Insurance Assets

Life Insurance

Life insurance is a contract between an individual and an insurance company where the insurance company promises to pay a death benefit to the individual’s beneficiary should the individual pass away. The individual (or owner of the policy) pays the insurance company a premium in exchange for the coverage. Coverage is dependent on medical and financial underwriting.

There are 4 main types of Life Insurance:

Term
Fixed (Whole and Universal)
Indexed
Variable

Annuities

An annuity is a financial asset that is mainly used for wealth accumulation and supplemental retirement income. An annuity accumulates value tax-deferred, and penalties may be issued if the owner of an annuity take distributions prior to age 59 ½. An individual who purchases an annuity either makes a single lump-sum payment, or a series of payments towards an annuity.

There are two phases to an annuity: the accumulation phase and the distribution phase. During the accumulation phase, the value of the annuity accumulates from the principal value. This is the wealth accumulation part of an annuity. When the owner of an annuity (also called annuitant) desires distributions, they may initiate the distribution phase. Upon initiation, the annuitant will receive payments from the annuity at regular intervals. Annuities typically have a death benefit that is near the value of the contract as an additional feature, should the owner of an annuity pass prior to or during the distribution phase.

There are 3 main types of Annuities:

Fixed
Indexed
Variable

Long-Term Care Insurance

Approximately 70% of Americans will need Long-Term Care at some point in their lives. Medical costs in the U.S. are substantial, so putting together a Long-Term Care plan is an important planning aspect for Americans to consider in order to not jeopardize a peaceful retirement. Our solutions to Long-Term Care needs are versatile, and feature not just plain insurance, but elements of Wealth Accumulation and Death Protection as well.