Florida Life Insurance

Life insurance is considered the cornerstone of sound financial planning. A life insurance policy has multifaceted benefits that will protect you and your family from unexpected issues that arise in the future as well as provide potential financial benefits.

Life coverage can provide you with the following benefits:

1. Replacement income for dependents

   If you are to pass away, life insurance can replace your lost income to keep your family from financial ruin. For example, if you unexpectedly perish, leaving behind a wife and young children, they will be monetarily supported through your life policy. This coverage will cover any financial obligations you have left behind.

2. Pay final expenses

   Life insurance can cover funeral and burial costs, as well as final medical expenses and debts you may have had as a result of your death.

3. Create an inheritance for your heirs

   You can name your loved ones as beneficiaries on your life insurance policy to create an inheritance for them if you pass away.

4. Make charitable contributions

   You can name a charity the beneficiary of your life insurance policy. This contribution will be much larger than the cash equivalent donation.

5. Create a source of savings and earnings

   Some types of life insurance can be paid as cash value if the policy owner outlives the coverage term. As you pay your life insurance premiums, the payments will accrue interest over time. This cash benefit can be withdrawn or borrowed at the owner’s request.

Types of Life Insurance

Term Life

• Perhaps the simplest form of life insurance, term life is designed to cover an individual for a designated period of time, often a relatively short period of time. With affordable premium rates, term life insurance provides level premiums for 5, 10, 20, and 30 year periods. The premium rates on term life policies are adjustable by the insurance company based on your assessed risk. Term life insurance does not offer a cash value, it only provides a death benefit.

Whole Life

• Whole life insurance will remain in effect for the remainder of your life. This type of insurance will accumulate cash values as well as offer level premiums to policyholders. Because the premiums are level, the younger you are when you purchase your whole life policy, the less expensive the premiums will be. Whole life can be considered a long term financial strategy because it guarantees financial protection for you and your family. A whole life policy will also offer the potential for the policy to earn dividends.

Universal Benefits

• A universal life insurance policy has offers both a cash value and a death benefit for policyholders. The premiums are adjustable depending on the changing needs you require. This account has potential to accumulate value over time.

Private Pension Plan Benefits

• IRS Approved (IRS Code 101(a))
• Tax Deferred Accumulation
• Tax FREE Income Stream for Life
• Tax FREE Transfer of Income when you Pass Away (Leave a Legacy for your Family)
• No Contribution Limits
• No Participation Requirements (important for Businesses with Employees)
• Contributions are put into a Fixed Account yet Growth is attached to Stock Market Returns
• Guaranteed not to lose your Principle or Interest Credited to your Account
• Potentially Double Digit Returns
• Low Cost Penalty FREE Loans (starting in year 5 you can use this account as your own lending source)
  Includes Low Cost Life Insurance (contributions stop yet Insurance Continues)

SOBERING STATISTICS

• Of people reaching age 65 only 2-5% EVER reach financial security.
• 95% end up living on welfare, living with their children, or still working, because of poor savings habits (we should be saving 10-20% of our income), risks to the money we have saved (our Nest Eggs aren’t protected), and the effects of taxes on our savings.

Where are you headed? Are you going to be in 2-5%? Will you be able to do what you want to do, when you want to, without worrying about money? Are you sure? For a free consultation; call Ram Jakhotia, retirement consultant at (813) 962-4172 OR (813) 892-3299.