Value Of Life Insurance

 Complete Value Of Life Insurance And Working With A Financial Professional

Planning for retirement has not been easy over the past few years. Saving and investing for a secure financial future have become more difficult than ever because of market instability, declining real estate values, and for others, job loss or stagnant earnings. A financial expert can help in this situation.

A financial expert can assist you in making financial decisions that will protect the things that are important to you, such as your family, your business, or your way of living. But how can you identify a financial expert who is a suitable fit for you?

1. Start by considering his or her philosophy and approach to retirement planning. In today’s tenuous financial environment, a professional who believes permanent life insurance plays a critical role in a financial plan should be a strong consideration. Permanent life insurance provides a guaranteed safety net, should the unthinkable happen. A death benefit can give you peace of mind that your family or business is properly protected. Plus, the cash accumulation potential of permanent life insurance can be used to launch a second career, pay for a grandchild’s education or supplement retirement revenue streams. Permanent life insurance also allows other elements of a financial plan, such as annuities, investments or disability insurance, to do their job.

2. Make sure the financial professional has the proper education and training. Here are the top credentials to look for:

• Chartered Life Underwriter (CLU) — an insurance designation often held by those who specialize in life insurance and estate planning and given by The American College, a nonprofit dedicated to educating individuals in financial services.

• Certified Financial Planner (CFP) — a designation given and governed by the Certified Finacial Planner Board of Standards.
• Chartered Financial Consultant (ChFC) — a designation on par with the CFP, also given by The American College.

3. Make certain you have a good comfort level with the financial professional, and how they communicate with clients. You can do this by scheduling an in-person meeting, preferably at their office, to ask the following questions:

• What is your approach to retirement planning?
• How often will I have the opportunity to meet in person to make sure my plan can adjust as my life evolves?
• What is the average length of your relationships with clients?
• Will you offer options and help me compare risks, costs and benefits?
• How will you communicate with me about my finances?

• All guarantees are based on the claims paying ability of the issuer. Accessing cash-values may result in surrender fees and charges, may require additional premium payments to maintain coverage and will reduce the death benefit and policy values. Any examples are hypothetical, intended for illustrative purposes only, and highlight a single possible outcome. Individual results will vary.

To learn more about working with a financial professional to take full advantage of the complete value of life insurance, visit www.PennMutual.com.

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Life Insurance: Possibilities In A New And Complex World

Only 44% of American families had individual life insurance in 2016, and 30% of those homes had no coverage at all, according to a recent research by the Life Insurance and Market Research Association.

These figures come at a time when it has never been more sensible to use life insurance for both its protection advantage and as a tool to accumulate wealth. Home ownership, defined benefit plans, 401(k) matches, and social security were once pillars of financial security but are now in jeopardy. These conditions make it difficult to use many of yesterday's financial solutions to support a college degree, start a new business, or deal with an unanticipated health issue.

Regularly evaluated and updated permanent life insurance policies safeguard more than just financial assets. It provides stability and enables you to benefit from a wide range of life's opportunities.

Here are some typical myths you should be aware of if you're thinking about purchasing life insurance or raising the amount of coverage you currently have:

• Life insurance only provides a death payout. Permanent life insurance enables cash value accumulation in addition to a death payout. You and your family or small business can utilize this money to pay for a variety of living expenditures.
• The best course of action is to purchase term insurance with a minimal death benefit and invest the remaining funds in other ventures. Death protection is crucial, but permanent life insurance provides both that protection and cash-building potential, fitting your needs as they change over the course of your lifetime.
• Only if you have children does life insurance become important. Aside from safeguarding children, life insurance can meet a variety of needs. For example, you may use the cash value of a permanent policy to support a charitable cause you care about or expand your business.
• Life insurance is a recurring expense. A permanent life insurance premium payment is an investment in your future. As a permanent policy builds up monetary worth over time that may be accessed whenever and however is necessary, it functions similarly to paying yourself.

Please visit www.pennmutual.com for more details about all of the life's potentials that life insurance may satisfy.

