Life Insurance and Wealth Strategies
I work with multiple financial companies to help my clients with business preservation, protecting their assets and eliminate debt.
Protect Your Family’s Home
Mortgage protection is a simplified, quick issue insurance that is used to protect your greatest asset—your home. It’s designed to provide a death benefit to pay off all, or a portion of, your mortgage. Optional riders are available in most states, such as disability income. This protection can be customized to fit your needs and budget.
End Debt Forever
With interest rates continuing to rise, inflation going through the roof, and the stock market seeing record declines, there is no better time to be in a safe product that eliminates your debt, builds cash, and insulates you from taxes and losses. Everyone knows that the #1 cause of divorce, stress, and poor quality of life is the debt so many have.
If we can get you 100% DEBT FREE, including your house in 7-10 years, and have a pile of money leftover, would you do it?
There are a lot of reasons why life insurance is important. Besides the fact that it can be used to in the event of a death for funeral expenses, to pay off debt or provide living expenses when a spouse passes away, it can help things like college or a wedding, it can even help with your retirement!
It’s called life insurance because your loved ones are going to continue to live.
There are various types of Term Life, Whole Life and Universal Life Policies. Some even come with living benefits. An in-depth evaluation can be completed to help determine what is best for you. Sometimes it is a combination of two policies. The premiums you pay depend heavily on your age and medical history, along with the amount you want the policy to pay out. Reach out to us today! We love Life Insurance!
Request a review of your unique situation so that our specialist can design a plan that fits your needs and your budget.
- To Pay Final Expenses
The cost of a funeral and burial can easily run into the tens of thousands of dollars, and I don’t want my wife, parents, or children to suffer financially in addition to emotionally at my death.
- To Cover Children’s Expenses
Like most fathers, I want to be sure my kids are well taken care of and can afford a quality college education. For this reason, additional coverage is essential while my kids are still at home.
- To Replace the Spouse’s Income
If my wife had passed away while the kids were young, I would’ve needed to replace her income, which was essential to our lifestyle. I also would’ve needed to hire help for domestic tasks we’d shared like cleaning the house, laundry, cooking, helping with schoolwork, and carting kids to doctor’s visits.
- To Pay Off Debts
In addition to providing income to cover everyday living expenses, my family would need insurance to cover debts like the mortgage, so they wouldn’t have to sell the house to stay solvent.
- To Buy a Business Partner’s Shares
Since I’m involved in a business partnership, I need insurance on my partner’s life. The reason is so if he dies, I will have enough cash to buy his interest from his heirs and pay his share of the company’s obligations without having to sell the company itself. He has the same needs (due to the risk that I might die), and he simultaneously purchased insurance on my life.
- To Pay Off Estate Taxes
Estate taxes can be steep, so having insurance in place to pay them is essential to avoid jeopardizing assets or funds built for retirement. Use of insurance for this purpose is most common in large estates and uses permanent (rather than term) insurance to ensure that coverage remains until the end of life.
- The time and resources to grieve
There is likely nothing more devastating than the loss of a child. In such an unfortunate and untimely event, day-to-day responsibilities might be overwhelming – the demands of your job, paying the bills, and having to care for other children in the household. The reality is you might not have enough paid sick or vacation time from work to take care of yourself, your spouse, or your other children during this difficult time. If the unthinkable were to happen, would you have done enough financial planning to have the resources to go back to work on your terms?
- Cash Value and living benefits
The cash value earned from a permanent* life policy (such as whole life, universal and variable life) can be withdrawn or borrowed against, providing living benefits that can used by your child as he or she gets older for many things such as: College tuition and expenses Financing a vehicle Paying for a wedding Collateral for loans.
- They’ll always be insured
There are several factors that can affect your child’s future insurability. High blood pressure, diabetes, obesity, and cancer are just a few of the many health complications that might prevent your child from being insured down the road. One of the primary benefits of purchasing a life insurance policy when they are young is that they will always be covered regardless of their future health if premiums are being paid.
- Guaranteed insurability
Some life insurance policies for children come with an optional guaranteed insurability rider/endorsement that may available for a nominal cost. As your child grows into an adult, this rider allows you to buy additional life insurance above the face value of the current policy (on specific dates and in certain increments) regardless of his/her health status at the time. Usually, the older the child gets, the fewer dates the policy owner has to purchase more life insurance and, in some instances, after a certain age, the rider may not be exercised.
