Are you worry that your family will not be able to support themselves financially and lose their home if something happens to you (the breadwinner)? Are you worry you’re not saving enough for emergency, retirement or even college education? We might have just the solution you’re looking for at Perfect Homes Honolulu.
Protecting your family’s income and asset is a cornerstone to a sound and solid plan for
When your income stop due to a serious illness or injury or death, who will pay the mortgage, final expenses, debts, taxes, car payments, college tuition and other expenses?
What if I tell you, there is a financial solution that can protect your family income and your assets in the event of serious illness, disability or death. A solution that can also provide a source of funding for emergency, college tuition, and supplement your retirement income.
There is life insurance. And there is cash value life insurance.
Most people know life insurance as just “life insurance”. Most people perception of life insurance is base on their idea of “car insurance”. It’s useless unless when something bad happens to your car. Otherwise, it’s a waste of money.
That’s TERM LIFE INSURANCE that most people are familiar with. The one just like “car insurance” - useless unless when something bad happens to your car. Otherwise, it’s a waste of money.
The life insurance that I’m talking about is completely different. I’m talking about PERMANENT LIFE INSURANCE, which covers you for life.
The permanent life insurance has a build-in saving account which can be used to:
Replace income for your dependents
Pay off your mortgage
Pay for final expenses
Pay federal and state estate taxes
Create an inheritance for your heirs
Pay for your children’s education
Create another source of savings
Pay for medical expenses in chronic and terminal illnesses
Pay for long-term care
Provide another source of retirement income
Provide fundings for your favorite charity
Cash value life insurance, as in its name, is life insurance with cash value. Similar to a savings account associated with your life insurance. The difference is that this "savings account" grows tax-deferred as part of the life insurance.
You can also borrow money against your cash value. Instead of taking money out of your cash value, you'll be taking out a loan, using the cash value account as a collateral for your loan.
This is an added bonus, because your cash continues to grow tax-deferred while you're enjoying your extra cash tax-free.
Another bonus with borrowing from a cash value life insurance is that you don't have to repay your loan if you don't want to.
How? Good questions!
Remember it is a life insurance policy. So it also has a face value. When you die, the insurance will pay off your loan with your policy's face value.
Isn't this a great idea? People always think that life insurance only benefit the family after you diet, but with a cash value life insurance, you can use the living benefit if you need it.
The Indexed Universal Life (IUL) insurance policy is an option that allows you to accumulate cash in a tax-deferred manner. This particular financial product has grown in popularity mostly because it comes with protection against loss in a down market.
The key features of an indexed universal life insurance include:
Tax-free death benefit
Protection against loss in a down market