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Life Insurance and Annuities

Life insurance comes in all different shapes and sizes.  SWS will recommend the best type of insurance

for each individual.

Whole Life and Universal Life plans offer both protection and cash accumulation value.  Plans can be designed for accumulation, debt resolution, legacy, or key man coverage.  These types of plans usually offer fixed monthly, quarterly or annual premiums that are for the life of the policy and usually do not change throughout its existence.

Term policies are generally less expensive and are for specific use, such as lump sum to pay off debts including mortgages.  They are usually for 10-30 years with convertibility to permanent policies.  They usually do not create cash value.

Final expense plans are used to cover expenses such as funerals, medical expenses and outstanding debt upon someone’s demise.

Key Man and partnership policies are designed for key employees, often times including partners and are used in the event one of the partners passes away and the remaining partners can pay off the partner’s survivors their portion of the business.

Often times life insurance is used for estate and legacy planning.  Estate planning entails the use of IRS codes to provide tax free income to beneficiaries with money to satisfy outstanding debts and related taxes.  Legacy planning is leaving a financial legacy to beneficiaries in the form of lump sums or in a payout program.

Annuities are a great savings vehicle that offer a good rate of return with the safety and confidence in not losing any money.  There are both qualified and non-qualified annuities available.  You can easily move money from old IRA’s or 401(k)’s into an annuity.  Annuities are known for their long-term savings and payout structures.  They are designed to be used for your “safe” money.  Those are the funds you cannot afford to put at risk of losing.

Disclaimer:  Specific coverage and benefits are explained in the contract.

Info@SHURWealthStrategies.com | Plano, Texas | 972.896.8956