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An Act of Love - Many Depend on YOU !

Protect your biggest Asset - Your Human Capital i.e. the Present Value of your Future Earnings

Your ability to generate income and benefits from your work is a very important asset for your family. Have you thought about what could happen if you suddenly pass away or are not able to work? Who will pay for the mortgage, health care and monthly living expenses? Would they still be able to save for your children’s education or retirement? Do you know how much protection do you need? 

College/Education Planning for kids

gift of a lifetime

Importance of Quality Education

PREMIUM FINANCING - Funding your Life Insurance while Preserving your cash flow for other Asset

You’ve earned a significant amount of wealth that you want to preserve and pass on. While life insurance accomplishes this, in some instances the level of life insurance you need might require you to liquidate a portion of your assets to pay your life insurance policy premiums. Fortunately, there’s a solution. Premium financing is an effective strategy in which you leverage a lender’s capital to pay your annual policy premiums instead of liquidating your assets. This allows you to retain a significant amount of capital to maintain or make investments, preserve savings or meet cash flow needs. Premium financing shouldn’t be the reason you buy life insurance, but rather an effective method of paying for life insurance. And, if your life insurance policy performs favorably, you could potentially earn a higher level of interest from your policy than the interest you pay for the loan. 

get your premium financed

Disclosure/Disclaimer

Premium Financing is a concept designed around a whole life insurance policy that builds cash value which can be used to borrow funds which can be a useful strategy looking to build wealth by borrowing funds from a bank to fund the policy. Some areas to consider are qualification risk, interest rate risk and policy earnings risk and the intricacies of such a strategy. 

What are the biggest advantages of premium financing?

  1. Obtain a significant amount of life insurance with limited upfront out-of-pocket costs. 
  2. Preserve, maintain and build assets in your existing portfolio instead of using those assets to fund your life insurance policy
  3. Leverage your annual gift-tax exclusions or lifetime exemption to transfer other assets estate-tax-free
  4. Minimize or eliminate gift taxes on policy premiums if the policy is owned by an irrevocable trust
  5. Use your policy’s cash value as part of the collateral for the loan
  6.  If you have sufficient collateral, you can purchase your life insurance policy by paying only interest to the lender

How does premium financing work?

Long Term Care Planning & Disability Income Protection

What is Long-term care?

Why do I need Long-term care (LTC)?

Why do I need Long-term care (LTC)?

Long term care (LTC) includes a variety of services and supports to help meet personal care needs over an extended period of time. Long term care may involve non-skilled personal care assistance, such as help performing everyday Activities of Daily Living (ADLs), which are: bathing, dressing, using the toilet, transferring (to or from bed or chair), caring for incontinence and eating. Long term care services may help you maximize your independence and functioning at a time when you are unable to be fully independent. Long term care may take place at home or in assisted living facilities and it can also be provided in a community setting, in a nursing home or in a hospice facility.

Why do I need Long-term care (LTC)?

Why do I need Long-term care (LTC)?

Why do I need Long-term care (LTC)?

With people living longer than ever before, LTC is becoming a growing concern. Who will take care of me? Will a need for long term care impact my family? Long-term care planning ensures that you:

• Protect your assets, retirement funds, and your estate including your home.

• Maintain your family's standard of living, financial security, & peace of mind.

• Relieve family and friends from the burden of providing for your care.

• Preserve your independence, allowing you to live where you wish.

• Give you more choices and control over your care. 

With longer life expectancy, maintaining health and independence is essential. 

FACTS & FIGURES

The possibility of outliving your assets Advances in medicine and technology are allowing people to live longer — and that can translate into extended retirement and a bigger strain on savings. Most of us would choose to live a longer and healthier life, even if it increased the risk of outliving our savings. The trade-off for an increased life expectancy may be having to spend more money on health care. The cost of health care is a concern for many of us — especially as we age. It’s important to think about potential out-of-pocket costs as you consider your predictable income needs. Long term care insurance can help relieve the emotional and financial strains that often accompany the need for care.   The choices you make today could impact your future lifestyle, and the quality of life you experience. 

What is the cost of long-term care?

Disclosure/Disclaimer

The cost and availability of  insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving insurance, it would be prudent to make sure you are insurable. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges; if a policy is surrendered prematurely, there may be surrender charges and income tax implications. You should consult a qualified tax professional for tax advice on your own personal situation.  All guarantees are based upon the claims-paying ability of the issuer.

Disclosure/Disclaimer

Securities and investment advisory services offered through Hornor, Townsend & Kent, LLC (HTK). Registered Investment Adviser, Member FINRA https://www.finra.org/ SIPC www.sipc.org 800-873-7637, www.htk.com. Novel Wealth Strategies is not affiliated with HTK. HTK is a wholly-owned subsidiary of The Penn Mutual Life Company. The material is not intended to be a recommendation, offer or solicitation. HTK does not provide legal and tax advice. Always consult a qualified tax advisor regarding your personal tax situation and a qualified legal professional for your personal estate planning situation. 

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