financial wellness solutions
other services offered
health
Health Insurance Products:
Personal Health Insurance: Helps pay for health expenses like prescription drugs, dental, and vision care.
Critical Illness Insurance: Provides a lump sum payment to help cover costs associated with surviving a life-altering illness.
Long-Term Care Insurance: Covers costs when substantial assistance is required due to diminished physical or mental abilities.
Disability Insurance: Protects income if the policyholder becomes disabled and unable to work.
Supplemental Insurance:
Hospital Indemnity Insurance: Pays a fixed benefit for covered hospitalizations.
Accident Treatment Insurance: Helps cover costs for accidental injuries and related treatments.
Cancer Insurance: Provides benefits to help with expenses after a cancer diagnosis.
Heart Attack and Stroke Insurance: Offers coverage for these specific health events.
Additional Products:
Medicare Supplement Insurance: Helps pay for out-of-pocket costs not covered by Medicare.
Dental and Vision Insurance: Covers oral health and eye care needs.
bonus executive plans
Executive Bonus Plans:
Executive bonus plans, also known as Section 162 plans, are a type of non-qualified benefit that companies use to provide additional compensation to key employees or executives. These plans typically involve life insurance policies and offer several advantages:
Life Insurance Policy: The core product in an executive bonus plan is usually a cash value life insurance policy, such as whole life or universal life insurance.
Cash Value Accumulation: These policies build cash value over time, which grows tax-deferred. The employee can access this cash value through withdrawals and policy loans, potentially tax-free, for retirement income or other financial needs.
Death Benefit: The life insurance policy provides a death benefit to the employee's chosen beneficiaries, typically income tax-free.
Variations and Additional Features:
Executive bonus plans can be customized to include various features:
Single Bonus Arrangement: The employer pays a bonus to cover the life insurance premiums.
Double Bonus Arrangement: The employer provides a bonus large enough to cover both the insurance premiums and the taxes incurred by the employee on the bonus.
Restricted Executive Bonus Arrangement (REBA): This variation includes a vesting schedule on the policy's cash value, giving the employer more control and creating a retention incentive.
Accelerated Benefits: Some policies may include riders that allow access to the death benefit for critical illness or long-term care needs.
Fixed Indexed Universal Life Insurance (FIUL): This type of policy can be used to provide an accumulation focus within the executive bonus plan.
debt solutions
Debt-Related Life Insurance Products:
Credit Life Insurance: This specialized form of life insurance is designed to pay off a specific debt if the borrower dies before the loan is fully repaid. It protects co-signers or joint borrowers from being solely responsible for the remaining debt.
Cash Value Life Insurance: Policies like whole life or universal life insurance accumulate cash value over time, which can be borrowed against to pay off debts.
Debt Solution Services:
Debt Free Life Program: Some companies offer programs that use the cash value of a specialized whole life insurance policy to help clients pay off debts. These programs often include:
Personalized debt elimination reports.
Strategies to redirect funds into life insurance policies for debt repayment.
Ongoing support from certified consultants.
Debt Consolidation Assistance: Life insurance agents may help clients explore options for consolidating debts using their policies or other financial products.
Financial Education: Many life insurance companies provide educational resources and guidance on debt management and overall financial planning.
Additional Debt-Related Features:
Policy Loans: Policyholders can often borrow against their life insurance policy's cash value to pay off debts, often with favorable terms and no credit checks.
Flexible Repayment Options: When borrowing from a life insurance policy, clients may have the option to pay only the interest on the loan, with more flexible repayment terms compared to traditional loans.
Debt Protection for Beneficiaries: Life insurance policies can be structured to ensure that outstanding debts are paid off upon the policyholder's death, protecting beneficiaries from inherited debt burdens.
infinite banking
Infinite Banking Concept (IBC):
Infinite Banking is a financial strategy that utilizes whole life insurance policies as a personal banking system. Key features include:
Using the cash value of a whole life policy as collateral for loans.
Borrowing against the policy for personal or business needs.
Tax-advantaged growth of cash value.
Flexibility in loan repayment terms.