Life insurance products include term, whole life, universal, long term care and annuities. Life insurance is more than just a death benefit payment. It is an investment strategy that has advantages over other investment vehicles. For example, the death benefit is income tax free. Life insurance payouts can easily be designed to avoid estate taxes and probate costs. Life Insurance can provide tax free retirement income, and often an owner can choose to use the policy for long term care needs. Today’s life insurance is ultra-dynamic, the same policy can provide retirement income, long term care needs and a death benefit.
LIFE AND LONG TERM CARE
After the age of 65, there is a high probability that you will need long term care. These expenses can wipe out all of your assets, and there may be nothing left for your spouse or children. By choosing a hybrid life insurance/long term care product, you can rest assured knowing that premiums you invest won’t be wasted on a contingency that never happens; there will be a payout that benefits you and your family. Some policies even have options that allow an owner to cancel his policy and receive a return of all premiums paid.
UNIVERSAL LIFE PRODUCTS
These policies, while paying a death benefit, also allow for significant cash build up. Often, the principal balance is guaranteed by the insurance carrier, while allowing the owner/investor to receive market returns, without the fear of losses.
Annuities are insurance contracts that guarantee an income stream in the future, often tax deferred. Annuities can also be used as a savings account that pays higher yields than bank rates and defers taxation.
These policies protect your income in case you are temporarily or permanently disabled.
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