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On Target Financial
5301 SW 7th Street, Topeka, KS 66606
Phone: 785-272-5000
Fax: 785-272-6725
Joseph G. Prokop, CFP®, CRPC®
Website: www.ruontarget.com
March/April 2024
Life Insurance: Part of a Financial Strategy
Life insurance has many uses. If a breadwinner dies, proceeds from a life insurance policy can fund a child’s college education, pay for child care or other services, and ensure that surviving members will maintain their current standard of living. It can also be part of a charitable giving strategy*.
Term Life
Term life provides death benefit coverage for a fixed period. Term life has no cash value, so the policy ends when the term is over.Whole/Permanent Life
A permanent life policy accumulates cash value at an interest rate set when you purchase the policy. You pay a fixed premium and can borrow against the policy, but unpaid loans will reduce the death benefit.Universal Life
Universal life is a form of permanent coverage. It offers flexibility with benefits and premiums. The cash value of the policy can be borrowed against or withdrawn.Variable Life
The policy's cash value can be invested to take advantage of rising equity markets in the hope of producing potentially higher returns. However, losses are also possible.Charitable Giving and Taxes
You can donate a life insurance policy directly to a charity, name a charity as beneficiary, or set up a rider to pay a charity a percentage of the policy's value.Consult your insurance professional to see if you have any unaddressed life insurance needs - or too much coverage.
*Applications for life insurance are subject to underwriting. Insurance coverage exists only if the required premium is paid. 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 coverage. Guarantees are based on the claims-paying ability of the issuer.
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Investment advisory services offered through Cambridge Investment Research Advisors, Joseph Prokop, Investment Adviser Representative. Cambridge and On Target Financial are not affiliated.
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