IE Group LLC  office

 

of Arthur Harris,

The best in Life, Health and Retirement

Text Box: Life Insurance

Whole life with companies like helping hands, spanning hundreds of years.  They have seen the worst and best of humanity. 

Simple explanation

Whole Life– fixed growth and unchangeable for a specific use, over life.

Term– life insurance with no cash value costs kept at a minimum over a specific period of time usually 5, 10, 15, 20, 25, and 30 year terms.

Universal Indexed Life– flexible premium flexible growth tied to an index like the S&P or Dow.

Term Living Benefit Life– a hybrid term life insurance product that is best used as mortgage Insurance because of the living benefits.  Not only will this insurance take care of the mortgage upon passing but it will take care of the insured for many other reasons.

Universal Indexed Life Living Benefit– a hybrid universal life product that can be used for many reasons including retirement.

The oldest forms of insurance

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Life insurance isn’t just for life anymore.  Over the last 20 years life insurance has morphed into a instrument for personal financial safety.  These policies can ensure everything based on the face amount of the life insurance

Example 1: 35-year-old female buys life insurance for her family pays $50 on a $500 thousand dollar term life policy.  Getting out of her car she gets hit by a truck and is taken to emergency at the local hospital. Her condition has pushed her critical illness rider into play.  Now she will have 90% of the face value of this policy for whatever she needs to do or pay.  This includes, mortgage, home health care, and food.  This will allow her to hire her older sister to come and help.

Example 2: a 35-year-old male plans to use his IUL life insurance to save for retirement.  This means you have to find the exact sweet spot where you don’t have to pay too much for life insurance and you can over fund this policy to accumulate possible double-digit growth in market. With regularity he put mmore than $12,000 a year in this retirement fund. Although this retirement fund allows for annual high caps 14% and annual reset he has seemed to average 7% compounded.  By the time he reaches his 49th birthday he will have saved over $350 thousand cash in this account.  If he needed  to buy something like a house or car or pay for his children education he could use this cash value to give himself a loan.   Of course this loan is costing 4%  but he is averaging 7% growth. If this were an annuity he would have had to pay penalties plus taxes on growth.  Not so with the life product.

Example 3: Grand parents gift $25,000 to a IUL for their grandchild.  By the time the child is 20 years old the cash value without additional premium has grown to $100,000.  This cash can used for anything,  education, a car,  or whatever is needed.  If left alone, by the time the child is 50 there will be near a million dollars in cash value will be around $1 million dollars.  A 529 educational annuity can only be used for education without penalty but this life insurance cash value can be used for anything.  

Passing money form one generation to another tax free is one of the reasons  for Life insurance others may include asset or tax protection.

To contact us:

Phone: 866-986-9933 ext.1

Fax: 626-609-2022

E-mail: financial_planner@great-insurance.org