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Jodie M. Smith
Financial Advisor
Southeast Financial Wealth Management
5110 Maryland Way, Suite 100
Brentwood, TN 37027
Phone: 615-371-3737
Fax: 615-377-0090
TollFree: 800-521-9653, ext. 2321
September/October 2024
Life Insurance: Its Many Uses
You may think of life insurance* as financial protection for loved ones if you or your spouse were to die unexpectedly. The policy’s death benefit can help provide money to pay expenses or be used in legacy planning so that your family can pay any taxes due on your estate. Although both term and permanent life insurance provide a death benefit, term typically covers the policyholder only for a specified time (usually 10 to 30 years), while permanent insurance remains in effect indefinitely and builds cash value.
During September, which is life insurance month, consider some of the ways permanent life insurance can be used as part of a comprehensive financial strategy.
Income in Retirement
A permanent life policy accumulates cash value that can be accessed in the form of a tax-advantaged loan. Accessing cash value may be used as part of an income strategy, but keep in mind that any outstanding loans will reduce the policy’s death benefit.Cash During an Illness
As the policyholder, you can access the policy’s cash value if you become ill. Some policies offer an optional rider that allows you to use some of the death benefit while you’re living in the event of a chronic or terminal illness.Business Protection
Insurance can allow for the continuation of your business if a partner or key person dies. It can also help with the exchange of ownership without depleting capital in the event of a partner’s retirement, disability or death.Fund Non-qualified Retirement Plans
The policy’s cash value can be used to fund non-qualified retirement plans from a portion of the premiums paid.Consult an insurance professional before you implement any of these strategies.
* Applications for life insurance are subject to underwriting. No insurance coverage exists unless the required premium is paid to put an issued policy in force. 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 the contract. Guarantees are based on the claims-paying ability of the issuer. Riders generally incur an additional premium, and benefits may not be available in all states. Riders that pay benefits for events other than death will likely reduce the policy’s death benefit and cash value.
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Jodie Smith is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Southeast Financial Credit Union and Southeast Financial Wealth Management are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Southeast Financial Wealth Management, and may also be employees of Southeast Financial Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Southeast Financial Credit Union or Southeast Financial Wealth Management. Securities and insurance offered through LPL or its affiliates are:
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