MAKING THE MOST OF YOUR INSURANCE PORTFOLIO
Few people are aware that the life, disability and long term care insurance policies they purchased as recently as five years ago might be unnecessarily costly or lacking critical new benefits due to the availability of a new generation of insurance products.
When you purchased your policies, you may have made certain assumptions about policy charges, interest rates, planned premiums, and other issues – but life is constantly changing. The original reason for your purchase may still exist, yet your needs may have changed, requiring more or less coverage. That’s why it’s important to regularly review all of your personal and business insurance coverages.
A VERSATILE MULTI-PURPOSE PLANNING TOOL
Two important aspects of financial planning involve managing risk and transferring wealth to the next generation. In many instances, the tax advantages of life insurance make it a preferred vehicle for purposes such as:
- Providing income replacement for your family and business
- Passing family and business wealth to future generations
- Providing supplemental tax-free income for retirement
- Funding business strategies such as buy-sell agreements and deferred compensation programs
- Optimizing Your Insurance Investment
Whether you are evaluating existing coverage or are seeking new insurance, The Miller Financial Group uses several proprietary processes to:
- Help identify the type of policy that fits your current needs
- Help you obtain favorable policy pricing
- Provide ongoing policy management to help connect your expectations of promised policy benefits with actual results
LIFE SETTLEMENT ADVOCACY
Situations may arise when you no longer need or want your life insurance policy, generally due to:
- Changes in the policy structure (e.g., carrier-imposed premium increases, reduced duration of coverage, and other policy performance problems) and/or;
- Changes in your planning needs (e.g., retirement income needs, changes in estate taxes, business changes, etc.)
When these situations occur, we work with you and your advisors by first analyzing the existing policy and examining the potential for a life settlement. Based on our findings and your objectives, we provide detailed analyses and recommendations of various options that may include:
- Allow the policy to lapse
- Surrender the policy for cash value
- Restructure the policy
- Exchange for a new life policy or an annuity
- Pursue a life settlement when a higher net value seems likely