Since many business owners name their business as their most valuable asset, premature mortality risk becomes a key financial priority. Purchasing life insurance within a qualified plan can help you protect against this risk and provide financial confidence for your loved ones.
Death Benefit Protection Can Help Provide for Your Loved Ones
Insurance introduces a self-completing component to the plan. In the event of the participant’s untimely death, the proceeds of the policy fund the plan. The death benefit and assets accumulated in the account are then passed to the beneficiaries.
If you haven’t thought about how to protect your greatest asset and your family, now is the time to do so. Let’s put strategies in place that are designed not only to help protect you and your family, but also reduce your tax liabilities. Call today to discuss your options.
The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications. The guarantees provided by the insurance company are contingent on the claims-paying ability of the issuing company. This communication is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.