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07/28/2022

Final expense life insurance is a type of life insurance specifically designed to cover end-of-life expenses, such as funeral costs. It generally has lower coverage amounts and premiums than traditional life insurance policies, making it more affordable for those with limited incomes. Final expense policies can be an important financial safety net for loved ones left behind.

When you purchase final expense insurance, you are essentially pre-paying for your funeral costs. This can be a burden lifted off of your family during an already difficult time. And, because final expense insurance is generally easy to qualify for, it can provide peace of mind knowing that your final expenses are taken care of.

If you’re considering final expense insurance, be sure to compare quotes and policy options from multiple providers to find the best coverage for your needs.

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05/26/2020

Term insurance policy premium may rise again in coming 3 to 6 months - The Economic Times https://m.economictimes.com/wealth/insure/life-insurance/term-insurance-policy-premium-may-rise-again-in-coming-3-to-6-months/articleshow/75882751.cms



Term insurance premiums are calculated on the basis of mortality rate and expected claims outgo, and accordingly, re-insurers fix the re-insurance premium that they charge insurance companies.

05/14/2020

What do you know about National Life Group ?

05/14/2020

What should you do if a loved one passes away?

05/14/2020

How much Life Insurance do you need?

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05/13/2020

529 Plan for College Savings or Indexed Universal Life Insurance (IUL) - Which is Better?

A 529 plan for college savings is good, but indexed universal life insurance (IUL) may be better under certain conditions. Both are taxed much like a Roth, with contributions from after-tax dollars. Each has tax-deferred growth and may be able to provide tax-free distributions. Here are some differences:

529 plan distributions must be used solely for education expenses, or else the gains be subject to ordinary income tax, plus a penalty. IUL funds are available tax-free for any purpose at any time, so long as they are taken out using participating policy loans.

529 plans have no provision to be self-completing in the event of death or disability of the parent doing the saving. IUL always pays a death benefit, and may be self-completing due to disability, assuming a waiver of specified premium rider is included.

One of the challenges with saving for college is that your assets may factor into financial aid calculations. The more assets you have, the more your family is expected to contribute toward the costs of college. That usually means a reduced financial aid package. However, life insurance (including indexed universal life insurance) isn’t included in financial aid analysis, while assets in a 529 plan may be. That means you can use an IUL policy as a college funding vehicle without being concerned about how it will impact financial aid.

A 529 plan is subject to tax and penalty if distributions are for colleges outside of the U.S.. IUL distributions have no such restrictions.

Most 529 plan investments may suffer losses. The investment component of IUL will never suffer an investment loss, while still offering nearly unlimited upside potential.

You are limited as to how much you may contribute to a 529 plan. IUL contributions are virtually unlimited, since they are limited only by the amount of insurance you can qualify for.

Funds in a 529 plan may grow more in the first 10 to 15 years than contributions to IUL. While IUL is front-loaded for expense charges, for many instances of 529 plans vs. IUL, IUL will compete with, or even outperform the investments of a 529 after that duration. Even when college comes sooner than 15 years, if one presumes the IUL serves more than the single purpose of college, such as later providing retirement for the parent, IUL may still look quite attractive. Also, the duration for education comparison should be until graduation of the last of your children to be benefited.

Call us for more information in how to set up IUL

05/13/2020

Cash Value Life Insurance:

I call this strategy the “Rich People Roth”. Most people don’t think of life insurance as part of their retirement plan and some believe it isn’t needed in retirement. However, this can be a wonderful tool to bridge the gap to financial freedom if you are married, have kids, have maxed out contributions to your other retirement account(s) or are in a high tax bracket. I won’t list all of the benefits of life insurance except that some policies have benefits you can enjoy before you die. Perhaps more importantly is the potential for tax-free income in retirement.

You should think of life insurance as another asset class for your retirement and tax planning. Essentially, you can set up this account like a Roth IRA without income or contribution limits. You won’t get a tax deduction for your premiums but the money will grow tax free. If handled properly, it will come out tax free. Also, these accounts won’t incur IRS penalties for withdrawals before you reach 59 ½. This can be a huge bonus for people looking to retire early.

I don’t have a crystal ball but it wouldn’t surprise me if taxes went up in the future given the current deficit, under-funding of Social Security and longevity of today’s retirees.

Be proactive and develop a plan to reach your financial goals, including a comfortable retirement. Having more options on how you get taxed on your retirement income will help make that a much easier task.

05/10/2020

A Tremendous Buying Opportunity

Don’t try to shop this life insurance market on your own, We recommends dealing with an experienced independent broker rather than contacting individual companies on your own.

Independent brokers typically have a much larger menu and are more likely to know each company’s rules and help their clients navigate which companies may still be issuing policies in situations where others may not,

For consumers concerned about or needing life insurance, I would tell them now may be one of the best times to obtain it.

The situation isn’t all negative. While life insurers have had to leave their comfort zones, consumers can find opportunities for buying life insurance that they’ve never had before.

For consumers concerned about or needing life insurance, I would tell them now may be one of the best times to obtain it.

For the first time, coverage amounts of five or even 10 million dollars can be had without the additional step of a medical exam. Six weeks ago, the most you could hope for without an exam was typically a million dollars or less. This is a tremendous opportunity to get the life insurance you need and to have one of the most streamlined and non-invasive processes for purchasing it that has ever existed.”

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05/08/2020

Do you understand the living benefits of life insurance policy?