Life Insurance & Annuities
Life insurance is a unique asset because of its high yield potential and its tax-favorable benefits, which can be used to solve some of life’s unexpected financial problems.
Life Insurance Purposes:
· create an estate
· pay death taxes and estate settlement costs
· create a retirement fund
· pay off the home mortgage
· college fund for children and grandchildren
· equalize inheritances
· replace charitable gift
· fund a business transfer
· protect a business from the loss of a key employee
· pay off loans
Tax-deferred Annuities allow for a higher effective investment return by accumulating income on a tax-deferred basis. Income tax on the investment growth is delayed until the money is withdrawn from the contract.
An annuity is a contract between an insurance company and individual investor. These type of contracts can either be set up by a single investment or with a series of investments.
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