Time for a Policy Make-Over?

TIME FOR A POLICY MAKE-OVER?

 

As your financial planning and insurance needs change, it may be time for a policy make-over.  Why consider a policy make-over?  Depending on when you chose your policy, there may be new options that provide more cost-effective solutions than your current policy.  Section 1035 of the tax code even allows tax-free exchanges of certain policies.

Here are just three basic questions to consider when reviewing your current policies:

  1. Is a higher rate of return available to me through a new policy?
  2. May I get a higher death benefit with a newer policy?
  3. I no longer need my current policy; may I exchange it for another policy with a more favorable opportunity for lifetime income?

Does your policy need a make-over?  Your personal retirement distribution professional or tax professional can help you answer this question through a policy audit review.  This should be a complimentary service to help you identify whether everything is just fine, or whether you may be holding a policy that no longer suits your planning goals or financial situation.

 

 

More Updates

CRDS AND ROTH CONVERSIONS – ABUSE OF THE RULES?

The coronavirus-related distribution (CRD) rules for Roth conversions have a gaping hole. An “affected person” (as we have defined in previous blogs), is entitled under the CARES Act to withdraw up to $100,000 from their IRA or workplace retirement plan. A CRD avoids the 10% early distribution penalty for those under 59 1/2, can be

Read More »

Rolling Over an RMD

Like most people’s lives, the retirement world is upside down. This is made evident by a single statement: “Required minimum distributions (RMDs) can be rolled over.” Yes, that is the new normal—at least for this year. RMDs are considered the first money out of an IRA and workplace plan. Typically, these dollars are ineligible to

Read More »

Tapping Into Retirement Accounts If Not Directly Impacted By COVID-19

The recently-­‐enacted Coronavirus Aid, Relief, and  Economic Security Act (CARES  Act) signed by President Trump  on  March  27, 2020, allows  “qualified individuals” to take up  to  $100,000 of  penalty-­‐free IRA and company plan withdrawals during 2020. “Qualified individuals” include those who are (or whose family members are) sickened by the virus or who have virus-­‐related

Read More »
Scroll to Top