Life Insurance
Life Insurance Solutions
Taxes & how they play into Retirement and Long Term Planning for Mortality
The difference between death and taxes, is death doesn’t get any worse every time Congress meets.
We all had a deal with the Tax Man, and Congress just reneged. Why? Because as usual the government needed more money.
When Congress passed the SECURE Act on December 20, 2019, we lost out on the 3 part deal that many retirees and their beneficiaries had been banking on. Literally. These were the terms many savers counted on when they planned their retirement strategies.
The list of those things are as follows:
- We would save for retirement, and while we were doing that receive deductions on our contributions.
- Then while in Retirement, we would pay back those taxes but in small amounts over our lifetimes.
- Any funds we didn’t use could continue being withdrawn, but by the people we leave the money to, called beneficiaries over their lifetimes. That might be spread out over decades or even generations in some circumstances
What is Life Insurance?
Life insurance helps to protect your family’s future. Your beneficiaries may face financial hardship if you were to die prematurely. If the unexpected happens, your life insurance policy will pay out a lump sum that can help with funeral expenses, outstanding debts, mortgage payments or college tuition.
Decide if you need Life Insurance
Life insurance is one of the most important financial decisions you will make. It can provide your family with financial protection and help them continue their way of life without interruption in a time of need.
Before deciding to purchase life insurance, ask yourself these questions:
- If you happen to die, would your family face financial hardships from the loss of your income?
- If you were to die tomorrow, would your dependents be left with a large amount of debt? For example from medical expenses, funeral costs, and unpaid bills just to name a few.
- Do you have enough money in reserve to cover the costs of your funeral, burial and medical expenses?
How much Life Insurance do you need?
Insurance companies recommend that you purchase enough coverage to replace your income, plus some extra cushion for other expenses. That way, if something happens to you, your family won’t have any financial difficulties because of it. Life insurance can be used for just about anything—from paying off your mortgage to saving for retirement. However, the amount of coverage ultimately depends on how much life insurance you need and what you plan on doing with it.
Types of Life Insurance
When you purchase life insurance, you make sure that your family’s future is protected. The type of life insurance that’s right for you will depend on several factors, like how much coverage you want, how long you intend to pay the premiums, and what kind of tax benefit or rider you want included in your policy.
Term Life Insurance
When you need coverage for a short period, term life insurance is the solution for you. Get Term Life
Permanent Life Insurance
Permanent Life Insurance can be customized to meet your needs. We have many options and you can choose how long coverage lasts. It is easy to apply, the premiums are competitive, and your money will never expire.
As life insurance is designed to protect your family and loved ones, it is important to know exactly what you need. Knowing the difference between term and whole life policies allows for you to make an informed choice about which type of policy is best suited for your individual needs.