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Anthony J. Bardi
Registered Representative
Enrolled Agent, LTC# 454
Tax and Financial Solutions, Inc.
151 SE 223rd Avenue
Gresham, OR 97030
Phone: 503-666-7909
September/October 2024
Life Insurance: Its Many Uses
You may think of life insurance* as financial protection for loved ones if you or your spouse were to die unexpectedly. The policy’s death benefit can help provide money to pay expenses or be used in legacy planning so that your family can pay any taxes due on your estate. During September, which is life insurance month, consider some of the ways permanent life insurance can be used as part of a comprehensive financial strategy.
Income in Retirement
A permanent life policy accumulates cash value that can be accessed in the form of a tax-advantaged loan.Cash During an Illness
Some policies offer an optional rider that allows you to use some of the death benefit while you’re living in the event of a chronic or terminal illness.*Business Protection
Insurance can allow for the continuation of your business if a partner or key person dies. It can also help with the exchange of ownership without depleting capital in the event of a partner’s retirement, disability or death.Fund Non-qualified Retirement Plans
The policy’s cash value can be used to fund non-qualified retirement plans from a portion of the premiums paid.Consult an insurance professional before you implement any of these strategies.
* Applications for life insurance are subject to underwriting. No insurance coverage exists unless the required premium is paid to put an issued policy in force. Accessing cash values may reduce the death benefit and policy values, trigger tax consequences, surrender fees, and charges, and may require additional premium payments to maintain the contract. Guarantees are based on the claims-paying ability of the issuer. Riders generally incur an additional premium, and benefits may not be available in all states. Riders that pay benefits for events other than death will likely reduce the policy’s death benefit and cash value.
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Tax and Financial Solutions, Inc. and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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