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Options for Now and Later

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.

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.
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