Life Insurance

Life Insurance has been the backbone of any good financial plan. If you ever cared about business, family or to take care of your loved one, you will need a certain amount of life insurance. It’s sometimes a concept that can be difficult to grasp. Dying is never in one’s forefront of thinking but in today’s ever-increasing uncertainty, proper planning is of utmost importance. Life Insurance is no longer for when you die either, it could be a valuable option to today’s altenative investment choices. Created properly it could act as a tax-free vehicle alternative to the IRA and 401k. Which have been shown to be inefficient and outdated for today’s needs. 

Longevity is of great concern. With today’s medical advances people are living longer than ever before. Which is wonderful, but unfortunately if your like most people and hoping to retire at 65 or 67 then you may have the issue of outliving your money. Also, Long Term Care and Critical Illness can be a concern as you get older. So, again Life Insurance can be a valuable asset to address those issues.

The final sector of people that may need Life Insurance are the wealthy and those who are high income earners. Even though you may have enough to take care of most things for your family, your issue is wealth transfer. You need to find a way to transfer wealth in the most tax efficient way, unless you like throwing away your money. If you thinking, that I have an exemption, well it changes every few years. But there are many other factors to consider, such as taxes and with today’s environment, it’s not likely to go down. For example, with Life Insurance you can change a $20 million dollar taxable estate to a $35 million dollar Tax-free estate.