One of the best financial products you can buy to help protect your family is a life insurance policy because it will provide a tax-free, lump sum payment (the death benefit) to your beneficiary(s) if you die while the policy is in force.
Did you know that there are other reasons to buy life insurance besides the death benefit?
A better choice for most people is a life insurance policy that accumulates a cash value and also includes living benefits.
Cash Value – This account, which grows tax deferred, can be used to cover premiums, purchase additional coverage or for a tax-free loan to cover retirement or any other need.
Living Benefits – This option, often known as an accelerated death benefit rider, allows you to access a portion of your payout while you’re still alive if you’ve been diagnosed with a serious condition. Since serious illnesses can quickly drain your finances when you’re faced with big medical bills or long-term care, a living benefits rider can help you meet those expenses and keep your family afloat financially.
But in most cases, an even better financial product even better The death benefit, which is the amount your , will provide a tax free, lump sum to help lLife insurance is a contract (the policy) between the policyholder and an insurance company (insurer). The policyholder pays ongoing premiums and in exchange, the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. In most cases, the policy holder is the same as the insured.
The primary purpose of life insurance is to make sure others are financially protected in case the insured dies while the policy is ‘in force’. Certain types of life insurance can also provide future income for retirement, or other financial needs, so it plays an important role in a sound financial plan.
The insurance agents at Monumental Financial Group have the training, expertise and tools to help you make the right life insurance decision to protect your family and future. Their ‘learning-based’ approach helps clients understand the process, the available products and the options within these products.
Request your free life insurance consultation with the life insurance experts at Monument Financial Group.
Personal financial planning (financial planning) is the process of formulating, implementing, and monitoring financial decisions into an integrated plan that guides an individual or a family to achieve their financial goals.
Examples of financial goals might be:
* Retire at age 65 with a specified amount of retirement income
* Fund 100% of my child’s college tuition based on assumptions on these future costs
* Start a small business in ten years requiring an estimated amount of start-up capital
* Buy a retirement/vacation home at age 50 in Arizona based on these real-estate projections
At Monument Financial Group, we take a learning-based approach with the client and present alternatives (options), as appropriate, to help them understand the advantages/disadvantages of a particular component of their plan.
One major risk of retirement income is superannuation – outliving the money that has been accumulated for retirement. One way to mitigate against superannuation is through the use of annuities. Annuities are contracts, typically with life insurance companies, that can provide income for the life of a person or the lives of more than one person. Annuities are more important in retirement planning today due to increased life expectancies and a decline in the number of retirement plans that pay pensions for life.
As medical technology has improved and individuals have led healthier lifestyles over the past century, life expectancy has increased. For example, there is an 80 percent probability that a 65-year-old will live to be age 80 and a 22 percent probability that the same 65-year-old will live to age 95 or longer. A longer retirement period increases the chance that an individual will run out of money (superannuation).
Annuities can be characterized based on several factors, such as the length of payout (variable or fixed), frequency and flexibility of premium (single premium or flexible premium), the timing of when income begins (immediate or deferred), tax considerations and funding vehicle.
Contact Monument Financial Group to learn more about annuities so you never out-live your income.
Most of us attended school for more than a decade to learn about reading, writing and arithmetic. But we never learned enough about our personal finances! Monument Financial Group believes that all Americans should be provided with a sound education on how money works.
Knowledge sharing is the foundation of the client relationship at Monument Financial Group. Our engagements begin with information sharing because we understand that educated clients make better decisions!
Educational services offered include:
Our tax consultants help tax filers reduce their tax liability in compliance with the federal, state and local tax laws. This type of engagement is an ongoing part of the overall financial planning process and is one of the key components due to the dynamic nature of tax laws.
The consultants at Monument Financial Group incorporate current tax law findings, the client’s current tax scenario and the clients financial plan into a tax strategy that’s easy for the client to comprehend.
This service is most suited to clients with a wide variety of income sources, complex deductions and/or passive/active income as owners or investors in one or more businesses.
In short, our tax consultants help you Protect more of what you work so hard to earn, Save and Grow.
The enrolled agents at Monument Financial Group bring many of years of experience to our tax preparation practice. A key differentiator of the tax preparation team at Monument Financial Group is the structured and standardized process used to collect, process and communicate the information associated with each filing cycle.
By working in collaboration with the tax consulting team and the client, they are able to successfully execute the client’s tax strategy with each filing. This includes filings at both the state and federal level.
Our professionals use continuously updated enterprise tax prep/filing software and secured document repositories to safeguard all filings, ensure full tax law compliance and expedite the process.
Save time and save on your tax liability with the tax preparation services at Monument Financial Group!