Life insurance is a very important component of a comprehensive financial plan. Do you already have life insurance? As life changes and needs change it’s good to perform an impartial policy review, this can be done quickly and easily. We can make sure you are getting the most out of your policy(ies).
Life insurance pays tax free death benefits to beneficiaries at the death of the insured person. Proceeds from life insurance commonly cover mortgages and other debts, replace income and fund education expenses. For business owners, life insurance can be useful to fund agreements for the transfer of business ownership. Life insurance is for the people who live.
Living benefits of life insurance include:
- Liquid reserves for unexpected expenses
- FAFSA friendly source of savings which may be used for tuition
- Tax-deferred growth and tax-free supplemental retirement income, accelerated benefits for critical illness, chronic illness and/or long-term care
Life insurance as an asset class. Proper use of life insurance may influence decisions regarding your mortgage and other types of loans as well as other opportunity costs, including decisions with IRAs, 401(k)s and other retirement accounts.
The advisors at I & E Planning will design recommendations uniquely for your particular circumstances.