Blog

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

How Your Health Can Affect Your Life Insurance Rates

Posted by Bill Bruce on December 28, 2020

People in the United States are living an average of 79 years, and our life expectancy keeps rising as we adopt more health-conscious habits. A study published in the American Heart Association journal Circulation estimated that by meeting five low-risk lifestyle factors[1] at age 50, men could extend their life expectancy by more than twelve years, and women could add fourteen years to their life expectancies. Living a healthier lifestyle can not only help you live longer, but it can also save you money on life insurance.

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Topics: Life Insurance

Long-Term Care Insurance vs. Accelerated Death Benefits: What's the Difference?

Posted by Bill Bruce on December 17, 2020

While we may not like to think about it, many of us will need long-term assistance with meeting our health and personal care needs at some point in our lives. The U.S. Department of Health and Human Services reports that 69% of Americans need such services, either in their homes or in care facilities, and they need them for an average of three years. Long-term care can be very costly. In 2018, the average annual cost of a private room in a nursing home was more than $100,000. Assisted living carried an average annual cost of $48,000, and home health aides ...

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Topics: Life Insurance

Deferred Annuity vs. Immediate Annuity: What’s the Difference?

Posted by Bill Bruce on December 9, 2020

What are annuities? An annuity is a financial product designed to provide a guaranteed stream of income. An insurance company provides this income in exchange for one or more premium payments, depending on the terms of the annuity contract. The insurance company collects the premiums, and the value of the annuity grows tax deferred. 

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Topics: Annuities

Supporting Your Favorite Charities with the Gift of Life Insurance

Posted by Bill Bruce on November 25, 2020

The primary purpose of life insurance is to provide a financial safety net for the loved ones who depend on us, but this isn’t the only reason to have a life insurance policy. You can also use life insurance to leave a legacy for causes you care about. According to the Life Insurance Marketing and Research Association (LIMRA), more than 25% of Americans with life insurance policies report that charitable giving was at least one reason behind their purchase of life insurance. 

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Topics: Life Insurance

Understanding the Basics of Accelerated Death Benefits

Posted by Bill Bruce on November 10, 2020

An accelerated death benefits rider adds flexibility to a life insurance policy, giving the policyholder access to a portion of their death benefit if they develop certain health conditions.

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Topics: Life Insurance, Riders