you need. They provide policyholders with the option to invest their cash value in a host of insurer-recommended stocks, bonds, money-market funds, and other investment products. Our insurance professionals will make you aware of the all the risks and opportunities associated with a variable insurance product.
Contact us today for a complimentary consultation!
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