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Alternative Uses for Life Insurance

Posted by Larry Jones on Feb 1, 2018 9:30:00 AM

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Are your life insurance benefits important to you?

Are you one of those people who has paid into a cash-value life insurance policy for many years? Do you remember why you originally bought the policy? Does that reason still exist?

Ann is a widow whose husband John just passed away. They had no children. Thirty years ago Ann purchased a whole life policy on herself, making John the beneficiary. The payments on the policy are still continuing, and run over $100 a month. Now that John is gone, with nobody to leave the money to, she's considering cancelling the policy. What should Ann do?

There are a number of alternatives available to Ann. She could take tax-free loans against the cash-value in the policy. She could stop making premium payments and accept some sort of reduced payment of the death benefit. She may even be able to use the cash-value as collateral for a bank loan. I'd like to discuss a couple of lesser-known settlement options of a life insurance policy: viatical agreements and life settlements.

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Topics: Life Insurance

Alternative Uses of Life Insurance

Posted by Larry Jones on Feb 7, 2017 9:31:00 AM

Are your life insurance benefits important to you?

Are you one of those people who has paid into a cash-value life insurance policy for many years? Do you remember why you originally bought the policy? Does that reason still exist?

Ann is a widow whose husband John just passed away. They had no children. Thirty years ago Ann purchased a whole life policy on herself, making John the beneficiary. The payments on the policy are still continuing, and run over $100 a month. Now that John is gone, with nobody to leave the money to, she's considering cancelling the policy. What should Ann do?

There are a number of alternatives available to Ann. She could take tax-free loans against the cash-value in the policy. She could stop making premium payments and accept some sort of reduced payment of the death benefit. She may even be able to use the cash-value as collateral for a bank loan. I'd like to discuss a couple of lesser-known settlement options of a life insurance policy: viatical agreements and life settlements.

Read More

Topics: Life Insurance

What you don't know can hurt you!

As a fiduciary I am required to always act in your best interests, and as a professional planner, it's my job to be familiar with all types of possible solutions and financial vehicles. In short, I have no interest in selling any particular product or any affiliation with a particular company. I work for my clients.

Are you:

  • concerned that your tax bill is too high?
  • tired of watching your nest egg decline by significant amounts every 5-7 years?
  • wishing you could find more free time?
  • looking for ways to help protect yourself against litigation that could destroy all you have worked for?
  • worried that Uncle Sam is going to enjoy your retirement more than you are?

If any of the above describes you and you'd like to get a question answered then just click the button below and we'll be in touch.

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