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David P. McCabe,
WMCP®, ChFC®, CLU®
Financial Planner
Nathaniel D. High, RICP®
Financial Planner
Nicholas J. Over, CFP®
Financial Planner
Sara E. Martin
Client Relations Manager
Jennifer A. McCabe
Client Relations Specialist
jennifer.mccabe@prudential.com
Centuria Financial Group
2333 Baltimore Blvd Suite B
Finksburg, MD 21048
Phone: 443-952-7232
March/April 2024
Life Insurance: An Important Part of a Financial Strategy
Life insurance has many uses. If a breadwinner dies, proceeds from a life insurance policy can fund a child’s college education, pay for child care or other services, and ensure that surviving members will maintain their current standard of living. It can also be part of a charitable giving strategy.
Consider the type of life insurance that would work well with your overall financial strategy.
Term Life
Term life provides death benefit coverage for a fixed period. Term life has no cash value, so when the term is over, the policy ends.Whole/Permanent Life
A permanent life policy accumulates cash value at an interest rate that’s set when you purchase the policy. You pay a fixed premium based on the rate. You can borrow against the policy, but unpaid loans will reduce the death benefit.Universal Life
Universal life is a form of permanent coverage. It offers flexibility with benefits and premiums. The cash value of the policy can be borrowed against or withdrawn.Variable Life
The cash value of the policy can be invested to take advantage of rising equity markets in the hope of producing potentially greater returns. However, losses are also possible.Charitable Giving and Taxes
Life insurance can be used to benefit a charity. You can donate a life insurance policy directly to a charity, name a charity as beneficiary of the policy, or set up a rider to pay a charity a percentage of the policy’s value. Proceeds can also provide liquidity to pay estate taxes on large estates. Consult your insurance professional about the many benefits of life insurance.*Applications for life insurance are subject to underwriting. No insurance coverage exists unless the required premium is paid. Accessing cash values may reduce the death benefit and policy values, trigger tax consequences, surrender fees, and charges, and may require additional premium payments to maintain coverage. Guarantees are based on the claims-paying ability of the issuer.
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Centuria Financial Group is not affiliated with Prudential Financial. Centuria Financial Group sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Centuria Financial Group is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Centuria Financial Group and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Sara E. Martin and Jennifer McCabe are employed by David McCabe and not The Prudential Insurance Company of America or its subsidiaries.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
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