- How to Use Life Insurance in Your Estate Plan
Life insurance can play a key role in your estate plan by simplifying the transfer of assets and addressing potential estate taxes. It provides a reliable source of financial support for your beneficiaries through untaxed death benefit proceeds. By aligning life insurance with your estate plan, you can create a financial safety net that protects… read more…
- How to Use Life Insurance for Your Retirement
Life insurance can be more than just a safety net for your family after you pass away – it can also serve as a retirement planning tool. Some policies build cash value that you can access in retirement, offering a supplementary source of funds. This approach may be a viable option for those looking to… read more…
- Life Insurance Retirement Plan (LIRP) vs. Indexed Universal Life (IUL)
Many options are available when planning for retirement. Two popular options are life insurance retirement plans (LIRPs) and indexed universal life (IUL) insurance. Both offer a blend of life insurance coverage with opportunities for cash value growth. However, they operate differently in terms of structure, flexibility and investment potential. Understanding the key differences between a… read more…
- Pros and Cons of Using an IUL Account for Retirement
Indexed universal life (IUL) insurance policies that combine a death benefit with a savings account have become popular with retirement savers looking to balance life insurance protection with growth. Part of the premium paid for one of these policies goes into a cash account that earns interest based on the performance of a stock market… read more…
- How to Open an Indexed Universal Life (IUL) Account
If you’re looking to combine life insurance protection with the potential for growth, an indexed universal life (IUL) insurance account could be an option. IUL insurance has several benefits, including flexibility in premium payments, death benefit options and the ability to accumulate cash value over time. You can open an IUL account with the help… read more…
- How Taxes for Indexed Universal Life (IUL) Insurance Work
Indexed universal life (IUL) insurance offers a unique blend of life insurance protection and the potential for cash value growth linked to market indexes. One of the primary tax advantages of IUL policies is that the cash value growth is typically tax-deferred, meaning you won’t pay taxes on the gains as they accumulate within the… read more…
- What Is Max-Funded IUL Insurance?
Max-funded indexed universal life (IUL) insurance is a financial product that combines life insurance protection with opportunity for growth. Unlike life insurance policies that only offer a death benefit, max-funded IUL policies also allow policyholders to accumulate cash value that can be accessed during their lifetime. The cash value of the policy can grow when… read more…
- How to Benefit From Compound Interest in Your IUL
Compound interest can help you build savings or wealth dramatically over time, and it’s one of the advantages offered by an Indexed Universal Life (IUL) insurance policy. An IUL provides the dual benefit of life insurance protection and potential cash value growth. The cash value component grows over time based on interest credits linked to… read more…
- Is It Necessary to Have Life Insurance After Retirement?
As you enter retirement, the need for life insurance might not feel as pressing as it once did. But life insurance after retirement still has a place in financial planning. It can provide financial security for your loved ones, cover your final expenses, or contribute to a favorite charity – these benefits may make it… read more…
- How to Lower Retirement Taxes With Life Insurance
There are two main ways to use a permanent life insurance policy for retirement planning. The first is through cash value. You can take money from your policy’s cash account up to the amount of premiums paid tax-free. The second is through a loan. You can borrow against your policy’s death benefit tax-free. This loan will typically… read more…
- My Net Worth Is Over $1 Million. Do I Need Umbrella Insurance?
With a question about umbrella coverage, your net worth doesn’t much apply. The question is more about what you need in order to protect yourself, your assets and your family. That has more to do with your exposure and risk of loss than with how much you have to lose. As to whether someone would need… read more…
- Equity-Indexed Life Insurance
Equity-indexed life insurance is a type of permanent life insurance policy that combines elements of traditional life insurance with investment opportunities. While more expensive than simple term insurance, it allows policyholders to build cash value in a separate account. With an equity-indexed life, the cash value can grow tax-free by earning a return that tracks… read more…
- What Is a Life Insurance Conversion Privilege?
A life insurance conversion privilege allows you to convert your policy from one kind to another. For individuals who hold a life insurance policy, it’s common for their coverage needs to change over time. For example, you may outlive a term life insurance policy and want a permanent one. With a conversion privilege, you can… read more…
- How an Adjustable Life Insurance Policy Works
Life insurance can supply financial protection for your loved ones in case of your untimely passing. Many different types of life insurance exist, most of which call for policyholders to pay unvarying premiums in exchange for set coverage amounts. Adjustable life insurance, also known as universal life insurance, offers more flexibility. The policyholder can change… read more…
- Why Life Insurance Is Not a Scam and How It Can Help You
Life insurance is a financial tool that can offer cash value, peace of mind and a legacy for your loved ones. However, navigating the world of life insurance can be daunting, with its myriad policies, terms and options. Life insurance may not be worth it if you have no dependents, a tight budget or other… read more…
- Guide to Universal Life Insurance: Benefits, Drawbacks and Costs
Just as investments can be an integral part of your financial plan, so too can life insurance. Universal life insurance, in particular, offers a unique blend of insurance coverage and investment opportunities. However, before determining if it’s the right fit for you, you should understand the benefits, drawbacks and costs of universal life insurance. To… read more…
- Understanding Life Insurance Dividends
Unlocking the potential of your whole life insurance policy goes beyond your interest rate – it’s about leveraging the power of dividends. These payouts provide policyholders with additional benefits and financial opportunities. Life insurance dividends are payments you can receive as cash, use to reduce premiums, earn interest or buy more coverage. Here are the… read more…
- Can You Use Life Insurance for College Savings?
A life insurance policy can provide your loved ones with a death benefit should something happen to you. Permanent life insurance can also accumulate a cash value that you can withdraw or borrow while you’re still living. For example, you… read more…
- Indexed Universal Life (IUL) vs. Variable Universal Life (VUL)
A universal life insurance policy can accumulate cash value in addition to providing a death benefit. There are two basic types of universal life insurance policies you should know about. With indexed universal life insurance, the cash value can increase… read more…
- How to Use Life Insurance to Build Wealth
Most people look at life insurance as a tool for protecting their families. That is, indeed, an important component of life insurance. If you should die, your policy may help your beneficiaries pay their bills, face financial challenges, and possibly… read more…
- How to Borrow Against Your Life Insurance Policy
Life insurance is an important policy to protect your loved ones financially in case of a tragic event. But if your policy has a cash value to it, you can benefit by burrowing from it if the cash value is… read more…
- Can I Buy Life Insurance for My Parents
You may want to buy a life insurance policy covering your parents and naming you as a beneficiary if you expect a significant financial impact from their deaths. Insuring a parent’s life can pay for burial expenses, fund an inheritance,… read more…
- Do Beneficiaries Pay Taxes on Life Insurance?
When beneficiaries receive a payout from a life insurance policy, they typically don’t have to pay taxes. However, there are a few situations where a portion of the life insurance benefit is taxable to the beneficiary. So, whether you have a life insurance… read more…
- How Long Does It Take Life Insurance to Pay Out?
A life insurance payout timeline can vary from company to company and claim to claim. You can avoid delays or denial by following the appropriate procedures. Let’s break down how long the process typically takes and what you can do to… read more…
- What Is Premium Finance for Life Insurance
The average American can get a basic life insurance policy for an inexpensive monthly premium. But high-net-worth individuals insuring expansive estates will likely have to pay thousands of dollars per month to maintain their policy. Over half of all Americans… read more…