Can You Convert Your 401k to Whole Life Insurance?

Should you consider converting a portion of your 401k to whole life insurance?

Most people that are asking about converting funds in their 401k over to a whole life insurance policy are looking for one thing—to convert money that will be taxable at some point (tax-deferred) over to dollars that are tax-free. You can make the conversion but not directly and not without paying taxes. For decades, it …

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Should you Hire a Fee-Only Insurance Advisor?

Should you Hire a Fee-Only Insurance Advisor?

Fee-only insurance advisors provide advice on insurance-buying decisions free of the potential conflicts posed by commissions.  Fee-only advisors receive compensation through a fee you agree to pay them for their work.  In exchange for their fee, these advisors will review the facts of your specific buying situation, insurance proposals you received from agents, and make …

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How Does the Guaranteed Insurability Rider Work?

How Does the Guaranteed Insurability Rider Work?

The guaranteed insurability riders, also known as the future purchase option, future increase option, guaranteed purchase option, or guaranteed increase option rider, allows the insured of a life or disability insurance policy to purchase additional coverage without going through a new medical exam. This rider can help an insured purchase additional amounts of insurance when …

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What Happens to Your Life Insurance When You Retire?

Do you still need life insurance after you retire?

When you retire, you have the option to continue paying for the life insurance you had while you were working or buying your own policy that is not connected to your employer at all. For most people, the type of group life insurance  (offered at work) that costs almost nothing while working becomes very expensive …

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Should You Buy High Early Cash Value Life Insurance?

You should buy high early cash value life insurance if you have a need or desire to quickly accumulate cash value in your life insurance policy. After reading that, you may be asking yourself, “why wouldn’t everyone want to grow their cash value as quickly as possible?” That’s a fair question and one with a …

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What is Modified Life Insurance and Should you Buy it?

What is Modified Life Insurance and Should you Buy it?

Modified life insurance, also commonly modified whole life insurance, is a unique form of permanent life insurance that offers a much lower premium for the first few policy years in exchange for a higher premium after an introductory period.  The spirit of this type of life insurance is budget-friendliness.  The target market is families where …

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Cash Value Life Insurance, What You Need To Know

Is Cash Value Life Insurance Right For You?

Cash value life insurance, also known as universal life or whole life insurance, is a form of life insurance that builds cash value. You can use this cash value for a number of different options including pay premiums due, withdraw a portion of the cash to use as retirement income, or surrender the entire policy …

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What is a Cross Purchase Buy Sell Agreement?

Understand how to use a cross purchase buy sell in your business.

If you own a business, you need a clear template to follow for your buy-sell agreement that details the triggering events, how you will fund it, the agreed-upon value of the business, and the structure of the arrangement. But what’s even more important, is that you need to be sure that you fund the agreement …

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