Proper insurance planning is an essential part of your financial plan, and often times life insurance may be the most powerful tool in the financial toolbox. Unlike other financial instruments, life insurance buys you time. You pay installment premiums for a fraction of the ultimate insurance benefit (often pennies on the dollar), and whenever you pass away the death benefit is created for your beneficiary.
When structured properly, life insurance death benefits are income tax free and the cash values can be accessed tax free, thus making it an appropriate solution for a variety of challenges that you or your family may face.
Harris is a CLU®, having attained the insurance professional's premier standard of excellence in providing his clients the security of life insurance and risk management strategies through advanced coursework in:
Determining the types and amounts of insurance that make sense to you
Planning for and managing the risks faced in life and in retirement
Making smart estate planning decisions involving various will and trust arrangements
Exploring strategies for estate and gift planning that minimize your tax burden
Preparing comprehensive personal, business, and/or estate plans to address your financial needs and goals
And as an Eagle Strategies Financial Adviser, I have access to the Advanced Planning Group - a premier planning team of New York Life Insurance Company with expertise in law, accounting, and insurance — who can assist you with your business and estate planning needs.
The flexibility of modern life insurance products help you manage the risk you face today and your planning needs tomorrow. You can calculate how much life insurance protection you may need:
Family Protection - provides a source of cash for your surviving family members to help them with ongoing living expenses.
Estate Tax Liabilities - Life insurance can offer a substantial discount for the estate tax liability and provide liquidity to pay off indebtedness that prevents assets from passing on in a untimely manner.
Estate Equalization - Insurance proceeds can be used to balance the distribution of assets to your heirs if necessary or desired.
An Alternative Asset Class - Life Insurance cash values grow tax-deferred, at a bond-like rate of return and with less volatility. These values can be accessed tax-free as long as you follow IRS guidelines, for:
Supplemental Retirement Income - Life Insurance can be designed to provide tax free retirement income and a potential hedge against higher income tax rates.
Alternate Asset Class - The tax free internal rate of return (IRR) at death can be an attractive investment for your balance sheet.
Debt Protection - Life insurance proceeds can be used to pay off existing and future debt obligations.