The addition of a family member is a joyous occasion. With new additions to the family, however, there’s so much more to
consider – from diapers to college savings. A pivotal step in life insurance planning is making sure your beneficiaries are rightfully
With various life changes, your beneficiaries may switch over time, or perhaps you may require additional coverage for a growing
family. That’s why it’s a good idea to schedule a yearly policy review with your financial professional at Certified Financial Services.
Our goal is to help you keep your financial well-being in check as you and your family grow. If you’re looking for a more
affordable life insurance option based on your current financial needs, a term life insurance policy is an option to consider. Or,
perhaps the protection of whole life insurance to take advantage of its additional living benefit of its cash value, which could be
used any number of ways to support your family and their expenses or goals.
By working with a financial professional, you can assess whether term or whole life insurance would be a fit for you and your
family. Protecting your loved ones for the future should start today.
If you’re currently prepping for the arrival of a baby, check out this article from the Living Confidently blog that shares some
useful tips on how to get ready.
1) Some whole life polices do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk
to your financial representative and refer to your individual whole life policy illustration for more information.
2) Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans and
loan interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any outstanding
loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are
treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable withdrawal may also
be subject to a 10% federal tax penalty.