Insurance with Living Benefits
Life insurance you don’t have to die to use.
We can’t always prevent unexpected events from happening; that’s why we need to have a certain degree of protection. While insurance couldn’t protect us from all kinds of loss, it can, at least, keep us financially afloat. Currently, there are various insurance options. And though you should subscribe to all of them, sometimes, it’s just not feasible. That’s why you need to know what types of insurance you really need.
Talk to our Independent Licensed Agents today and explore your options. Regardless of your financial state and personal circumstances, there’s always the right insurance plan that will offer the most value.
Breathe easier…with Living Benefits
When people think of insurance, what usually comes to mind is paying hefty insurance premiums so that your beneficiaries can claim the proceeds when you’re gone. This is not always the case, as we have living benefits as part of our offerings.
Accelerated Benefits Riders are optional, no-additional cost riders that can allow you to access all or part of your death benefit, while living, if you experience a qualifying terminal, chronic, or critical illness, or critical injury.
Also, life insurance policy owners can build cash value through their policy accumulated over their lifetime. This benefit is what you call a living benefit because, as opposed to a death benefit, the payout happens during your lifetime.
You may wonder where the cash value of the said policy will come from. As a policy owner, you are entitled to build a cash value insurance policy. This is a more high-end option because of its more extended coverage and ability to accumulate more cash value as time passes by.
Here are a few of the benefits you can enjoy:
- Tax-deferred growth: The cash value of your permanent life insurance premium grows tax-deferred.
- Loans: If you need cash, you can file a loan against your policy cash value. You can use the loan proceeds for various purposes like retirement income supplements, emergency expenses, tuition payments, and more. Because this is considered a loan, you need to repay the same within your lifetime. However, if you couldn’t, the principal and accrued interest would just be deducted from your death benefit. Our financial advisors will ensure to remind you and help you avoid policy lapsing.
- College savings: You can use the cash value of your life insurance to pay for your children’s college expenses.
Subscribing to this policy is like adding an extra layer of protection. You may not know what the future holds; but, with a shield like this, you and your family will always be protected –rain or shine.
Final Expense
Death is inevitable, but it doesn’t mean you just have to accept your fate without leaving a legacy for your family and loved ones. You can still protect them after your lifetime by ensuring that they won’t have to worry about your burial expenses.
This is a permanent life insurance type that can also cover your medical bills and all kinds of end-life expenses like cremation, burial, urns, caskets, and more. And like other types of permanent life insurance, final expenses will never expire and will remain active for as long as you keep up with your premiums. To determine the cost of your final expenses policy, you will be asked to answer relevant questions. Our reliable and trustworthy financial advisors will help you answer these questions out, so you get the most value from your final expense policy.
You may be wondering if this is right for you. We say that though this is difficult to talk about, if left unsettled and unplanned, this can pose a considerable burden to your loved ones. When you pass away, and they are left with your unpaid medical bills and other death-related expenses, their difficulty and grief will quickly compound. If you prepare now, you can keep them from dipping into their respective savings to settle your burial costs.
As you may know, funeral expenses are bound to get expensive as time goes by. In fact, the National Funeral Directors Association declared that the average funeral cost has increased by more than ten times since 1960. Now, funeral costs can go as high as $12,000 or more. If you add that to your hospital bill, the numbers can rise quickly.
Business Solutions
Risks always follow us around, and if you engage in business, these risks are multiplied by a hundredfold. Business insurance can help mitigate these risks while also helping you retain employees that run your business.
Here at NEWGEN, we don’t discriminate. We offer our services to businesses and individuals that need our expertise. So, whether you’re a newly opened startup, a small retail store, or a corporation that has been operating for decades, we have the right business solution to help you protect your operation and your people.
We also understand that you work hard to succeed and the least you want to happen is for a financial setback to wear you down. Since your business is unique, the protection you need should also be customized to your niche and circumstances. We will help you develop a bespoke plan that will not only lessen the financial repercussions brought by any unforeseen event.
