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30 Phrases to Know Before Buying Life Insurance

Posted by Bill Bruce on August 31, 2021

  1) Insured The insured is the person whose life is covered by a life insurance policy. 2) Policy Owner The policy owner is the person who has the right to make changes to the insurance contract. They are responsible for making payments on the insurance policy and designating beneficiaries. The owner of a permanent life insurance policy also has access to the policy’s cash value. Most often, this is the same person as the insured, but it can also be another person, such as a spouse, who would suffer financial loss if the insured were to die

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Topics: Life Insurance, Retirement

Want to Grow Your Retirement Income? Consider a Deferred Annuity

Posted by Bill Bruce on August 26, 2021

If you’re nearing retirement and have already built substantial savings, a deferred annuity can help you supplement your retirement income by allowing it to grow with compound interest and tax deferral. When purchased with non-qualified funds, annuities aren’t subject to contribution limits or required mandatory distributions like IRAs and 401(k)s. As a result, a deferred annuity purchased with after-tax dollars allows you to save more than a qualified retirement account.

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Topics: Life Insurance, Retirement

What Is Liquidity in a Life Insurance Policy?

Posted by Bill Bruce on June 24, 2021

The liquidity of an asset refers to its ability to be converted into cash. In addition to the death benefit they provide, permanent life insurance policies have a cash value component. As a result, they provide a degree of liquidity.

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Topics: Life Insurance, Retirement

How Annuities Can Enhance Retirement

Posted by Bill Bruce on May 31, 2021

Fixed annuities are a popular way for retirees to ensure that they don’t outlive their retirement savings. They provide a safety net of guaranteed income, offering protection from market volatility. Today, we’ll look at the potential benefits of including a fixed annuity in your retirement planning strategy.

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Topics: Annuities, Retirement

How Can an Annuity Help Me Meet Medicaid Eligibility Requirements?

Posted by Bill Bruce on May 12, 2021

  Most Americans will need long-term care. While many of us don’t give much thought to needing long-term care services, the fact is that most of us will experience this need at some point in our lives. Experts estimate that among Americans 65 and older, approximately 7 in 10 will need long-term services and supports. On average, women need 3.7 years of long-term care, and men need 2.2 years.

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How Does an Annuity Work?

Posted by Bill Bruce on April 30, 2021

An annuity is a financial product that, in exchange for one or more up-front payments, provides a stream of income to the annuity holder (annuitant) in the future. In addition to the financial security of guaranteed future income, annuities can convey valuable tax benefits. Because annuities come in different forms, it’s important to understand the differences among them before you decide to purchase.

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Topics: Annuities

Are Life Insurance Benefits Taxable?

Posted by Bill Bruce on March 31, 2021

One of the great benefits of life insurance is that in most cases, it allows you to transfer a sizable amount of money to a beneficiary without tax consequences. There are, however, some circumstances that can subject some or all of a life insurance benefit to various types of taxes. Today, we’ll look at why some life insurance proceeds are taxed.

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Topics: Life Insurance, Taxes

Tax Advantages of Life Insurance & Annuities

Posted by Bill Bruce on February 25, 2021

When you save money on taxes, your money goes farther. Life insurance and annuities are two types of tax-advantaged financial vehicles that can help provide security for you and your loved ones. You might think of the two as opposites: life insurance provides a lump sum in return for a stream of premium payments, while annuities guarantee a stream of income in return for a lump sum payment. Learn how the tax benefits associated with these products can help you save.

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Topics: Life Insurance, Annuities, Taxes

How Often Should I Review My Life Insurance Coverage?

Posted by Bill Bruce on February 8, 2021

As we move through our lives, change is constant. Your health, income, household, and responsibilities can shift from one year to the next. Because change is always happening, it’s a good idea to review your life insurance needs each year. This annual check-in gives you the opportunity to make sure that you have the right kinds of protection in place with coverage levels that are appropriate for your current needs and means.

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Topics: Life Insurance

Showing Your Love with Life Insurance

Posted by Bill Bruce on January 26, 2021

February is Insure Your Love month! Purchasing life insurance is a way to show your loved ones you care by protecting their financial security and giving them peace of mind. Here are four ways you can show your love with life insurance.

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Topics: Life Insurance