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TermLifeInfo
Nobody wants their loved ones to suffer or face financial burden during one of life's most challenging times. Keep your promise. Provide your loved ones the financial security they deserve.
The fact is, thinking about our own mortality is a hard topic to swallow, but it is necessary to plan if you want to secure your family's future. Without you, who will provide for their future? Can your significant other handle all these obligations alone? How will your kids be impacted? With these financial obligations can you really afford to be unprepared?
Meet Patrick, a tax pro and a chartered financial consultant.
Patrick specializes in helping entrepreneurs and professionals build a tax-free retirement. With his proven track record, he can help you choose the ideal policy that suits your needs and calculate the right amount needed to secure your family's future.
Follow the links to learn more about your life insurance options.
What is a term life insurance policy?
A term life policy is a contract that provides the insured's beneficiaries with a sum of money when the inevitable happens. This form of coverage is specified for a set period and is the simplest form of life insurance a person can obtain. In most cases term life policies offer a “leveled” payment structure that is less costly than other forms of life insurance such as a whole life or an indexed universal life policy.
Why do people get a term life policy?
Protecting your loved ones and ensuring their financial security is a priority. A term life insurance policy will afford your family their necessities in the event of your death. People obtain a term life policy to cover their final expenses. It is also used to offset other liabilities. After all you don't want your family and loved ones to suffer more during one of life's most challenging moments.
Think about the cost of living, mortgage, and existing debts. Most families today are reliant on two incomes if something should happen to you or your spouse how will you, or they provide for your family's needs? Aside from offsetting your current liabilities, a term life policy can be used for their future needs. Don't you want to make sure your child is able to obtain a higher education or possibly leave an inheritance for your family?
Advantages of a term life policy.
Disadvantages of a term life policy.
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Simple, flexible, renewable, and convertible.
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Lower premiums than permanent life insurance.
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Can be designed for specific needs.
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In most cases medical exams may not be required.
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Premium payments are more expensive after renewal.
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You can outlive your policy
Not sure if a term life policy is right for you, do you need a policy that allows you to build a “cash value”? Learn about whole life insurance.
What is a whole life insurance policy?
A whole life policy is a type of permanent life insurance contract that provides protection as well a savings component that policy owners can leverage to fulfill other life planning obligations. The premium payment structure is leveled, meaning it will not increase over time. The savings component offers a “Guaranteed Cash Value,” offering better growth potential than traditional banking methods.
Why do people get a whole life policy?
Individuals who are looking for value that offers protection and a great earning potential to create a financing solution and a smarter money management system can leverage a whole life policy for their current and future needs.
While this contract provides your beneficiaries with the financial security they deserve, policy owners can take advantage of a whole life policy to develop a college plan for their children, a financing solution for entrepreneurs and small business owners, and more importantly it can be used to create a tax-advantaged retirement plan providing a supplemental income for the future. As you can imagine it can also be used to create an estate plan, leave your family an inheritance and grow your family's generational wealth.
By capitalizing and collateralizing your policy a whole life policy owner will realize uninterrupted compounded growth that will substantially increase your savings. A whole life insurance policy can also be coupled with riders that can provide you with added living benefits. Policy owners can add a critical illness and accelerated death benefit riders that allow them to accelerate a portion of the funds expected from the death benefit to pay for their current needs.
It's all about improving your mindset and knowledge. If you want to learn how to implement this strategy and improve your approach to personal finance simply schedule a free consultation today.
Advantages of a whole life policy.
Disadvantages of a whole life policy.
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Protection for your family and loved ones
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“Guaranteed Cash Value” with compounded growth.
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Policy for life, can't be revoked (except lapse/fraud).
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Leveled premiums that does not increase over time.
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Ability to leverage and access policy loans.
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Growth and benefits are protected from creditors.
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Tax-deferred and tax-advantaged retirement plan.
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May need medical examination.
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Premiums are a more expensive than term life policies.
Combining flexibility of a term life with whole life guarantees.
Learn more about Indexed Universal Life insurance.
Connect with Vincent Anthony Abu
Vince's expertise and knowledge of proven financial strategies can help your family at every milestone, to meet every life challenge. Are you planning for your child's education, or a savings plan for retirement? Are you looking for guidance on life insurance? Vince can help.
What is an indexed universal life (IUL) insurance policy?
An Indexed Universal Life is another type of permanent life insurance contract. An IUL provides protection and a savings component that is attached to a specific market index that allows owners to take advantage of a great earning potential when the market is doing well and a zero level floor protection when the economy is performing poorly. It offers a flexible premium structure that allows owners to adjust premium payments and death benefits as needed while growing their funds.
Why do people get an indexed universal life insurance policy?
Individuals looking to protect their family, but are looking for alternative solutions to term or whole life policies so that they can develop a savings plan that afford them better benefits than traditional banking methods purchase an indexed universal life policy.
An indexed universal life has a great earning potential and zero risk floor, policy owners can take advantage of numerous opportunities while continually providing their loved ones the financial security they deserve. Just like a whole life policy you can implement different money management strategies that will improve your approach to personal finance, and (in most cases) without the higher cost of a whole life because the premiums and death benefits in an IUL is adjustable to meet your current needs.
Indexed Universal Life can be a complex instrument, rest assured that our experts will help you every step of the way. We are your partners in success, and it is good to have someone by your side offering a different perspective especially when the decision will impact your family and future. As advocates of financial wellness, we want to empower you so that you can make the most of every opportunity. Don't hesitate to reach out to us, let us know how we can serve you today.
Advantages of an IUL policy.
Disadvantages of an IUL policy.
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Flexible premiums with “Guaranteed Death Benefits.”
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“Cash Value” with excellent growth potential.
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Growth attached to Market Index.
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Has a “Zero” level floor providing principal protection.
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Can be coupled with additional riders for specific needs.
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Tax-advantaged retirement that minimizes taxable income.
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Cost of Insurance increases age you age.
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Credit rating cap on growth.
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More complicated than other insurance policies.
Whole Life Info
Indexed Universal Life Info
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