LIFE INSURANCE BENEFITS
Life insurance can help provide you with financial protection should you die prematurely. However, there are several other uses to consider using life insurance. Take a moment to explore your options and talk with your life insurance representative to see if these strategies are right for you.
Life insurance can help provide you with financial protection should you die prematurely. However, there are several other uses to consider using life insurance. Take a moment to explore your options and talk with your life insurance representative to see if these strategies are right for you.
Watch the Videos Below...
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Annuity Maximization
Do you hold an annuity and find you no longer need the income stream it can provide? You may have used annuities as a savings vehicle as part of your financial plan. However, now you may find that you no longer need the money in the annuity and you want to pass the money on to your heirs. But did you know that the gains on your annuity (the portion that exceeds your original investment) will be taxable income to your heirs?1 In addition, the full value of your annuity is includible in your taxable estate, which could result in a diminished inheritance. By using life insurance to help maximize your annuity funds, you can provide your loved ones with the most value for your annuity funds, without the limitations of income or estate taxes. Watch our video and learn about annuity maximization using life insurance. |
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Estate Planning
Estate planning can be a real challenge, even with a will in place. Life insurance death benefit proceeds can provide the liquidity needed to pay off debt, replace income, help supplement retirement income, create an equitable inheritance between heirs, and even provide protection for businesses. North American offers solutions to help ensure that your plans are intact when you need it most. Watch our video and learn about pension maximization using life insurance. |
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Retirement Planning
Are you concerned about the financial security of your family today should something happen to you? Are you also uneasy about the future and falling short of retirement income? It may be time to consider life insurance. Take a moment to view our video about using life insurance to help with retirement planning. Watch our video and learn about pension maximization using life insurance. |
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Pension Maximization
Help to achieve financial security while maximizing your pension benefits. Pension maximization using life insurance is a way to gain needed death benefit protection while offering you an opportunity to maximize your defined pension benefits. If you are a participant in a traditional pension plan (also referred to as a "defined benefit plan"), you have a plan that is designed to provide you with monthly income payments upon retirement. First however, you must make an irrevocable choice. Typically, your employer will give you two options for how the benefits will be paid - Life Only Benefit or Joint and Survivor Benefit. The Life Only option pays you the maximum benefit, but upon your death, your spouse does not continue to receive payments. The Joint and Survivor option pays a reduced benefit, but your spouse will continue to receive benefits when you die. The pension maximization strategy using life insurance is designed to be a compromise between the two options. It allows you to receive the higher pension benefit while also providing funds for your spouse in the form of a death benefit. Watch our video and learn about pension maximization using life insurance. |
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For additional uses of Life Insurance CLICK HERE
