- Live too long
- Die too soon
- Get sick along the way
- Want a tax free retirement
… all in one solution!
When structured properly, a life insurance policy can be your corporate or personal bank and the foundation of your financial plan.
I enjoy working with clients, from individuals to corporations, to develop advanced insurance strategies to help them achieve specific goals for their own or their corporation’s financial future.
Term Insurance vs Permanent Insurance
What’s right for YOU? First, remember, the best type of life insurance policy is the one that’s in force when you die.
Let us help you select the best kind of insurance for your needs.
The two most common forms of life insurance are Term and Permanent (Whole Life/UL/IUL.) Experts will criticize both, however they are equally useful when chosen according to the needs of the individual.
Term Insurance
Just has renting is less expensive than owning a house, term insurance is initially much less expensive when compared to permanent life insurance. Term insurance has no cash value. In short, the only value is the guaranteed death benefit from the policy.
Permanent Life Insurance
Permanent life insurance is like owning a house. Typically, permanent life insurance combines the protection of a death benefit with a savings benefit.
The two primary types of permanent life insurance are Whole Life and Indexed Universal Life (IUL). Whole Life insurance offers coverage for the full lifetime of the insured, and its savings can grow at a guaranteed rate. Indexed Universal Life insurance also offers a savings component in addition to a death benefit, but it features different types of premium options and earns based on market performance.
The growth of the cash value is generally on a tax-deferred basis, meaning that the policyholder pays no taxes on any earnings as long as the policy remains active. The policy owner can borrow funds against that cash value or, in some instances, withdraw cash from it outright to help meet needs such as paying for a child’s college education or covering medical expenses.
Borrowing against the savings portion is initially not possible in the early years, so that sufficient cash can accumulate in the fund. If the amount of the total unpaid interest on a loan, plus the outstanding loan balance exceeds the amount of a policy’s cash value, the insurance policy and all coverage will terminate.
As long as certain premium limits are adhered to, money can also be taken out of the policy without being subject to taxes because policy loans usually are not considered taxable income. Generally, withdrawals up to the sum total of premiums paid can be taken without being taxed.
Many people have different insurance needs depending on what stage of life they’re in. Term life insurance is popular for its lower premiums, but it usually will expire well before the end of a policyholder’s life.
With the goal of having paid off most debt and other financial obligations by that time, while also accumulating sufficient savings, some people may find that they’d prefer ongoing coverage and savings opportunities, and want a new permanent policy.
Term life policies offer the option to convert to permanent policies later, often without the need to take medical exams or otherwise qualify again. This benefit makes the conversion appealing for someone with medical issues that could make a new policy too expensive or with chronic conditions that require ongoing expenses that could be drawn from the savings portion.
FAQ
Does life insurance offer any living benefits?
Several of the policies that we offer include Living Benefit riders. Often time referred to as an Accelerated Death Benefit, these riders allow the insured to accelerate a portion of their Death Benefit if they are diagnosed with a terminal or chronic illness, or suffer from a critical illness.
Can you help me find money to start my business?
When structured properly, a life insurance policy can serve as your personal bank. If you have a permanent life insurance policy that has accumulated cash value, then you have several options that are available for funding your new venture.
I have enough life insurance and annuities. What else do you offer?
We have several referral and affiliate relationships that provide other opportunities for you to be able to build wealth.
Continue to check back for new programs and updates.
I want to make sure that my grand kids are set for life? What do you have for them?
There are several ways to leave a legacy for your grandchildren. Depending on how detailed your plan is, I can assist you in looking at the options that are available to you, and introduce you to the other team of professional that will help you make you dreams come true.
Possible Risks
Insurability. You may be insurable today, but a sudden illness, or accident can change that as soon as this afternoon. “Waiting until tomorrow” keeps you at risk for possibly not being insurable at a great rate, or not insurable at all.
Not taking action for most people is the biggest risk of all. You been “thinking about it“ all of you life. Now it’s time to take action.
I Will help you to understand:
- "Personal Legacy Banking"
- What not to do when applying for an insurance policy
- The difference between term insurance and permanent insurance
- Why annuities might be good for your financial future
- What your options are for wealth building and generating multiple streams of income.
What your options are for wealth building and generating multiple streams of income.
To find out more please call 404.721.2338 or click below: