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  • Writer's pictureRetirement and Annuity Advisor Jennifer Lang

Life Insurance for Building Wealth

Updated: Jan 17, 2022

Are you getting the big picture when it comes to retirement?

Do you picture yourself owning a new home, starting a business, or retiring comfortably? These are a few of the financial goals that may be important to you, and each comes with a price tag attached.

That's where financial planning comes in. Financial planning is a process that can help you target your goals by evaluating your whole financial picture, then outlining strategies that are tailored to your individual needs and available resources.

Why is financial planning important?

A comprehensive financial plan serves as a framework for organizing the pieces of your financial picture. With a financial plan in place, you'll be better able to focus on your goals and understand what it will take to reach them.

One of the main benefits of having a financial plan is that it can help you balance competing financial priorities. A financial plan will clearly show you how your financial goals are related--for example, how saving for your children's college education might impact your ability to save for retirement. Then you can use the information you've gleaned to decide how to prioritize your goals, implement specific strategies, and choose suitable products or services. Best of all, you'll know that your financial life is headed in the right direction.

The financial planning process

Creating and implementing a comprehensive financial plan generally involves working with financial professionals to:

• Develop a clear picture of your current financial situation by reviewing your income, assets, and liabilities, and evaluating your insurance coverage, your investment portfolio, your tax exposure, and your estate plan

• Establish and prioritize financial goals and time frames for achieving these goals

• Implement strategies that address your current financial weaknesses and build on your financial strengths

• Choose specific products and services that are tailored to help meet your financial objectives

• Monitor your plan, making adjustments as your goals, time frames, or circumstances change

Why go with a permanent universal life insurance policy?

Simple, to build tax-free wealth.

Permanent life insurance provides lifelong coverage and can be used as a retirement income strategy or college funding plan. Permanent life insurance has a lot more features, including tax-deferred cash accumulation and accelerated benefit riders where you can access your coverage amount for severe or long-term illnesses or disabilities. You can spend the money on whatever you need and still have a death benefit that covers your beneficiaries when you pass. We provide a best-of-both-worlds experience where your loved ones are covered in the future while you build wealth today for a future of your own.

What is critical illness insurance?

Critical illness insurance pays you cash if you get diagnosed with a covered illness.

If you got sick and couldn't work, could you afford to pay your mortgage? What about medical expenses, like deductibles and co-pays? If you said "no," critical illness insurance may be right for you. It covers common but devastating conditions like cancer, stroke, heart attack, paralysis, major organ transplant, and more. If you're diganosed, the policy pays you cash you can use for anything.

Critical illness insurance can pay for:

  • Deductibles and co-pays

  • Experimental treatments

  • Out-of-network medical expenses

  • Modifications to your home

  • Lost income

If you're like most Americans, you put a small amount of money in a 401(k), IRA, or a personal savings account. But it doesn't add up very quickly, and a volatile market can send your net worth plummeting at a moment's notice. There's a better way to prepare for retirement.

Permanent life insurance can help:

  • Tax-deferred growth. The cash value attached to your permanent life insurance account grows tax-deferred while you pay into your policy.

  • Tax-free policy loans & withdrawals. Once you're ready to retire, you can pull out the full value of your premium payments with no tax liability.

  • Tax-free death benefit. Pass your wealth onto your heirs tax free with life insurance.

A well-diversified portfolio can help balance risk. The earlier you start preparing, the more you can contribute over the course of your working lifetime. By starting early, your policy will have a longer period of time to compound. To talk about your retirement plan and how life insurance can help, Contact Us today or compare plan options below.

At we shop over 30 top-rated insurance carriers to help you find the plan that’s right for you. It helps to have a plan to achieve a more secure future.

Click the button below to get started comparing rates.

Here are some helpful tips.

To make sure you are choosing the right insurance, just click "Yes" to compare rates for non-reportable tax-free income.

As a side note: 75% of applicants qualify for the average insurance standard rating. So you would hover over 2 hearts.

Term and Return Of Premium have the cheapest rates for Mortgage Protection Insurance.

IUL | Universal Life is best for College Planning, Long-term Care and Key Man Insurance.

If at anytime you need help, don't worry, we're only a click or a phone call away.

#retirement #IUL #Indexed Universal Life Insurance #lifeinsurancequote

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