Protect Your Family, Diversify Your Savings
Life insurance and annuities are part of a well rounded investment strategy
The major purpose of life insurances is to provided a death beneift for loved ones that are dependant on your income, however, in many cases life insurance can be a worth while investment becuse of certain tax advantages and relative security. To learn more about the types of life insurance click here.
When concidering life insurance as an investment you first need to make sure your finnancial needs are covered, if you can only afford term insurance to cover your risk, purchase term insurance. Also, you should be aware that life insurance policies can carry higher fees and commissions that need to be concidered. You can count on Garvey & Associates to be honest and diligent in weighing all the options to ensure any insurance purchased is the best fit for your investment strategy.
Insurance can be a great investment in:
- Estate Planning. Life insurance procceds can be passed from one generation to another tax free
- Gifting. Life insurance be be used to fund a gift to your family or favorate charrity
Annuites provided a steady stream of income. Annuities come in many different forms to meet your specific needs. An annuity can be deferred or immediate, and can either be part of a non-qualified or qualified retirement plan.Annuities are long-term contracts designed for retirement purposes and may not be suitable for meeting short term objectives. Withdrawals of taxable amounts are subject to ordinary income tax and if taken prior to age 59 1/2, a 10% tax penalty may apply. Surrender charges may apply during the policies early years. Principal and benefit repayments are based on the claims-paying ability of the issuing company.