08/22/2012

PROTECTING Your Retirement Income

Life Insurance



Life insurance is a viable solution for protecting your retirement income plan against premature death. Lack of, or an unsufficient amount of, life insurance can severely reduce the longevity of, and potentially prematurely deplete, investment assets otherwise intended to be used for retirement.

Advantages of Life Insurance

Life insurance plays an integral role in the vast majority of retirement income plans. Some of the advantages life insurance provides are as follows:

  • A death benefit that's free from income tax and is usually significantly greater than the amount paid in premiums
  • Cash value with permanent life insurance policies that can be tapped during your lifetime if the need arises
  • Immediate inheritance to heirs since life insurance proceeds aren't subject to probate
  • No public record of policy payment or beneficiaries
  • Policy value often protected from creditors
  • Proceeds exempt from estate taxes with proper planning

Life Insurance Services

Life insurance is complex. At Retirement Income Center, we have the experience and expertise to prepare and implement a plan to help you:

  • Determine your need for life insurance, including the amount required to realize your retirement income planning and other financial goals including, but not limited to:  (a) providing income for surviving dependent family members, (b) paying federal and state death taxes and other estate settlement costs, (c) providing for children's education, (d) funding a business buy-sell agreement, and (e) making donations to charity.
     
  • Determine the type of policy (e.g., term, universal, variable, etc.) that best suits your needs, and select a provider.
     
  • Evaluate existing individual and group policies to determine how they fit into your retirement income plan.
     
  • Design a plan for funding life insurance premium payments and potential policy loans or withdrawals that's coordinated with your retirement income plan.
     
  • Determine the best form of policy ownership (e.g., individual, trust, etc.)

Life Insurance Carriers

Through his relationship with Crump Life Insurance Services as an independent licensed life insurance agent, Robert Klein (Ca. License #0708321) has access to a wealth of resources, including top-rated life insurance carriers. These include, but aren't limited to, the following:

Allianz Life Insurance Co.  Lincoln Life
American General Minnesota Life
American National Mutual of Omaha
Aviva Life and Annuity Co. Nationwide
AXA (Equitable) New York Life
Genworth Life  North American
ING ReliaStar Life  Penn Mutual Life 
John Hancock  Principal
Lincoln Benefit Life Transamerica

 

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