Join Steven Insalaco on the Silverside Update with Andy Harrington covering tips on selling Single Premium Life Insurance. [Read more…]
This week we wanted to talk about the leverage, tax advantage and guarantees of Single Premium Life. How can you use it to increase value to your clients and increase your income?
It is well known that the vast majority of annuity owners rarely, if ever, make withdrawals from their annuities. Most leave the money to heirs. While annuities may be great accumulation, tax-deferral, or income tools, annuities are not the most tax-efficient resource at your disposal.
The fact is life insurance leverages money income-tax-free. The problem for most agents has always been that it also involves underwriting hassles and delays and clients who are reluctant to undergo a long invasive process.
In this day there are virtually limitless case design possibilities when it comes to life insurance – with all the carriers and products available. What we want to focus on with you today are life contracts specially designed for re-positioning of assets, to maximize leverage, illness and tax benefits while still remaining transactional enough to get placed quickly and efficiently. [Read more…]
Single Premium Life Insurance policy guarantees that you will receive the face amount of the policy, providing immediate security to you and your loved ones. Over time, the cash value of the policy will accumulate on a tax-deferred basis. Also, should you ever have a financial emergency or opportunity, you can access the loan value1 of your policy through a policy loan. Best of all, your premium payments always remain the same, even as you grow older, providing for affordable lifetime coverage.
Oftentimes, selling life insurance can be an uphill battle. Many clients worry that a life insurance product will tie them down to fees they don?t want, or that some policies will limit their freedom. In truth, though, by selling life insurance, you are selling your clients freedom, by giving them the security and peace of mind they need.
EquiTrust WealthPay Life: SilverSide has long been a proponent of Single Premium Life as a powerful tool to leverage assets for wealth transfer and illness. One challenge advisors?often face
d when presenting this concept is the need for their client to have immediate access to a significant lump sum of non-qualified funds to deposit. Now, the latest product offering from EquiTrust,?WealthPay Life, addresses this. By combining a SPIA with a 3, 5, or 10 pay life contract,?WealthPay Life creates a bridge between your client?s qualified assets or low-tax-basis annuities and the excellent benefits of Single Premium Life products.
Whole Life is one of the most common types of Permanent Life insurance. With Whole Life insurance policies, the cash value accumulates at a guaranteed interest rate, and typically, the policy owner may borrow against the cash value of the policy. Some Whole Life insurance policies can produce excess credits, which can be used to purchase additional paid-up life insurance, increasing the available death benefit. [Read more…]