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Financial Insurance Solutions Financial Insurance Solutions
Financial Insurance Solutions
Financial Insurance Solutions

Life Insurance Planning

Life insurance helps create a foundation to give your family confidence. Life insurance is a simple answer to a very difficult question: How will my family manage financially when I die or how will my business survive and transition to the next generation if I die. What about estate taxes, life insurance is naturally the most cost efficient strategy for paying estate taxes. Allow my firm to help you and your family best position life insurance to meet your personal, business and financial estate planning needs.

Personal Life Insurance for family protection can be provided either with a low-cost term life insurance policy or a permanent cash value policy. It is most important to make sure that you have the right amount of coverage especially in today’s low interest rate environment. An experienced independent advisor that is a CLU (Chartered Life Underwriter) can help you and your family to implement the proper amount and type of policy at the most competitive premium. Look for an advisor that first will analyze your capital and income needs taking into account your current financial life stage. Once this is determined then you can turn your discussions towards what type of policy is best suited for your situation.

Business Life Insurance normally takes on the goal of how to best provide for the success of transferring the business to the next generation. The most common types of design will use Key-Person Life Insurance and Buy-Sell Life Insurance. There also may be the need of Key-Employee Life Insurance which provides benefits that encourages company loyalty. A business benchmark valuation can provide you and your company a basis for planning for the successful transfer of your business to the next generation or potential buyer.

Estate Planning Life Insurance is typically a design to help maximize wealth transfer strategies. Often times a trust is involved and may be the owner and beneficiary of the life insurance policy so that the life insurance death benefit is received not only income tax-free but estate tax-free as well. An experienced insurance advisor often times is working with the client’s tax attorney and CPA helping determine the most efficient design to maximize the client’s wealth transfer to the next generation. You will typically find that a permanent type policy either single life and often times a Survivor Joint life policy that covers both husband and wife is used to fund the trust upon death so that the beneficiaries of the trust have liquidity to help pay for the estate tax liabilities that are levied against the deceased’s estate. This strategy is typically for the high net worth individual and family.

Financial Insurance Solutions