• George Fotiou

A Time of Unprecedented Demand for Life Insurance

In 2020, we saw a record number of life insurance policies purchased in America. Life insurance has long been an invaluable tool in helping ease the financial burden of losing a loved one and has only grown increasingly more valuable in recent years. In the early days of the COVID-19 Pandemic, many clients, newly acutely aware of their own mortality realized they had been putting it off for too long.

When the SECURE Act was passed in 2019, I wrote extensively on how life insurance was poised to become the “new stretch IRA.” Now, in light of the global pandemic, it’s become quite clear that using life insurance as an investment tool, one capable of providing long-term care assistance and ensuring your loved ones are taken care of after you pass, is both practical and advantageous and should be of high priority for those who qualify.

There are many different forms of life insurance, such as term, whole, and universal life. They are each designed to suit individuals’ unique needs, given their age and goals. Term is mostly utilized by younger adults to assist in paying off large debts they may leave behind should they pass away prematurely, such as student loans and mortgage payments. Our clients tend to use whole life and universal life insurance more to “be their own banker,” and leave a legacy behind for their children. Since life insurance is tax-free and probate-free, it is one of the best and most efficient approaches for building lasting wealth for your heirs. These policies’ ability to be accessed for their cash value also gives them a significant leg up on other plans, providing supplemental cash flow if need be. Most of the plans that we work with at Olympic Golden Retirements also allow for an “accelerated death benefit,” which allows our clients to access the policy’s death benefit for long-term care should they ever need it – a great two-for-one.

Contact us and request a life review. We can assess whether a life insurance plan is the right fit for your current diversified portfolio.

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©2021 by Olympic Golden Retirements

This information is designed to provide general information on the subjects covered.  Pursuant to IRS Circular 230, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement.  Please note that Olympic Golden Retirements LLC and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney. Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer.  Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way, to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claims-paying ability of the issuing company and are not offered by Olympic Golden Retirements.