Did you know that September is Life Insurance Awareness Month? Each year, September serves as a month of protection
preparedness and awareness. This year, we’re focusing on “The Whole Picture: The Many Holistic Benefits of Life Insurance”. In
other words, how life insurance can benefit you and your family beyond its death benefit protection.
A lot can occur in an individual’s life in any given year. You may have gotten married, started a new job, or perhaps expanded
your family. Many congratulations for any and all of these wonderful accomplishments! With these changes, however, personal
goals may shift- especially financial goals. So, it’s important to plan as best we can for the unexpected.
While we can’t foresee certain events, we can work together to review your strategy. Life insurance can help protect your family,
and in some cases, may help you pay unexpected expenses that arise.1, 2
There are many types of life insurance to fit different goals and personal budgets. Each of them provides their own unique
solutions, but all can help instill greater financial confidence. I am happy to discuss which of these may be best for your situation
Whether you already have life insurance or new to planning for your financial future, let’s talk about your year, the years ahead,
and how life insurance may fit into your financial strategy. Keep following me throughout the month of September for more
content, as I discuss topics like education savings strategies and financial preparedness.
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.