Unlock the Power of Life Insurance
Build Wealth While Protecting Loved Ones
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.
Fund Your Child’s Education
Tap into your policy's cash value to help cover tuition costs, ensuring your child's future without dipping into your savings.
Supplement 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 Costs
Use a life insurance policy with a long-term care rider to access funds if you need nursing home or home care services.
Leave a Legacy
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
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.
Business Protection
Use life insurance for buy-sell agreements or to protect against the loss of a key employee, ensuring your business’s continuity. You can even fund business succession plans with life insurance to ensure a smooth transition of ownership or provide a payout to family members who aren’t involved in the business.
Collateral
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.
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!
Long-Term Care Planning – A critical part of your retirement
Why You Can’t Afford to Ignore It
Long-term care (LTC) planning might not be the most exciting topic, but it's one most people can't afford to ignore in retirement. AARP highlights that by age 65, there's a 50-50 chance you’ll need some form of paid long-term care.
LTC is often the "unsolved problem" for many, as noted by Christine Benz, Director of Personal Finance for Morningstar, 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 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.
Who Needs LTC?
Statistics show that about 70% of Americans turning 65 will need some form of long-term care. Factors like age, gender, health conditions, and disabilities increase the likelihood of requiring LTC.
How Much Does LTC Cost?
While Medicare doesn't cover most LTC costs, Medicaid does provide some assistance, but eligibility requirements must be met. 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.
