Ideas: Life Insurance
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Wealth Management
Use permanent life insurance policies to accumulate cash value over time, offering a dual benefit of financial growth and security for your family. Also life insurance can provide immediate cash upon your passing, ensuring your family has the necessary funds to cover immediate expenses, such as funeral costs, taxes, or other urgent needs.
Leaving a Legacy in Charity
Ensure a lasting impact by naming a favorite charity as a beneficiary, supporting causes you care about long after you’re gone. Or use a life insurance policy to make a significant charitable donation, leveraging a small premium payment into a large future gift to a cause you care about.
Estate Planning Tool And Tax Efficiency
Help cover estate taxes or equalize inheritance among heirs, making sure your legacy is protected and preserved. Ensure your loved ones maintain their standard of living by replacing your income if you pass away unexpectedly, providing peace of mind and financial stability. And do so while avoiding the hassles of probate.
Collateral And Starting A Nest Egg For The Future
Use the cash value of your life insurance policy as collateral to secure personal or business loans, giving you more borrowing power while keeping your investments intact. Furthermore, fund a policy early for a young child, relative, or friend and it can grow to be their future nest egg or entry funding to entrepreneurship or protect them with living benefits.
Fund Education
Tap into your policy’s cash value to help cover tuition costs, ensuring your child’s future without dipping into your savings.
More Retirement Income
Leverage your policy’s cash value for tax-free withdrawals or loans, providing an additional income stream in retirement.
Cover Long-Term Care
Use a life insurance policy with a long-term care rider to access funds if you need nursing home or home care services.
Business Protection
Use life insurance for buy-sell agreements or protect against the loss of a key employee, ensuring your business’s continuity.
Long-Term Care (LTC) Is A Critical Part Of Your Retirement
You Can’t Afford To Ignore LTC
LTC is often the “unsolved problem” for many due to its high costs. For example, the cost of a semi-private nursing home room in Texas is $5,125 per month, while in Alaska, it’s $31,512 per month. These costs don’t even account for other healthcare expenses that may arise in retirement.
What is Long-Term care (LTC)?
LTC encompasses services and supports that help with personal care needs, such as bathing, eating, and dressing, and non-medical tasks like housekeeping and meal preparation. These services may be needed at home, in a facility, or in retirement communities.
70%
of Americans turning 65 will need some form of long-term care.
How much does LTC cost?
While Medicare doesn’t cover most LTC costs, Medicaid does provide some assistance, but eligibility requirements must be met. Standalone LTC policies are more expensive. Costs can add up quickly, depending on how long care is needed, making it crucial to plan ahead.
How can you pay for LTC?
Options include self-insuring, using indexed annuities with wellness benefits, traditional LTC insurance, life insurance with living benefits, and asset-based LTC policies that offer tax-free benefits. Let us help you get the best coverage at the most feasible price.
50%
AARP highlights that by age 65, there’s a 50-50 chance you’ll need some form of paid long-term care.
Let Life Insurance Get To Work For You Today
Life insurance isn’t just about the future—it’s a versatile financial tool that can benefit you today. Explore all the smart ways to use your policy and make the most of it!