Life Insurance

Life insurance isn’t for you — it’s for those you leave behind.

Life insurance can be a valuable asset in your overall financial strategy, offering much more than just death benefit protection.

With the ever-changing economic landscape, the limitations of traditional investments like IRAs and 401(k)s and the potential impact of taxes, you may be wondering what options you have to create a more tax-efficient strategy. Offering tax-deferred accumulation along with distribution and transfer capabilities, life insurance can be a supplemental solution to help address your financial concerns.

What makes life insurance so unique? The IRS tax code.

The IRS tax code allows life insurance cash values and death benefit proceeds to receive tax advantages that are truly unique.  These benefits include:

• Tax-free death benefit
• Tax-deferred accumulation
• Tax-free distributions
• Tax-free accelerated death benefits

If helping loved ones maintain a standard of living and avoid financial hardships after your passing is a priority for you, life insurance products can help. A general rule is that you may want to seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: term and permanent.

Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiaries only if you die within that time period. A permanent insurance policy, on the other hand, will stay permanently in effect for the rest of your life, as long as premiums continue to be paid.