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Fixed Indexed Annuities (FIAs) are becoming popular for several reasons:
These features make FIAs an attractive choice for retirement planning and wealth preservation.
To determine if a Fixed Indexed Annuity (FIA) is right for you, consider the following:
Just as homeowners might refinance their mortgage to benefit from lower rates, you can “refinance your annuity” to potentially secure a contract with more favorable terms and higher interest rates, enhancing your ability to grow your retirement savings more effectively. Consult with us to see if it suits you.
Yes, people can often secure better interest rates and increased income if it suits their situation. However, everyone’s circumstances are different; refinancing may work well for some but not for others. Consult with us to discover what’s best for you.
While there are typically no consulting, transaction, or administrative fees, and no tax implications, it's important to be aware that you may incur a surrender fee or a market adjustment fee. Everyone's circumstances are different, so let’s carefully assess your situation together.
The type of life insurance you need depends on your situation:
Term Life Insurance: Temporary coverage for a set period, ideal for families with short-term needs.
Whole Life Insurance: Lifelong coverage with a cash value component, suitable for long-term financial planning.
Universal Life Insurance: A flexible permanent policy that allows adjustments to premiums and benefits.
Indexed Universal Life Insurance: Combines life insurance with cash value linked to a stock market index.
Final Expense Insurance: Covers funeral and burial costs.
Consider your financial goals and consult with us for tailored advice.
The DIME Method
DIME stands for Debt, Income, Mortgage, and Education expenses. To find your base life insurance number, add expenses from each category. This is a common method for determining your coverage needs.
To calculate, sum up:
(+) Existing debts
(+) Annual income (multiplied by the number of years your dependents will need it)
(+) Remaining mortgage balance
(+) Estimated future education costs for your children
The cost of life insurance depends on several factors, including your age, health, the type of policy you choose, the coverage amount, and whether or not you’re a smoker. A medical exam may also affect your premium. Term policies are generally more affordable, while whole life or universal life policies typically cost more but offer lifelong coverage and cash value accumulation.
Many do, but not all. A medically underwritten policy with a physical exam may be in your best interest if you qualify.
Living benefits in life insurance refer to features that allow policyholders to access a portion of their death benefit while they are still alive, typically in the event of a qualifying illness or condition. Here are some common types of living benefits:
These benefits can provide financial support for medical expenses or other costs associated with serious health issues, offering peace of mind and flexibility in times of need.
Yes, living benefit claims are generally tax-free. If you access the living benefits of your life insurance policy due to a qualifying event, such as a terminal illness, critical illness or chronic illness, the proceeds you receive are typically not subject to income tax. However, it's always wise to consult with a tax professional for personalized advice based on your specific situation
Yes, you may be able to add living benefits to your existing life insurance policy, depending on your insurer and the terms of your policy. It's best to check with your insurance provider to see what options are available or contact us for assistance.
Yes, life insurance death benefits are generally paid out tax-free to beneficiaries. This means that the beneficiaries do not have to pay income tax on the amount they receive from a life insurance policy upon the policyholder's death
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