{"id":18,"date":"2019-10-14T21:19:55","date_gmt":"2019-10-14T21:19:55","guid":{"rendered":"http:\/\/gpswp.com\/financialdistributorsllc-2019\/?page_id=18"},"modified":"2019-12-12T00:36:48","modified_gmt":"2019-12-12T00:36:48","slug":"life-insurance","status":"publish","type":"page","link":"https:\/\/gpswp.com\/palmettoretirement-2019\/services\/life-insurance\/","title":{"rendered":"Life Insurance"},"content":{"rendered":"\n<p><strong><em>Life\ninsurance offers multi-faceted retirement solutions.<\/em><\/strong><strong><\/strong><\/p>\n\n\n\n<p>Although some people view life\ninsurance as a way to replace lost income or pay off debt after the passing of\na loved one, it also can offer a number of potential benefits that may make it\na valuable tool to accomplish different financial goals in retirement.<\/p>\n\n\n\n<p>First and foremost, life insurance\nmay provide peace of mind and a degree of comfort for the policyholder (the\ninsured) that their loved ones (the beneficiaries) are taken care of\nfinancially in the event that they pass away. In addition, life insurance can\nbe a sensible solution for many small business owners to help protect the\nfinancial future of their business if something should happen to them. Life\ninsurance is also one of a few types of products that may offer helpful ways to\nreduce or avoid certain taxes.<\/p>\n\n\n\n<p>In addition to a death benefit,\nhowever, life insurance is also one of a few types of products that may offer\nhelpful ways to reduce or avoid certain taxes. Some of these benefits may\ninclude:<\/p>\n\n\n\n<p><strong>Death benefits:<\/strong><\/p>\n\n\n\n<ul><li>Policy death benefits paid to beneficiaries may be income tax-free.<\/li><li>Some life insurance policies may allow the death benefit to be accelerated out before the insured\u2019s death due to terminal or chronic illness, and that benefit may be income-tax free.<\/li><\/ul>\n\n\n\n<p><strong>Tax-free exchanges:<\/strong><\/p>\n\n\n\n<ul><li>The insured may exchange their existing life insurance policy for a new life insurance policy and the investment gains on the original contract may be tax free.<\/li><li>The insured may exchange their existing life insurance policy for an annuity and the investment gains on the original contract may be tax free.<\/li><\/ul>\n\n\n\n<p><strong>Policy cash values:<\/strong><\/p>\n\n\n\n<ul><li>Cash values may grow tax-deferred during the insured\u2019s lifetime.<\/li><li>Income from cash value, when properly structured, may not be subject to income taxes.<\/li><\/ul>\n\n\n\n<p>As an independent insurance firm, we\nare able to shop dozens of insurance carriers to find rates and product\nsolutions to fit your specific needs and goals, meaning we are not relegated to\nsimply one line of products or one brand name like a captive agent. In\naddition, we offer complimentary reviews on your existing life insurance\ncontracts.<\/p>\n\n\n\n<p><em>Disclosure: Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.\u00a0 Policy loans and withdrawals will reduce available cash values and death benefits, and may cause the policy to lapse or affect any guarantees against lapse.\u00a0 Additional premium payments may be required to keep the policy in force.\u00a0 In the event of a lapse, outstanding policy loans in excess of unrecovered cost basis will be subject to ordinary income tax.\u00a0 Withdrawals are generally income tax-fee, unless the withdrawal amount exceeds the amount of premium paid.\u00a0 Policy loans are not usually subject to income tax unless the policy is classified as a modified endowment contract (MEC) under IRC Section 7702A.\u00a0 However, withdrawals or partial surrenders from a non-MEC policy are subject to income tax to the extent that the amount distributed exceeds the owner\u2019s cost basis in the policy.\u00a0 Tax laws are subject to change.\u00a0 Clients should consult their tax professional.\u00a0 Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Life insurance offers multi-faceted retirement solutions. Although some people view life insurance as a way to replace lost income or pay off debt after the passing of a loved one, it also can offer a number of potential benefits that may make it a valuable tool to accomplish different financial goals in retirement. First and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":6,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Life Insurance - Palmetto Retirement<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gpswp.com\/palmettoretirement-2019\/services\/life-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Life Insurance - Palmetto Retirement\" \/>\n<meta property=\"og:description\" content=\"Life insurance offers multi-faceted retirement solutions. Although some people view life insurance as a way to replace lost income or pay off debt after the passing of a loved one, it also can offer a number of potential benefits that may make it a valuable tool to accomplish different financial goals in retirement. 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