Life Insurance
Your need for life insurance changes as life goes on. When you're young, you typically have less need for life insurance, but that changes as you take on more responsibility and your family grows. Then, as your responsibilities once again begin to diminish, your need for life insurance may decrease. If you have a mortgage or other loans that are jointly held with a co-signer, your death would leave the co-signer responsible for the entire debt. You might consider purchasing enough life insurance to cover these debts in the event of your death. Life insurance can be an important part of estate planning because it gives your beneficiaries an immediate tax-free source of cash after your death. This is especially helpful when the assets being passed on our mostly qualified pockets of money, which could be “stretched”. The proceeds don't have to go through probate, allowing the money to be used to pay bills and taxes that immediately follow your death. However, life insurance in your estate may be subject to estate taxes unless it is held in a Irrevocable Life Insurance Trust.In addition, the proceeds of a life insurance policy can be used to pay your final expenses or to replace any income lost to your spouse as a result of your death (e.g., from a pension or Social Security). Life insurance can be used to pay estate taxes or to leave money to charity. Additionally we often use Life Insurance as a tax deferred – tax free investment. The beautiful part about using this investment strategy is that we can buy into a policy today that leverages our money 12 to 1 for death benefit. This benefit is not just available after years of premiums being paid but immediately after we sign for the policy. Another strategy is to over-fund a Universal Life Policy and then allow the cash value to grow to substantial proportions. This can be loaned against with no interest due and no taxes due as long as the policy doesn’t collapse from too many withdrawals. The IRS has imposed regulations that require the funding to be done in such a way that the policy doesn’t become a Modified Endowment Contract.
Please feel free to use the "Request for Quote" form listed below and an agent will get back to you as soon as possible.
Please feel free to use the "Request for Quote" form listed below and an agent will get back to you as soon as possible.
