With Comprehensive Retirement Planning Services From Shelander Financial Solutions
Life insurance is a financial safety net designed to provide financial security for your loved ones in the event of your untimely demise. It’s a contract between you and the insurance company, where you pay premiums in return for the insurer’s commitment to pay a sum of money to your beneficiaries upon your death.
Life Insurance can also be a wealth building tool. It’s one of the “Elite” strategies used in building and maintaining wealth. Life Insurance products that are now offered can provide more than just an “end of life” death benefit. With an “IUL” (Indexed Universal Life Policy) you can earn an average of 6-8% interest on your money and while this “super” savings type of account is earning more than a bank ever will at 1-4%, you also have a death benefit that grows as well as a 0% floor to eliminate risk should the stock market not do well. This floor ensures you never lose your money like you would in say a 401k, or an IRA when the stock market plummets.
Did you know you can fund your own private pension plan for retirement? In Life Insurance this is called an “Annuity”. Yes, your family can still get the death benefit should you pass away, but you also earn interest on your money, pay yourself a salary on your terms/schedule, and you can spread your money out over time. 401k and IRA’s don’t have death benefits, they don’t have a 0% floor, and they don’t average 6-8%+ earnings on your money every year! Not to mention the tax penalties that come with these accounts if you need to access your money before you are 59.5 years old.
What happens if you need Long Term Care? Help with essential daily functions should you not be able to do them yourself? With a Life Insurance “rider” you can add a 2% payout of your death benefit rider and your Life Insurance will pay 2% of your death benefit to cover your Long Term Care should you need to access it.
At Shelander Financial Solutions, we specialize in helping you find the right life insurance policy to protect you and your loved ones. Knowing the importance of selecting a policy that aligns with your needs, our team provides you with the peace of mind that comes from knowing you, and your family’s financial future is secure. We’re here to help you navigate the complexities of life insurance and ensure that you have the right coverage in place for your individual needs.
Life insurance is more than just a financial product; it’s a tool for peace of mind. It ensures that your loved ones aren’t burdened with financial hardship during stressful times. It can cover funeral expenses, pay off debts, use in place of a college head start plan (or general head start plan), act as a tax free retirement income, an alternative savings account, an inheritance maximization strategy, and even provide ongoing income to support your family’s lifestyle. Moreover, life insurance can be a strategic component of your overall financial planning, wealth building, and estate planning with the right Life Insurance plan/s in place.
Here are some key aspects that highlight the significance of life insurance:
Life insurance serves as a vital shield, ensuring the financial well-being of your loved ones in the unfortunate event of your passing. It offers a tax-free payout to your beneficiaries, which can be used to cover a variety of expenses, including:
If you own a business, life insurance for your business can be instrumental in securing its continuity. It can provide funds to cover business debts, facilitate smooth ownership transitions, and protect the financial stability of your enterprise should something happen to you.
Knowing that your loved ones will be financially protected in the event of your passing can bring immeasurable peace of mind. It allows you to focus on enjoying your life and creating lasting memories with the knowledge that your family’s future is secure.
Life insurance is to have a personal life insurance policy 10 times larger than your annual income.
This is a form of permanent life insurance that allows for flexible premiums and flexible death benefits. IULs have a cash value component in addition to a death benefit. The money or “cash value” accumulated in your account can earn interest mirroring the stock market index. An IUL has a floor typically of 0% and a ceiling of 6-8%+ depending on how you set it up. You can add a long term care rider, or other riders you may need according to your individual needs. This type of insurance can be adjusted in premium and death benefit as long as the premium is paid, the policy remains in effect.
With life insurance annuities, you can invest a lump sum and, in return, receive a fixed rate of interest over a predetermined period. This allows you to enjoy a steady income stream regardless of market fluctuations. Great for retirement planning.
Life insurance annuities combine the benefits of life insurance coverage (a death benefit) with the opportunity to earn interest on your lump sum and pay yourself on a schedule (your own private pension plan). This can provide financial security for you and your loved ones. Our team at Shelander Financial Solutions can guide you through the intricacies of fixed annuities and fixed-income life insurance, helping you choose the options that align with your financial goals and provide the stability you seek in your retirement. Looking to move a 401K or an IRA into an annuity? A 1035 exchange allows you to transfer that money without the income tax penalties you would otherwise have to deal with when accessing your funds, selling, or closing your account.
Ready to retire and pay yourself a personal pension? Ask Shelander Financial Solutions how we can help!
Key person life insurance focuses on maintaining the business’s needs until it can get back on its feet by covering outstanding debts and share buybacks, covering the cost of hiring and training a new employee, and even paying out severance obligations in case the business needs to close or lay off employees.
Factors to consider in purchasing your business life insurance are: the size of the business, number of employees, overhead cost to run, amount of debt the business has, personal and company financial stability, and if you have a buy-sell agreement in place.
The goal of business life insurance is that if something happens to you, a business partner or a key person in your business, your business can continue to run smoothly. A buy-sell agreement in place can also give your family an option to sell your portion of the business at fair market value if you have that in place as well.
Incorporating life insurance into your estate planning strategy is a prudent move. It ensures an efficient transfer of wealth and provides liquidity to cover estate taxes, debts, and other financial obligations. With our expertise in trusts and estate planning, we can help you maximize the benefits of life insurance, ensuring your assets are protected, and your loved ones are well provided for. With a team of expert lawyers easily accessible at Shelander Financial Solutions, your questions, wealth strategies, asset protection and implementation are all available right here.
At Shelander Financial Solutions, we are committed to providing a life insurance solution tailored to your unique needs and circumstances. We take the time to understand your financial situation, goals, and risk tolerance to recommend the best life insurance policy for you. Our comprehensive life insurance services ensure that your policy aligns with your estate planning and wealth management strategies. Reach out to us to start your life insurance, wealth building, and asset protection journey.
Securing your family's financial future is too important to postpone. Whether you're just starting your financial journey or you're looking to reassess your coverage, Shelander Financial Solutions is here to guide you every step of the way. Contact us today to schedule a consultation and explore the right life insurance options, annuity, and/or private Trust options for you.
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