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Advisor Name, designations
Financial Professional
Prudential Advisors
236 Broadway
Menands, NY 12204
Phone: 800-243-5334
Fax: 800-720-0780
Email: sales@ltmclientmarketing.com
Website: letstalkfinancialwellness.com
September/October 2024
Life Insurance: Its Many Uses
You may think of life insurance* as financial protection for loved ones if you or your spouse were to die unexpectedly. The policy’s death benefit can help provide money to pay expenses or be used in legacy planning so that your family can pay any taxes due on your estate. Although both term and permanent life insurance provide a death benefit, term typically covers the policyholder only for a specified time (usually 10 to 30 years), while permanent insurance remains in effect indefinitely and builds cash value.
During September, which is life insurance month, consider some of the ways permanent life insurance can be used as part of a comprehensive financial strategy.
Income in Retirement
A permanent life policy accumulates cash value that can be accessed in the form of a tax-advantaged loan. Accessing cash value may be used as part of an income strategy, but keep in mind that any outstanding loans will reduce the policy’s death benefit.Cash During an Illness
As the policyholder, you can access the policy’s cash value if you become ill. Some policies offer an optional rider that allows you to use some of the death benefit while you’re living in the event of a chronic or terminal illness.Business Protection
Insurance can allow for the continuation of your business if a partner or key person dies. It can also help with the exchange of ownership without depleting capital in the event of a partner’s retirement, disability or death.Fund Non-qualified Retirement Plans
The policy’s cash value can be used to fund non-qualified retirement plans from a portion of the premiums paid.Consult an insurance professional before you implement any of these strategies.
* Applications for life insurance are subject to underwriting. No insurance coverage exists unless the required premium is paid to put an issued policy in force. Accessing cash values may reduce the death benefit and policy values, trigger tax consequences, surrender fees, and charges, and may require additional premium payments to maintain the contract. Guarantees are based on the claims-paying ability of the issuer. Riders generally incur an additional premium, and benefits may not be available in all states. Riders that pay benefits for events other than death will likely reduce the policy’s death benefit and cash value.
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Life insurance is issued by The Prudential Insurance Company of America, Newark, NJ, and its affiliates. Securities products and services are offered through Pruco Securities, LLC (Pruco) (member SIPC). Prudential and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Prudential, the Prudential logo, and the Rock Symbol are service marks of Prudential Financial Inc., and its related entities, registered in many jurisdictions worldwide. Prudential Advisors is a brand name of The Prudential Insurance Company of America and its subsidiaries.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
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