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Permanent Life Insurance

 Permanent Life Insurance Has Real Benefits

When you're young, you frequently disregard perfectly good advice that is given to you on a range of subjects. Consider buying a permanent life insurance policy early in your working life, while you're young and healthy, is one piece of advise that shouldn't be disregarded.

Too many American youth only contemplate the death benefit of life insurance, ignoring its other benefits and full worth. Although it accumulates cash value that policyholders can use to pay for college, put a down payment on a house, or use as a significant source of income for any other purpose throughout their lifetime, permanent life insurance offers vital death benefit protection.

The advantages of buying a permanent life insurance policy at age 25 versus age 40 are startlingly different.

By investing a little over $180 a month in a Flexible Choice Whole Life insurance policy, a 25-year-old female will have more than $29,000 in guaranteed cash value by the time she turns 40. By the time she turns 65, the guaranteed cash value will have increased to $120,600 and will have a guaranteed death benefit of $300,000.

This female would have had just over $53,000 in guaranteed cash value at age 65 and a death benefit of $161,000 if she had waited until age 40 to start making the same monthly payment into a Flexible Choice Whole Life policy. (Nearly half of the amount she could have purchased if she had waited until she was 25.)

A financial expert will create a plan specifically for you based on your financial objectives and show you how permanent life insurance works with a good financial strategy.

1. Reducing the death benefit and policy values by accessing cash values may result in surrender fees and charges, additional premium payments to keep coverage in place, and other costs.

2. Assumptions: female, age 25, preferred non-smoker, monthly premium of $183, death benefit of $300,000.

3. Hypotheses: 40-year-old female, non-smoker, preferred, monthly premium of $183, death benefit of $161,503. only considers a slight decrease in health rating. A further change in health would result in a higher premium or make coverage unavailable.

Visit www.Pennmutual.com to find out more about the advantages of beginning a financial plan that includes permanent life insurance and the actual rewards of doing so.

Minimize Retirement Risk With Permanent Life Insurance

Many Americans worry about their retirement due to ongoing economic uncertainties. Workers may be troubled by the potential of a retirement where the notion of not having enough money may not be hyperbole rather than daydreaming about their senior years. Consumers want to reduce risk and take charge. A financial advisor will customize a strategy to match each person's unique financial objectives, but every diversified retirement strategy should include permanent life insurance because it can provide security and growth for individuals who still have a number of working years ahead of them.
Permanent life insurance offers both the possibility of accumulating cash values, which can be a significant source of retirement income, and death protection. Cash from a permanent insurance policy may be used for any purpose as its value increases over time tax deferred. In addition to supplementing other income sources like Social Security, 401k savings, or pensions for those who are fortunate enough to have them, this type of life insurance offers consumers a certain amount of flexibility that empowers them to make decisions and better manage their financial lives. The "gap years" that occur between retirement and the age at which Medicare and Social Security benefits start may also be covered in part by the income stream from a perpetual life insurance policy.

The majority of retirees will want the assistance of a financial expert to decide how best to allocate their resources during the transition period and during retirement. Consumers should be aware, though, that a permanent insurance coverage can mean the difference between retiring when you want to rather than when Social Security and qualifying plan dividends begin. A retiree may also be able to put off the start of receiving Social Security benefits, which would eventually result in bigger monthly payments over time.

A perpetual insurance policy may help cover unanticipated or planned expenses such as healthcare costs, the cost of a grandchild's college education, or the start-up of a family business in addition to aiding in bridging the gap years. No matter how permanent insurance is ultimately used, if a policy is properly constructed, it can offer a death benefit that is both income tax and estate tax free. Retirement income can then be spent with the assurance that a legacy will be left to one's children or a preferred charity.

To learn more about how to leave a legacy and strengthen your retirement plan with permanent life insurance, please visit www.pennmutual.com.

