Benjamin Franklin once said, “Nothing in life is certain except death and taxes.” Although this statement is completely true and affects everyone on the planet, it’s staggering to know the number of people who don’t plan at all for either one. They must think that they are immortal and that, somehow, our government will suddenly lower their salaries to those of us laymen who actually work for a living.
Take a look around you. How recent was the last funeral you attended? Look closer at those you love and those you are responsible for. Life insurance does NOT take the pain and grief away from death. Life insurance does, however, prevent financial hardship for those you love when it happens. There are multiple additional benefits available with proper utilization of life insurance, including additional insurance that may help you in the event you contract a terminal illness such as cancer.
Recently, my personal awareness has been heightened by the passing of several people. These four have particular meaning to me:
- In October, my 85-year-old father passed away. While this was anticipated and was ultimately a blessing for him, it has still been hard to be without him.
- During the Christmas holidays, our office manager’s 15-year-old son was killed instantly in an ATV accident. He was an experienced rider who was properly equipped and prepared and was completely unexpected and tragic in every way.
- A close friend of mine had a 42-year-old wife who just passed away this month from brain cancer. My friend and his 4-year-old son are now grieving and adjusting to life without a spouse and a mother.
- Last week, I attended a board meeting for an organization which supports parents who have had infants pass away, as my wife and I did over 14 years ago.
So, regardless of age, when someone close to you passes away, I would guess that your perspective may be slightly different that day than it is right this moment. My perspective has certainly changed. The closer that person is to you, the more that death will affect you.
There are a variety of different life insurance policies. Your current situation, as well as your future goals, determine the most appropriate type of policy for you. Please review your current life insurance coverage. Make certain all information is up to date. Update your beneficiaries on all of your accounts.
The power of indexing is utilized in life insurance as well. The caps on indexed life insurance policies are much higher than indexed annuities, with the same protection, the same lock and reset. Currently annual caps on indexed life insurance policies range from 12 to 17 percent.
In the movie, The Shawshank Redemption, Morgan Freeman said, “Get busy living, or get busy dying.” Living is best when you have a plan for both death & taxes knowing your loved ones can focus on their grief and not have to worry about how to pay the bills.
Those who want to properly plan for both death and taxes will benefit from the creative, conservative, aggressive strategies of Retirement Planning Resources. Business owners typically save 40% on their taxes. With those tax savings, Retirement Planning Resources utilizes indexed universal life policies to create Tax Free income for you in the future while protecting the ones you love in the process.
For details on Tax Free retirement and the appropriate life insurance policy for you, call me at (303) 749-5853 or email to email@example.com.
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