Life insurance is the umbrella to protect our loved ones from unforeseen circumstances. Our products are backed by top A+ companies that will cover expenses and provide income for your loved ones. Even though we don’t want to think of the inevitable, leaving your legacy under our care and guidance will be planned so you retain your plan for your family for generations! Yes, this is correct! We plan on generational estate planning to allow future generations to exceed previous keen thru financial literacy from our company.
Term insurance is a life insurance policy that covers a specific period. It provides a death benefit for the policyholder's beneficiary if the policyholder dies within the specified term. Term insurance is usually the most affordable type of life insurance, as it does not come with a savings or investment component. It is designed to provide temporary coverage for a specific goal, such as providing for a family's financial needs in the event of the death of a breadwinner.
Whole life insurance offers many advantages, including:
1. Guaranteed death benefit: With whole life insurance, a guaranteed death benefit will be paid out regardless of when you pass away. Your beneficiaries will always receive a lump sum payment upon your death.
2. Cash Value: Whole life insurance policies build cash value over time. This cash value can be used to pay premiums, take out loans, or access funds through withdrawals.
3. Level premiums: Whole life insurance policies offer level premiums, meaning the amount you pay yearly will remain the same. This predictability provides financial security and allows you to budget more efficiently.
4. Tax benefits: Whole life insurance can offer potential tax benefits. Depending on the policy, your premiums may be deducted from your taxable income, and the death benefit may be paid tax-free.
5. Flexibility: Whole-life policies are often quite flexible. For example, some insurers offer riders that can add additional coverage, such as disability protection, to your policy. 6. Estate planning: Whole life insurance policies can be used as a part of an effective estate plan.
Annuities offer several advantages for individuals saving for retirement.
1. Safety: Annuities are generally considered safe investments, as the issuing insurance company’s financial strength and claims-paying ability back them.
2. Income for Life: Annuities provide a steady stream of income that can last for the rest of your life. This is a crucial benefit for retirees who want to ensure they won’t outlive their retirement savings.
3. Tax Deferral: Annuities offer tax-deferred growth, meaning you won’t have to pay taxes on any gains or income until you start withdrawing.
4. Flexibility: Some annuities offer flexible withdrawal options, allowing you to take out a certain percentage of your savings each year or access your money in a lump sum.
5. Guaranteed Income: Some annuity contracts offer guaranteed income during retirement, regardless of market performance. This can be beneficial for retirees who want to ensure their retirement income is secure.
6. Inheritance Options: Annuities also offer the ability to name a beneficiary, making it easy to pass on assets to your children or other heirs.
1. Tax savings: Contributions to a Traditional IRA are tax-deductible, meaning you can lower your tax bill in the current year.
2. Potential for Growth: Money invested in a Traditional IRA can grow tax-deferred, meaning you won’t pay taxes on any gains until you make withdrawals in retirement.
3. Tax-free withdrawals in retirement: Withdrawals from a Traditional IRA, taken after age 59½, may be partially or fully tax-free.
4. Flexibility: A Traditional IRA offers plenty of investment choices. From stocks and mutual funds to CDs and money market accounts, you can choose investments that may help you reach your retirement goals.
5. Contribution limits: Depending on your income, you can contribute up to $6,000 in 2020 or $7,000 if you’re age 50 or over.
A 403(b) retirement plan offers many advantages. These include tax-deferred savings, employer contributions, and in some cases, employer matching contributions, which can significantly boost retirement savings. 403(b) plans have higher contribution limits than other retirement plans, allowing more money to be saved over time. Finally, the earnings in a 403(b) plan are not subject to current federal income tax, allowing more of a person's earnings to be saved and invested.
Rollover advantages include allowing investors to extend an investment's life or transfer funds to another retirement plan. This allows investors to delay or reallocate assets, enabling them to take a longer-term, strategic investment approach. Additionally, investors can take advantage of favorable tax rules, earn interest on the funds, and benefit from reduced fees.
A teacher retirement rollover advantage allows teachers to move money into a more tax-favorable retirement plan. This can be done by rolling over funds from a traditional IRA, 401(k), or another qualified retirement account into a Roth IRA or other qualified plan. The benefits of doing this include:
1. Tax-free withdrawals: Funds in a Roth IRA are not subject to income taxes when withdrawn, as long as all IRS rules are followed. This can result in significant tax savings over time.
2. Flexible contribution limits: Contributions to a Roth IRA are limited by salary, but in some cases, a teacher may be able to contribute more.
3. Higher contribution limits: Contribution limits in a Roth IRA are often higher than those allowed in other retirement plans.
4. Estate planning: Funds in a Roth IRA are not subject to estate taxes, which can benefit individuals with larger estates.
5. Greater investment options: A Roth IRA often have access to more investment options than other retirement accounts, giving teachers greater flexibility and control over their investments.
The advantage of mortgage planning is that it allows individuals to maximize their financial position by allowing them to make well-informed decisions regarding their mortgages. Mortgage planning can help lower monthly payments, reduce the interest an individual pays over the life of the loan, and provide strategies for paying off the mortgage early. Mortgage planning can also help individuals understand the various tax savings associated with a mortgage loan. Lastly, mortgage planning can provide advice to help ensure individuals are obtaining the best mortgage terms available.
