Estate Planning with Permanent Life Insurance; Whole Life Insurance; Universal Life Insurance & Annuities for Individuals throughout the US
Many financial advisors will tell you that life insurance is the cornerstone of financial planning. However, at Goldberg & Associates, we believe that life insurance is a commodity, not an investment. While some insurance companies will try to push whole life policies featuring a cash value, we feel that your money can be better put to work for you in other investment products. That is why we take great pride in finding you the term life insurance coverage you need at the most affordable premium. This allows you to use your savings to invest as you see fit.
Do you know about term conversion? An individual can convert their term policy into a permanent one up to age 70 or 75 at the same health rating that they had at the time of the original policy issue. Let us show you why you can benefit from this.
We also offer specialty life insurance products that are designed to support your estate planning efforts.
These include:
- Second to Die or Survivorship insurance: a type of life insurance on two people (usually married) that provides benefits to the heirs only after the surviving spouse dies. This differs from regular life insurance in that the benefits are paid after the second death, when estate taxes are due.
- Annuities: a series of payments to the individual at fixed intervals guaranteed for a specified number of years or lifetime. Similar to pension, the money is paid out of an investment contract under which the annuitant(s) deposit certain sums (lump sum or installments) with an annuity guarantor, usually a government agency or an insurance firm. The amount paid back includes principal and interest, either or both of which may be tax-exempt.
- Life Settlements: transactions in which an existing life insurance policy that is no longer needed or is in danger of lapsing is offered for sale to institutional investors in the secondary market. Individuals over the age of 70 may find that their policy is worth more than the cash value available under a surrender of the contract. The financial enterprises that purchase life settlements will maintain such policies until the insured’s death.
As experienced life insurance analysts, Goldberg & Associates has extensive experience working with seniors and clients of all ages providing the right life insurance solutions to meet your unique needs. We will work to understand your particular situation so we can provide you with the resources and tools you need to make informed decisions about your estate planning. Contact us today!
