Life Insurance Planning for Wealthy Families

Many wealthy people seeking  large life insurance policies commonly need coverage to  protect their income, cover a large loan, or pay estate taxes. Many large life insurance polices are purchased on the recommendation of our client’s private office, CPA, or attorney.

For over 25 years, Affordable Life USA, has assisted many “high income” or “high net worth” individuals and their families with their life insurance planning.  We have over 25 years of experience designing life insurance planning solutions for individuals with sizeable estates. Families of wealth require access to insight, expertise, custom products and concierge service when it pertains to the design, implementation and servicing of their life insurance portfolios.

We are a boutique insurance advisory firm which focuses on wealth protection and transfer for affluent families. Our emphasis is to design and service customized life insurance planning solutions that offer flexibility for the future while meeting today’s needs.We have created an educational reference library to give successful people an easier way to learn about the advanced life insurance planning.

Guaranteed Universal Life

Do you need a permanent life insurance policy? But, have been procrastinating because you are concerned about the cost of permanent coverage. Then, you really should consider the new guaranteed universal life insurance policy (GUL). Modern guaranteed universal life insurance can now accumulate cash values like whole life, or have no cash value similar to term insurance.

There are a number of different permanent life insurance policies such as universal life, indexed universal life, variable life, and whole life. Most people automatically associate all permanent coverage with much higher costing premiums because of the savings element involved. These applicants typically jump into term life coverage assuming it is always the best option for paying lower premiums.

Keep in mind, we are strong advocates of the long time adage of “Buy Term, and Invest the Rest”. This philosophy is also embraced by popular radio and television personalities such as Dave Ramsey and Suze Orman. The idea is to buy cheap term insurance, and invest the premiums that would have been allocated towards permanent coverage.

However, if you need coverage for a longer period of time, permanent life insurance coverage is now available at a similar price point to term life. These policies are slightly more expensive then term insurance at younger ages, but the pricing spread lessens as people get into their 50’s and 60’s.

People are living longer because of continued improvements in medical science Why should your coverage die before you do? This is not like your parents whole life policy!

Shamus Beyale's Art: New York Life AARP Storyboards

Shamus Beyale's Art: New York Life AARP Storyboards

you get a AARP life insurance quote, the policy is actually being underwritten by New York Life. The AARP life insurance rates are based on group rates offered by the New York Life group division. These rates differ significantly from the policies which are sold by New York Life agents in the open market.

The coverage offered by AARP New York Life Insurance include both term and permanent life insurance. Both plans utilize simplified underwriting, which means New York Life insurance reviews a few medical question and applicants do not have to undergo a medical exam to qualify for coverage. There is also whole life insurance for which you cannot be turned down.

The AARP life insurance rates will vary depending on which plan you select. AARP Level Benefit Term Life, AARP Permanent Life, and AARP Guaranteed Acceptance Life.

Pension Maximixation Life Insurance

Retiring Soon?

When you retire you typicall meet with a pension administrator to

review the various income options available.

These options, of course, are based in large

part on years of service and annual income

during the years preceding retirement.

But there is a second variable that is often

overlooked by retirees: the survivor's benefit.

Simply put, the survivor's benefit guarantees

that retirement income will continue

even if the retiree dies first. In other words,

in order to protect a spouse against a catastrophic

loss of income that would occur if

the retiree died first, the pension is often

arranged so that payments continue for the

longer of the two lives. Thus the spouse continues

to receive a pension income, even if

he or she outlives the retiring Member. This

is a very important benefit.

But it comes at a cost. If the pension is taken

in a "single life expectancy," the monthly

income will likely be hundreds of dollars

more than if the pension is distributed

through "joint life expectancy." The logic

here is simple: a joint life pension will, in all

likelihood, pay out over a longer period of

time than a single life pension. Thus the

monthly income is significantly reduced.

The Advantages of Pension Maximization

Pension maximization is not only viable; many couples actually prefer it over the spousal benefit for reasons other than pure mathematics. Why?

• A life insurance benefit is 100% tax-free, while pension income is subject to income tax. (Remember this when comparing the two. For example, if you have a $100,000 pension spousal benefit and a $100,000 life insurance death benefit side by side, the pension payout becomes more like $70,000 after taxes, while the life insurance payout holds at $100,000.)
• A life insurance death benefit is paid as a lump sum. The only way to get a lump sum with a pension is to accept a greatly reduced payout.
• Money from life insurance is generational. A pension with a spousal benefit is void after the spouse dies.
• You have more leniency to adjust or cancel your life insurance coverage if your needs change. There is no going back on your pension decision.

  Pension Maximixation Life Insurance   Learn all the detail to execute a plan for perfect for your situation by using the experts!

hould you choose Pension Life Insurance?

Pension maximization using  life insurance compared to the survivor benefit should be considered based on your specific pension plan and your unique circumstances. Here are few

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Steps to receive Your SelectQuote/Policy

Steps to receive Your SelectQuote/Policy

 When you go online to SelectQuote.com website you will see a few options to Start Your Free Quote:Speak to an agent, and then Fill out an online form

Many people choose the online profile hoping to obtain an instant select quote life proposal. However, this medical profile consists of your overall personal health history, family history, driving record, nicotine use, dangerous sports or activities, and your contact information.

Realize you will not get to select a quote when you enter your contact information. Before this can happen, you will get a telephone call  from an agent. During your call a few details are typically addressed as follows:

• First, Select Quote reviews and verifies your information
• Then, your agent will select the best plan of insurance and death benefit for your needs
• Your agent will  also attempt to find the best  insurance company for you
• If you like the ideas presented to you, a brief medical checkup will be ordered
• Upon approval, Select Quote reviews your established rate class and death benefit
• Finally, a policy will be mailed out to you

To learn more about Select Quote, visit our review site too.

5 Smart Money Moves Before You Retire | 50 Plus Finance

5 Smart Money Moves Before You Retire | 50 Plus Finance

AFFORDABLE LIFE USA

AFFORDABLE LIFE USA