Joseph A. Gunther, CFP® 

CONNECT

Address:

Norwich Office
19 Eaton AVE,
Norwich, NY 13815
Phone: 607-336-2434

Rome Office
203 W Dominick ST,
Rome, NY 13440
Phone: 315-336-3070

Phone:

Life insurance

Life insurance is more than planning for the security of one’s loved ones: it can be a cornerstone in any multi-generational financial strategy.

Life insurance can provide financial resources in a number of concrete ways, from immediate expenses such as hospital bills to income replacement and assistance in settling outstanding debts. It can also help with estate planning and charitable contributions. Furthermore, some forms of life insurance enjoy tax advantages, and so can be an ideal addition to any financial plan. In the event of death, life insurance offers surviving family members increased financial resources. As a tax-free lump sum payment, the so-called ‘death benefit’ can pay for final expenses and debts, as well as provide income for the deceased’s dependents.

There are two main ways to organize life insurance policies: term insurance and permanent insurance.

Term Insurance involves paying a premium to secure a death benefit payment to beneficiaries. It provides protection for a specified period and is usually renewable. There are several different kinds of term life insurance, including Level Term, Annual Renewable Term, Decreasing Term, and Return of Premium life insurance.

Permanent Insurance involves comparatively high premiums at first, but costs may drop significantly over the long term. Furthermore, some permanent insurance plans include a cash value, and associated tax-advantaged borrowing privileges. There are several kinds of permanent life insurance, including Variable Life, Whole Life, and Universal Life coverage.

The advantages of life insurance include:

  • An instant estate for loved ones at a time when funds are most needed
  • Death benefits are generally non-taxable
  • Life insurance plans with a cash value component offer tax-advantaged borrowing opportunities
  • Some plans allow policy-holders to invest the cash value or death benefit in sub-accounts containing stocks, bonds, or other investments
  • Gain tax advantages and help support a charitable interest through a charitable life insurance program

I can help you select coverage from a variety of life insurance options to meet the needs identified in your financial plan.

Life insurance can play a vital role in your financial plan—contact us today to find out how.

 

Variable Universal Life Insurance/Variable Life Insurance policies are subject to substantial fees and charges.  Policy values will fluctuate and are subject to market risk and to possible loss of principal. Both loans and withdrawals from a permanent life insurance policy may be subject to penalties and fees and, along with any accrued loan interest, will reduce the policy’s account value and death benefit. Riders are additional guarantee options that are available to an annuity or life insurance contract holder.  While some riders are part of an existing contract, many others may carry additional fees, charges and restrictions, and the policy holder should review their contract carefully before purchasing.  Guarantees are based on the claims paying ability of the issuing insurance company.