Life Insurance

Life Insurance

Do you have financial protection for your loved ones after you pass away? A well thought out life insurance plan can give you the ability to do this. Life insurance helps provide a financial cushion, so to speak, for your family after you are gone.

Life insurance policies offer an array of benefits, such as covering funeral costs, final medical bills, and life expenses for your survivors and dependents. What makes life insurance unique is that it has special tax treatments unlike other financial tools.

Possible advantages:

  • Death benefits to your beneficiary are often income tax-free.
  • Death benefits may potentially be estate tax-free.
  • Policy loans are usually income tax-free.*
  • Cash values can grow tax-deferred during the owner’s lifetime.

As an independent insurance firm, we are able to shop dozens of insurance carriers to find the best rates and product solutions to fit your specific needs and goals. In addition, we offer complimentary reviews on your existing life insurance contracts.

*Loans against Permanent Life Insurance are received income tax-free. Interest is due on the loan but is paid by cash, policy dividends, surrender of additions, or borrowing the interest. Repayment of the loan is due upon the death of the insured, thereby reducing the total death benefit paid to the beneficiary. A loan affects a dividend positively or negatively on the loaned portion of the policy. In addition, repayment is required where the policy is surrendered in total. At such surrender, tax may be due, depending on the policy owner’s basis and total cash value.