Whole Life Insurance as a Financial Strategy

lifeinsuranceasastrategyBoth permanent and term life insurance provide a death benefit. However, unlike term insurance, permanent whole life insurance can also provide what are referred to as "living benefits." Living benefits provide a financial resource for you to use and enjoy during your lifetime. For example, with whole life insurance, it's possible to take policy loans, or use the policy for retirement income, cash withdrawals, and more.

Living benefits are provided by the accumulation of cash value and the death benefit inside the whole life policy.

These living benefits are present in addition to the tax-free legacy of the death benefit that will be left to your beneficiaries. Unfortunately, it is the death benefit, not the financial power of the living benefits that people tend to focus on when they think of life insurance.

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Life Insurance Primer

lifeinsuranceprimerLife Insurance
Most of us view insurance as a necessary expense. We buy insurance because we have been taught this is how we can protect something that matters to us such as our car, our house, or our health. Or we buy life insurance in order to create financial protection for our family and those we love when we die.

It is time to expand our understanding of the world of insurance.

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Life Insurance for Asset Protection

Life insurance has been available for purchase in the United States since the mid-1700s. Life insurance protects human life value by creating an estate. Effectively, this means that when the person who is covered by insurance (referred to as "the insured") dies, a definite sum of money (called a death benefit) is paid to a beneficiary.

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College Funding

collegefunding2Will you be able to afford the cost of a college education and still have enough money to retire?

The cost of a college education is rising at twice the rate of inflation or more. According to the 2011 College Board's "Trends in College Pricing" the price of a four-year public university rose 5.6% in 2011. Four-year private college costs rose 4.8%.

Increasing education costs have forced families to take a hard look at their options. Will your child's final college choice be made on cost alone? Can you pay for your child's college without raiding your retirement fund?

Many high schools across the nation have made a valiant effort to provide families with information about financial aid for college. The problem is that most financial aid comes in the form of student loans not grants or scholarships.

In many instances, even with a student loan or other financial aid, your child's entire college bill will not be completely covered. As a parent, you may end up paying the balance due. Even this amount may seem insurmountable - especially if you have more than one child to educate.

Planning how to fund college can be accomplished without draining your retirement. For maximum benefit, It's important to start college funding strategies as soon as possible.

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  1. Long Term Care

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