Life insurance has evolved beyond just providing protection in the worst-case scenario. While it still offers the traditional death benefit that can ease the financial burden on your loved ones, modern policies come with additional benefits. At the August Wealth Management Group, we can assist you in setting up a permanent life insurance policy, such as an indexed universal life policy, that offers the following features and more.
Options for Now and Later
Flexible Premiums
Whole life insurance locks in your premiums for the duration of your policy, but indexed universal life insurance offers more flexibility by allowing you to determine your premiums based on your coverage needs, ideal riders, and desired cash value amount. Both types of insurance come with a cash value component that can grow at a rate guaranteed by the strength of the insurance carrier and its claims-paying ability.
Index-Linked Growth
With an indexed universal life insurance policy, the cash value grows based on a pre-selected index without being directly invested in the market, protecting from downfall. This type of policy is a contract between you and the insurance company, rather than an investment, and it guarantees growth based on the claims-paying ability of the issuing carrier.
Principal Protection
Under a permanent life insurance contract, your cash value principal may not only experience guaranteed growth but will be protected from market declines. This means that you can benefit from market gains without the risk of losses. The gains are secured by the strength of the insurance carrier.
Tax-Free Source of Income
Your cash value can grow during the life of your indexed universal life policy based on the premiums you choose. This cash value portion can be borrowed from tax-free, making it a valuable source of income in retirement. It can serve as an additional stream of income to help secure your financial future.
Customization to Your Needs
Life insurance policies are no longer just about the death benefit. With the option to add riders for major illnesses, long-term care, and other benefits, you can customize your policy to provide protection and rewards while you are still alive. This added flexibility allows you to get more out of your policy beyond just the traditional death benefit.
Death Benefit
The death benefit is the most recognized reason for buying a life insurance policy, and under an indexed universal policy, it is paid out tax-free to your beneficiaries. This provides them with financial stability during difficult times, allowing them to grieve without worrying about immediate financial burdens.
August Wealth Management
Interested in a complimentary fee-benchmarking analysis for your plan?
Financial Planning
Having a clear sense of direction is essential to making progress, and we understand that it can be challenging to move forward without it.
Read MoreInvestment Advisory
In order to achieve your objectives, it is crucial to focus on growth, and we utilize market investments to pursue growth on behalf of our clients.
Read MoreCorporate Retirement
Having sufficient funds in retirement is essential, and your employees will certainly want to secure their future financial stability.
Read MoreLife Insurance
Life insurance is no longer just a means of providing financial security in the event of an untimely death. Today’s policies can also offer…
Read MoreAnnuity Strategies
Annuities, which involve a contract with a leading insurance provider instead of a direct investment in the market, can offer both…
Read More