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Savvy Financial Planning Sooner Means More Money Later

Savvy Financial Planning Sooner Means More Money Later

Whether you are new to the workforce or a seasoned pro, retirement planning is the secret to long-term wealth, and it is never too early or too late to make a plan to live your best life in later years. With the unique challenges and unpredictability caused by the coronavirus pandemic, many people were forced to neglect or ignore their savings and financial planning. That’s certainly understandable. But as the economy improves, new workers and those approaching retirement can take advantage of smart ways to plan and save in a way that they may not have been able to a year ago. The following tips from CFP Board, a nonprofit organization dedicated to benefitting the public by supporting professional standards in personal financial planning, may give you some ideas on how best to plan for your retirement:

• Go high-tech, with caution. "Keeping track of your personal finances is time-consuming and not what you want to do in your retirement years," says CFP Board Ambassador Bill Schretter, CFP®.

"I recommend all my clients automate as much of the saving and reporting functions as possible. However, I do not recommend that you use free service apps," he emphasizes.Why? Many free service apps will use your information to try to sell you financial and non-financial products that you don’t need and could siphon away from your retirement savings."I recommend that you purchase your own program or use programs that your advisor or bank provide to help you keep your finances organized," says Schretter. "Let an app automate regular tasks, but leave the most important financial advice and management to qualified human beings," he adds.A CERTIFIED FINANCIAL PLANNER™ professional can provide guidance as you consider these points in retirement planning, whatever your current work status or age:

• Review your goals. Does your retirement wish list include a cruise to Alaska, an African safari, or your own house on a secluded lake in the woods? Do you want to open a small business, or help out your children and grandchildren with education costs? Consider potential expenses now to plan savvy withdrawals later.Watch for tax traps. "If your withdrawal plan puts you into a higher tax bracket, you might want to lower the amount you plan to pull out," says CFP Board Ambassador J.J. Burns, CFP®.

Also, diversify with a range of accounts that are taxed differently for more flexibility. If you don’t have a Roth IRA or 401k, it is never too early or too late to start one, and a certified financial planner can give advice on moving some retirement savings into one of these accounts to maximize future income. Visit LetsMakeAPlan.org for more advice and tips to make the most of your income in retirement. 

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Fostering Employee Diversity Improves Business Outcomes

Fostering Employee Diversity Improves Business Outcomes

Whether you are new to the workforce or a seasoned pro, retirement planning is the secret to long-term wealth, and it is never too early or too late to make a plan to live your best life in later years. With the unique challenges and unpredictability caused by the coronavirus pandemic, many people were forced to neglect or ignore their savings and financial planning. That’s certainly understandable. But as the economy improves, new workers and those approaching retirement can take advantage of smart ways to plan and save in a way that they may not have been able to a year ago.

 The following tips from CFP Board, a nonprofit organization dedicated to benefitting the public by supporting professional standards in personal financial planning, may give you some ideas on how best to plan for your retirement:- Go high-tech, with caution.

•  "Keeping track of your personal finances is time-consuming and not what you want to do in your retirement years," says CFP Board Ambassador Bill Schretter, CFP®."I recommend all my clients automate as much of the saving and reporting functions as possible. However, I do not recommend that you use free service apps," he emphasizes. Why? Many free service apps will use your information to try to sell you financial and non-financial products that you don’t need and could siphon away from your retirement savings. "I recommend that you purchase your own program or use programs that your advisor or bank provide to help you keep your finances organized," says Schretter. "Let an app automate regular tasks, but leave the most important financial advice and management to qualified human beings," he adds.

A CERTIFIED FINANCIAL PLANNER™ professional can provide guidance as you consider these points in retirement planning, whatever your current work status or age: 

• Review your goals. Does your retirement wish list include a cruise to Alaska, an African safari, or your own house on a secluded lake in the woods? Do you want to open a small business, or help out your children and grandchildren with education costs? Consider potential expenses now to plan savvy withdrawals later.

• Watch for tax traps. "If your withdrawal plan puts you into a higher tax bracket, you might want to lower the amount you plan to pull out," says CFP Board Ambassador J.J. Burns, CFP®. Also, diversify with a range of accounts that are taxed differently for more flexibility. If you don’t have a Roth IRA or 401k, it is never too early or too late to start one, and a certified financial planner can give advice on moving some retirement savings into one of these accounts to maximize future income.

Visit LetsMakeAPlan.org for more advice and tips to make the most of your income in retirement. 

Read more →