{"id":3110,"date":"2023-08-31T13:56:23","date_gmt":"2023-08-31T13:56:23","guid":{"rendered":"https:\/\/gpswp.com\/lordsfinancialplanning2\/?page_id=3110"},"modified":"2024-01-12T19:38:30","modified_gmt":"2024-01-12T19:38:30","slug":"life-insurance","status":"publish","type":"page","link":"https:\/\/gpswp.com\/lordsfinancialplanning2\/our-services\/life-insurance\/","title":{"rendered":"Life Insurance"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"3110\" class=\"elementor elementor-3110\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-31f28514 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"31f28514\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f97cda7\" data-id=\"f97cda7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5b55b2af elementor-widget elementor-widget-text-editor\" data-id=\"5b55b2af\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<!-- wp:heading -->\n<h2><strong><em>Life insurance may offer multi-faceted retirement strategies.<\/em><\/strong><\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>Although some people view life insurance as a way to replace lost income or pay off debt after a loved one passes, it also offers other potential benefits that may make it a valuable tool to help accomplish different financial goals in retirement.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>First, life insurance may provide some degree of comfort for the policyholder (the insured) because their loved ones (the beneficiaries) will receive a death benefit when they pass away. Additionally, life insurance can be a tool for small business owners to help protect their business if something should happen to them.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>In addition to a death benefit, life insurance is one of a few products that may help you reduce or avoid certain taxes. Some of these benefits may include:<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><strong>Death benefits<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Policy death benefits may be income tax-free<\/li><li>Some life insurance policies may allow the death benefit to accelerate before the insured\u2019s death due to terminal or chronic illness, and that benefit may be income-tax free<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p><strong>Tax-free exchanges<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>The insured may exchange their existing life insurance policy for a new policy and the 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 gains on the original contract may be tax free<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p><strong>Policy cash values<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\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<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>We\u2019re able to shop dozens of insurance carriers to find rates and products that fit your specific needs and goals. That means we\u2019re not relegated to simply one line of products or one brand name like a captive agent. In addition, we offer complimentary reviews on your existing life insurance contracts.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p><em>Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.&nbsp; 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.&nbsp; Additional premium payments may be required to keep the policy in force.&nbsp; In the event of a lapse, outstanding policy loans in excess of unrecovered cost basis will be subject to ordinary income tax.&nbsp; Withdrawals are generally income tax-fee, unless the withdrawal amount exceeds the amount of premium paid.&nbsp; Policy loans are not usually subject to income tax unless the policy is classified as a modified endowment contract (MEC) under IRC Section 7702A.&nbsp; 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.&nbsp; Tax laws are subject to change.&nbsp; Clients should consult their tax professional.&nbsp; Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting.<\/em><\/p>\n<!-- \/wp:paragraph -->\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Life insurance may offer multi-faceted retirement strategies. Although some people view life insurance as a way to replace lost income or pay off debt after a loved one passes, it also offers other potential benefits that may make it a valuable tool to help accomplish different financial goals in retirement. First, life insurance may provide [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":294,"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 - LORDS Financial Planning<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Life Insurance - LORDS Financial Planning\" \/>\n<meta property=\"og:description\" content=\"Life insurance may offer multi-faceted retirement strategies. 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