Affordable coverage to meet your temporary needs. You'll receive a guaranteed death benefit for the term you choose, and your payments are guaranteed to remain level for the length of the term. Often used to cover the period of raising children for when you have dependents. This is the most affordable option.
Gives you level premiums, guaranteed death benefit for life, and valuable protection. It can also build cash value, which you can access through loans.
This is a permanent life insurance policy with flexible premium payments and death benefits can help protect your loved ones while building tax-deferred cash value. It gains interest on its cash value, with different methods available for accruing that interest.
Long term care is an additional option you can add when added to a life insurance policy allows you to receive a portion of the death benefit — the money that would be paid to your beneficiary after you pass — while you're still alive. The money is usable when you most need it - when you are unable to perform activities of daily living and require constant assistance. This is an excellent option for those who wish to have the peace of mind that they will be able to maintain their standard of living when they are physically or mentally incapable of fully caring for themselves.
Different features exist to each type of life insurance, so it is important to discuss your various options with Kfir Cohen you can find the right product to fit your needs, and help you to achieve your financial success.
Life insurance can be used as an vehicle to provide potential growth of your money, either for your beneficiary or for yourself at a later date. This is an excellent option for many, as it has no participation limit when designed correctly, often has no withdrawal penalty (unlike an IRA or 401k, which has a 10% penalty if you are under the age of 59 1/2).
Additionally, the money can be accessed tax free in most circumstances, which is an incentive many savvy people use to avoid hefty tax bills and beat inflation eating away at their savings.
When used in this manner, you pay a premium for the actual life insurance product, plus you pay an additional amount that is your investment into the cash value portion of the life insurance. You get the benefit of having a death benefit payable to your beneficiary should you pass, plus there is a cash value portion that either you can access, or if you choose additionally goes to your beneficiary as a death benefit.
When you choose a universal life insurance product to grow cash value with interest, you can either grow the money conservatively as an indexed universal life insurance, where the interest earned is tied to performance of the stock market against certain benchmarks such as the S&P 500. It offers protection that if it goes below 0% in a market downturn, the life insurance has what is called a “floor”, and doesn’t go below 0% (it also has limits to how high it can go – different limits exist).
Or, you can grow it more aggressively with more risk, where you directly invest the cash value in stocks, and this is called variable universal life insurance. In both cases, the interest grows tax-deferred.
In addition to this, different options exist to customize the growth rate potential based off your risk tolerance and desired outcome.
However you choose to proceed, it is important to understand all aspects of life insurance, savings, and investments and what options you have available. You need a consultant who can stand by your side an help you to get the results you desire. Kfir Cohen is the expert you can trust to help you achieve your goals.