Life Insurance For Family Protection – For you, family is one of the most important things in life. Take care of them. They care about you. No matter what happens to you, you can rest assured that you will always be well cared for.
You take care of your family every day, from taking care of your children to raising your spouse. You do it because you love them and you are responsible for them. Even if you won’t always be here, with a little planning you can leave your loved ones with financial security and a legacy.
Life Insurance For Family Protection
Simple steps such as naming and updating beneficiaries of existing retirement accounts and life insurance policies can make a big difference; engage in basic estate planning, such as writing a will so that everyone knows your wishes; and purchase appropriate life insurance. All of these activities help your family thrive when you’re not with them. Talk to a financial professional about how you can protect your family today and for years to come.
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Life insurance provides security for all types of families, from singles with young children to single people and older couples without children who use cash-value policies as part of an overall retirement income strategy. A financial advisor can help you decide which type of life insurance is right for you. For example, term policies valid for a set number of years are often less expensive and are popular with young families because they help survivors pay off debts and maintain their lifestyle. Cash value life insurance policies have a cash value accumulation element that allows you the flexibility to use the money you earn while you’re still here.
Estate planning is essential for anyone – regardless of income or assets – who wants their wishes to be implemented as they wish. From who will look after your children to how much you donate to charity, the only way to pass on these wishes after your death is to have the right documents in place. A financial professional can help you create an estate plan that meets your family’s needs.
There is no single answer to this question. Every person’s financial situation and goals are different, and every family’s needs are different. Your goals may be to help replace lost income, including lost 401(k) contributions, or to provide each child with a college education and help your spouse pay the mortgage. Cash value life insurance policies offer growth potential that can supplement your income streams after retirement. Life insurance can help provide a financial legacy to your heirs and even your favorite charities. With the help of a financial professional, you can get the right amount of life insurance to achieve your goals. Our life insurance calculator can help you start your analysis.
Protecting and taking care of my family is the most important thing I have ever done. I still want to care for them and provide for them.
Life Insurance Concept With Family Under The Umbrella Stock Photo
You wish your family well. But have you explored all options to protect them from the storms of life?
Death benefit protection with tax-deferred cash value accumulation and access to cash through loans and policies.
A fixed indexed annuity is designed to provide a reliable monthly income for your entire life. It protects your principal while providing the opportunity to grow based on positive movements in an index such as the S&P 500® Index. Fixed indexed annuities allow you to grow your retirement savings faster by deferring taxes until you earn income, creating lifetime income and providing your loved ones with a guaranteed death benefit.
A variable annuity is designed to provide a reliable monthly income for your entire life. It is a long-term investment that allows you to increase your retirement savings faster by investing in various investment options while deferring income tax. The performance of market investments is volatile, which means they can go up or down. Variable annuities allow you to provide your loved ones with a guaranteed death benefit.
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Cash Value Life Insurance offers flexible premiums, flexible death benefit amounts, and the ability to access your policy’s cash value at an affordable rate by taking policy credits and distributions free of federal income tax. Your policy will remain in force as long as you have enough cash flow to cover your monthly policy payments.
A trust is an arrangement in which a trustee holds and manages money or other assets for the benefit of selected beneficiaries. Trusts can be created to achieve general or specific purposes:
Do you have family members you want to protect? Maybe there are people outside your family who love you or a charity close to your heart? By naming one of them as a beneficiary on your financial document, you can specify how and when you want payments to be made to each person.
There are many worthy causes in the world, and leaving a gift that means something to you can be a wonderful feeling. Life insurance can be used to increase and protect the amount you want to give up. Additionally, setting up a trust can be a great way to leave a gift to a favorite cause.
Useful Ways To Consider A Life Insurance Term Plan For Your Future?
Follow these steps to help your loved ones prepare financially if the worst happens.
Life insurance isn’t just for survivors: learn how to benefit from its cash value throughout your life.
A happy retirement looks different for everyone. Perhaps you want a stable pension or additional income that will help you cope with unexpected situations in life.
You don’t know what the future holds for you, but you want to be prepared for the unexpected and achieve your goals.
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You want your company to be competitive. Attracting talent and creating a succession plan for the future means you can rest assured that your business is in good hands.
Keyboard_arrow_left DON’T SAVE ANY MONEY keyboarda_arrow_left SAVE ENOUGH TO TALK ABOUT YOUR NEEDS keyboard_arrow_left PROTECT AND PLAN YOUR BUSINESS
The main purpose of a life insurance policy is to provide protection in the event of death. Life insurance is subject to an application being signed and approved and requires monthly policy payments. To sell life insurance, a financial professional must be a properly licensed and designated life insurance producer. Guarantees are based on the financial strength and claims-paying ability of the issuing insurance company and do not protect the value of variable investment options that are subject to market risk. Pacific Life, its distributors and their respective representatives do not provide tax, accounting or legal advice. Each taxpayer should seek advice from an independent tax advisor or lawyer, depending on the taxpayer’s particular situation. Annuity proceeds and other distributions of taxable amounts, including death benefit payments, are subject to ordinary income tax. An additional federal tax of 3.8% of net investment income may apply to nonqualified contracts. If withdrawals and other withdrawals are made before age 59½, an additional 10% federal tax may apply. An exit fee and market value adjustment (MVA) may also apply. Withdrawals reduce the value of the contract and the value of death benefits, but may also reduce the value of any additional benefits. Under current law, a nonqualified annuity owned by an individual is generally tax deferred. IRAs and qualified plans – 401(k)s and 403(b)s – are now tax-deferred. Therefore, a deferred annuity should only be used to fund a qualified plan to take advantage of the features of an IRA or tax-deferred annuity. These include lifetime income and death benefit options. For federal income tax purposes, non-taxable income means, among other things, that: (1) the distribution does not exceed your taxable basis (generally less prior distributions of premiums paid); (2) the policy remains in force until death; (3) payments made during the first 15 years of coverage do not occur during or within the two years preceding any reduction in benefits; and (4) the policy does not become a modified gift contract. Check the IRC threads. 72, 7702(f)(7)(B), 7702A. Any policy purchases, loans and interest on loans can reduce the value of the policy and reduce its benefits. For federal income tax purposes, life insurance death benefits are generally paid to beneficiaries without income tax under IRC Sec. 101 lit. (a)(1) However, in certain circumstances, life insurance death benefits may be partially or fully taxable. Circumstances include, but are not limited to: Transferring the value of a life insurance policy unless the transfer meets an exception under IRC Sec. 101(a)(2) (i.e., value substitution rule); contracts without insurance interest under state law; and an employer-owned policy unless the policy meets an exception under IRC Sec. 101(j). Every investment involves risk, including possible loss of invested capital. The value of variable investment options varies, so shares may be worth more or less than their original cost at maturity. A full description of investment risk can be found in the prospectus. The “S&P 500® Index” is a product of S&P Dow Jones Index LLC or its affiliates (“SPDJI”) and is licensed for use by Pacific Life Insurance Company. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Registered with Dow Jones®
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