One of the most important pieces to any family’s financial well-being is having adequate life insurance in place to help answer the “What If’s” that you and your family may be debating while you work your way towards retirement. For pennies on the dollar you can provide a death benefit to your loved ones which can satisfy those “What If” questions giving you the peace of mind knowing that should you no longer be on this Earth, your family will not have to struggle financially because you cared enough to put them first. Over time your needs may change and with those changing needs, your life insurance can change along with it. Whether you need a large Term Life policy to cover a mortgage or you need another retirement source such as an Indexed Universal Life, which provides tax advantages or you just simply want to leave a legacy to your loved ones by purchasing a Guaranteed Universal Life, we can help guide you in making the decision that best satisfies your family’s current needs.
Universal life originally came out back in the 1980’s and over time the Universal Life plan with all companies has gone through quite a few changes. Today, the Indexed Universal Life (IUL) plan has pretty much become a staple in any professional’s retirement portfolio for several reasons. First, an IUL is not an investment, it is a life contract which is specifically designed to help those who may have a low risk tolerance safely put money away while at the same time satisfying their life insurance needs. The premiums are paid to the insurance company and they take out the cost of insurance along with the fees associated with the contract and then the remaining premium dollars are placed into various accounts within the life insurance contract. The multiple account options enables the insured to have multiple interest earning accounts while putting zero dollars at risk for down markets. This plan is designed to be a long term plan (20-30 years) but in some circumstances can be used for short term goals (10-15 years). By using an Indexed Universal Life to fund part of your retirement, you have some serious Tax Advantages specifically outlined by the IRS. Our agents are not licensed tax professionals and cannot give any tax advice and any tax questions should be addressed to your tax accountant. It’s these tax advantages which make the IUL a powerful wealth accumulation mechanism and the reason it should be included in your retirement portfolio.
Get more protection for less money when you buy term life insurance. While it is not a permanent fix to your life insurance needs, buying term life insurance allows you to protect the temporary needs in life such as a mortgage, income replacement, or your children’s college education. There are many types of term insurance policies available and each policy can be tailor made to fit your needs. With over 30 different life insurance companies that we offer life insurance through, we explore every option to provide you with the most competitive rates and features available in the market!!
Many people never intend to touch any of the cash they accumulate in permanent life insurance policy such as a whole life contract, yet because there is cash growing inside the contract, the insurance company must have the cash available to the insured for purposes of loans or for cash out options. There is an extra expense to the insurance company to have this cash available thus putting more expense on the insured resulting in higher premiums. With a Guaranteed Universal Life (GUL) contract an insurance company does not have the obligation to have as much cash if any at all available for loans and cash out options which results in a much more favorable premium for the client. The GUL has changed the permanent life insurance market and with timely payments, the insured can have a guaranteed death benefit allowing them to save premium dollars versus a whole life contract or purchase more insurance than they could in a whole life contract with the same premium dollars.
Lets talk about your Loved ones and what you can do to protect them.