In addition to being an attorney, Mark Ryan has been in the insurance industry for over 30 years. He is a registered representative Lincoln Securities and an independent insurance broker for many insurance companies. He will advise you on all kinds of insurance products, including life insurance, home and auto, and annuities.
PERMANENT LIFE INSURANCE
Permanent life insurance has a cash value that when utilized correctly will provide coverage for the full life time of the insured. In other words, the coverage will be available at the time of death of the insured no matter how long the insured lives.
An annuity is a contract between a person and an insurance company. Money paid into the annuity grows tax deferred until the money is taken out. Usually annuities are used to accumulate capital that can be used in retirement. Sometimes an annuity is used to remove capital from a person's estate so that they can qualify for government assistant programs.
TERM LIFE INSURANCE
Term life insurance provides temporary protection and is often lower in cost than other types of coverage. The major disadvantage in buying term life insurance is that although term life insurance provides a large amount of coverage for a low cost, the coverage is not available for someone who lives beyond the term of the policy. In other words a person could out live the policy and there would be no coverage at death.
IRREVOCABLE LIFE INSURANCE TRUSTS
An irrevocable life insurance trust is a trust that is established to hold ownership of a life insurance policy. Although proceeds of life insurance are normally income tax free the proceeds are included in the estate of the insured, if the insured owned the policy. An ILIT can save many thousands of dollars in estate taxes.
VARIABLE UNIVERSAL LIFE INSURANCE
Variable universal life is a permanent Life Insurance contract, where the capital in the policy is invested in mutual funds directed by the insured. This is a policy that offers significant potential for growth, but also significant risk of loss. This type of policy should only be purchased after careful review with a qualified registered representative of a license broker dealer.
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