Life Insurance
A Multi-Purpose Tool for Retirement
Life insurance goes beyond providing financial support after a loved one passes. It can be a versatile tool in retirement planning, offering various benefits to support your financial goals and protect your family or business.
Why life insurance is so important!
Financial Security for Loved Ones
-
Provides a death benefit to beneficiaries, offering peace of mind that loved ones are protected.
-
Small business owners can use life insurance to ensure their business is secure if something unexpected happens.
Tax Advantages
-
Death Benefits: Generally income tax-free for beneficiaries. In cases of terminal or chronic illness, certain policies allow acceleration of death benefits, which may also be tax-free.
-
Tax-Free Exchanges: Policies can sometimes be exchanged for a new policy or annuity, with gains from the original contract remaining tax-free.
Flexible and Personalized Options
As independent agents, we work with dozens of carriers, giving you access to a variety of policies and rates tailored to your specific needs. Unlike captive agents, we’re not limited to one brand, which allows us to find the best fit for your situation.
Important Considerations
-
Policy Loans and Withdrawals: These will reduce cash values and death benefits and may affect policy guarantees. Additional premiums may be required to keep the policy active.
-
Tax Implications: Withdrawals over the premium paid may incur taxes. Policy loans may be tax-free unless classified as a Modified Endowment Contract (MEC).
-
Health and Financial Underwriting: Most policies require a review of health and, in some cases, financials.
READY TO GET STARTED?
Please consult your tax professional for advice as tax laws may change.