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Life Insurance & Retirement

Life Insurance & Retirement

If you have a family to protect, a sound life insurance program is the perfect solution. There are two basic types of life insurance: temporary and permanent.

Temporary needs include home mortgages or short-term debt reduction, family income and educational expenses and can last as little as one year or last 20 or 30 years or longer. Term insurance is the most cost-effective method of insurance for many short-term needs. There are a variety of plans to choose from, ranging from an annual renewable term (1 year plan) to a level term plan that could last 5, 10, 20 or 30 years.

Permanent needs include those that last for your entire life or potentially for periods of 15 years or more. Permanent insurance needs include final expenses, funds to cover estate taxes and retirement savings protection. Permanent and universal life plans are ideally suited for meeting these goals.

The primary purpose of life insurance is to provide cash for your family in the event of your death to ensure that they can remain in their home and continue to maintain an adequate standard of living. There are a number of factors that determine the cost you pay for life insurance, including:

  • Age
  • Health
  • Tobacco use
  • Occupation
  • Hobbies


Retirement Products

Annuities

Here’s what you can look forward to:

  • A safe investment alternative that includes guaranteed interest rates, tax deferral, and an option to have guaranteed income for life.
  • A tax-deferred savings plan that is not subject to annual deposit limits.
  • Use it to rollover qualified funds from an employer’s retirement plan, such as a 401(k) when changing jobs.

Traditional IRA

If you qualify, your contributions to a Traditional IRA are tax-deductible. Contact us if you want to discuss how much you can contribute on a yearly basis.

Roth IRA

Contributions to a Roth IRA are not tax-deductible. The principal benefit of a Roth IRA is that qualified withdrawals are tax-free. Additionally, there are no mandatory withdrawals at age 70 1/2.

SEP IRA or SIMPLE IRA

Are you self-employed? A SEP-IRA or a SIMPLE -IRA could make sense. These “employer-sponsored” IRAs have special rules and additional benefits like higher contribution limits.