Not only that, we guarantee you that the policy our Independent Licensed Agents will suggest is also aimed at protecting the vulnerable parties in your business — your employees. We want them to continue trusting you by feeling safe in the business environment you create.
So, the next question is — what insurance do you need?
It depends. If your business is a newly launched venture, term insurance will cover your overhead costs and loans. However, if you’re already an established business that hires a couple of revenue-driving workforces, critical illness or disability insurance can protect your operations and continued success, if your key people are compromised.
Aside from these, your business insurance can also help cover your business debts, loans, and mortgages. You can also access your business’ insurance cash value in case you’re in a bind.
Retirement Solutions
Look forward to a comfortable and stress-free life after years of employment with our retirement plans.
Most people find their retirement challenging because they failed to prepare for it. Stories like not having enough savings, failed businesses, and severe disability are familiar, but it doesn’t mean that it’s alright. Don’t let any of these be a reason why you have to push your retirement in your 60s and beyond. Invest in the right retirement plan while you’re still able so that when it’s time for you to rest and travel the world, you can do so without hesitations.
Here at NEWGEN, we want you to look forward to your future by offering a financially free and inspired retirement. It’s a fact that elderly care costs have been steadily rising, and pension can no longer cover all our retirement needs. If you want peace of mind to tackle your golden years more enthusiastically, invest in your retirement plan now.
Now is the best time to invest in your retirement. You may still be in your 20s, starting your career, and you think you still have a long way before thinking about your golden years. Take it from us; if you want to maximize your retirement proceeds, start investing now. By starting early, you will have a better headstart in life. By planning your future now, you significantly lessen the odds that can cause severe financial repercussions as you navigate through your adult life.
While it’s not wrong to think of extravagant escapades and material things to reward yourself, the money you spent here will go a long way if invested into your retirement plan. If you sacrifice now, you will surely reap the fruits of your labor later.
College Funding
You love your children, that’s why it’s a must to invest in their education.
We understand how hard it is to send your kids to reputable schools. Education has been a consistently in-demand commodity, hence the continuous increase in its price. Then again, nothing can match the benefit of being well-educated. You may only get a piece of paper at the finish line, but this paper will be your ticket to a better, brighter future.
Give your child the leverage of having good education by investing in his future as early as now. There are various benefits to a college funding investment. One of which is tax deferment for college expenses and withdrawals for any school-related fees. Another benefit is the flexibility of most insurance policies regarding account setup, qualified payments, withdrawals, and contribution limits.
But among all these benefits, the best is having peace of mind thinking that you don’t have to worry whether or not you can afford to send your kids to college. If you plan, decide, and commit to your decision, you can achieve the future you envision for your children. We can help you prepare for their future with the bespoke college funding options we offer.
Advance Wealth Transfer
It’s awkward and challenging to discuss your wealth with your family members. It will get even more complicated if you add your eventual death into the conversation. However, these matters need to be addressed and tackled to avoid conflicts in the future. If you believe that you’ll be having trouble with your assets, know that you can build and transfer wealth by life insurance.
Our Independent Licensed Agents can guide you in reviewing what option will work best given your unique circumstance. Generally, we can help you create and transfer wealth through life insurance through any of the following:
- We suggest that you subscribe to a life insurance policy so that your beneficiary or family can receive the insurance proceeds in the form of a death benefit when you pass away.
- We can also suggest that you take out an insurance policy under the name of your parents, spouse, or any loved one. After which, you designate yourself as the policy beneficiary so that when the insured individual passes away, you will receive the death benefit. Then again, this can only proceed if the beneficiary can obtain the insured individual’s permission, and he can show an insurable interest or proof that he was exposed to a financial loss due to the insured person’s death.
- Alternatively, we can also suggest that those who intend to sell their life insurance policy to use the equivalent money ahead of time should subscribe to a partial settlement. Though this wouldn’t directly qualify as a wealth-building strategy, it can still allow the insured individual to access the wealth in his life policy earlier.
