Although some people view life insurance as a way to replace lost income or pay off debt after a loved one passes, it also offers other potential benefits that may make it a valuable tool to help accomplish different financial goals in retirement.<\/p>\n
First, life insurance may provide some degree of comfort for the policyholder (the insured) because their loved ones (the beneficiaries) will receive a death benefit when they pass away. Additionally, life insurance can be a tool for small business owners to help protect their business if something should happen to them.<\/p>\n
In addition to a death benefit, life insurance is one of a few products that may help you reduce or avoid certain taxes. Some of these benefits may include:<\/p>\n
Death benefits<\/strong><\/p>\n Tax-free exchanges<\/strong><\/p>\n Policy cash values<\/strong><\/p>\n We\u2019re able to shop dozens of insurance carriers to find rates and products that fit your specific needs and goals. That means we\u2019re not relegated to simply one line of products or one brand name like a captive agent. In addition, we offer complimentary reviews on your existing life insurance contracts.<\/p>\n Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.\u00a0 Policy loans and withdrawals will reduce available cash values and death benefits and may cause the policy to lapse or affect any guarantees against lapse.\u00a0 Additional premium payments may be required to keep the policy in force.\u00a0 In the event of a lapse, outstanding policy loans in excess of unrecovered cost basis will be subject to ordinary income tax.\u00a0 Withdrawals are generally income tax-fee, unless the withdrawal amount exceeds the amount of premium paid.\u00a0 Policy loans are not usually subject to income tax unless the policy is classified as a modified endowment contract (MEC) under IRC Section 7702A.\u00a0 However, withdrawals or partial surrenders from a non-MEC policy are subject to income tax to the extent that the amount distributed exceeds the owner\u2019s cost basis in the policy.\u00a0 Tax laws are subject to change.\u00a0 Clients should consult their tax professional.\u00a0 Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Life insurance may offer multi-faceted retirement strategies. Although some people view life insurance as a way to replace lost income or pay off debt after a loved one passes, it also offers other potential benefits that may make it a valuable tool to help accomplish different financial goals in retirement. First, life insurance may provide […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":13,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"acf":[],"yoast_head":"\n\n
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