- A locked-in rate
Life insurance premiums for minors can be very affordable. Buying life insurance for your child now could give you an opportunity to lock in that rate for the life of the policy. As long as the required premium is paid, the policy will stay in force.
Our approach is to educate you as an individual or business owner on some innovative, unique strategies to help you leverage additional alternatives for your financial future! It may be possible to get you to the zero percent tax bracket by retirement, or to help you with lifetime income.
You can’t put a dollar amount on your family, but you can ensure their future is protected. We can’t predict when the unexpected will happen, but we can help you prepare for it when it does.
Individual life insurance is arguably the biggest investment you can make in your loved ones’ security. It’s a complicated field, but don’t let that put you off. We’ll be happy to talk you through the options.
To put it very simply, with term life insurance you pay regular premiums for a set period and the policy only pays out if you die during this period. You will sign a contract for anywhere from 10 years to 30 years, depending on your age and the life insurance carrier. The longer you sign the contract for, the more expensive the insurance premiums will be, due to more risk to the company that they will pay out upon your death.
This is a permanent policy that you usually pay premiums until you die, at which point the policy pays out. Sometimes you have the option to take a lump sum back while you are still alive, but this will reduce the amount paid out when you die. This policy will build cash value that you can withdraw or borrow against while you are still alive. There are many options available today with many riders available as well. We can help you decide if this is the right policy for you!
There are three types of Universal life policies. They are like whole life insurance, but you have more flexibility about taking money early. You can even borrow money and repay it later; although, if there’s any loan outstanding when you die, the policy’s payout can be significantly affected. Premiums can be flexible. Indexed universal life insurance (IUL) allows you to earn interest that’s tied to the performance of index funds such as the S&P 500, though your insurer may limit your rate of return. Or you may be able to choose to earn all or part of your cash value in a fixed-rate account. Variable universal life insurance (VUL) lets policyholders choose how to invest the cash value portion of their policy. Options include stocks, bonds, and mutual funds – you can also choose to invest in multiple accounts. Guaranteed, or no-lapse guaranteed, universal life insurance (GUL) is a type of policy that offers a guaranteed death benefit and premiums that stay the same for the life of the policy. Though often included under the permanent life insurance umbrella, GUL policies usually have an end date that's selected at the time of purchase. Policyholders typically choose an advanced age – 95, 102, etc. – and the policy will remain active until that point. Unlike other permanent life policies, a GUL policy may have little or no cash value.
A living benefit payment is a lump sum payment to those who own a permanent life insurance policy. This benefit can pay out a percentage of the Life Insurance Policy if the insured becomes chronically ill, critically ill or terminally ill. These policies may also have a waiver of premium so that if you become ill, the policy will not lapse.
Healthcare nor medicare will pay for extended care should you become chronically ill or disabled and need long term care services. A long-term care policy will include medical and non-medical care to people whom are unable to perform basic activities of daily living such as dressing or bathing. This can be provided in a home or assisted living or nursing home.
Key man life insurance can keep your business afloat in the event of the death of any employee who is an integral asset to the company’s survival. Where ordinary life insurance compensates a person’s financial dependents for loss of income, key man life insurance is all about the costs a business faces when the person dies. It’s best suited for staff who are so vital to the company’s operations that it could struggle to survive without them. The payout from a key man life insurance policy will ideally help the company stay afloat while the other members of your staff come to grips with running the business, or until your business hires a suitable replacement and brings them up to speed. In addition to paying out when a key staff member has passed away, some key man policies will also pay out if the person is diagnosed with a terminal illness or suffers a critical illness that means they can no longer work.
Key man life insurance is a great way to protect your business, especially if you have a partner. It is also a deduction to your business expenses. If you think this might be a good fit for your business, let us know. We can walk you through your options.
We work with top financial advisors to assist you with your vision, objectives or goals for your family or business. We offer a safe alternative for your retirement income and work with wealth advisors in every aspect. Let us know what you need and we will point you in the right direction!
Fixed annuities are a popular choice for individuals who want a guaranteed interest rate and a stream of income they can’t outlive. With a fixed annuity, the principal investment and a specified interest rate are both guaranteed. Some of the advantages of fixed annuities include, minimal investment risk exposure, a tax deferral on earnings, some access to your money and death benefits to your beneficiaries.
An indexed annuity is a special class of annuities that yields returns on contributions based on a specified equity-based index. It offers annuitants the opportunity to earn higher yields based on stock market performance with protection against market declines. However, it is also common for an annuitant to experience lower-than-expected yields due to the combination of caps on the maximum amount of interest earned and fee-related deductions.