Month: October 2018

After working a lifetime to build a legacy for your family, you need to make sure to cover every aspect of your estate planning process. Life insurance gives you a source of support for your survivors, education funding for dependents in the event of a sudden passing and a means of protecting both your business partners and your family.

This is why it’s so important to understand how life insurance can simplify your estate planning. Ask your THINK Insurance & Financial Services agent in Pomona, CA what your best options are, but first, get started with the essential information below.

When Does Life Insurance Need to be Included in Your Estate?

Smaller estates don’t realize the significant tax savings made possible by life insurance ownership. However, if your net worth exceeds $2 million, life insurance helps your beneficiaries save on tax obligations and sets them up to move on with their lives. 

Planning Objectives for Insurance

Life insurance is used in estate planning to pay off any debts, support your dependents and even to accumulate wealth. You can get term life insurance that covers you up to a certain milestone, such as your children finishing their education or the retirement of your spouse. However, many choose permanent insurance, typically whole life insurance, due to its flexibility in terms of building wealth.

Whole life insurance can be used for long-term goals, has consistent premiums and is a great way to accumulate additional wealth accumulation.
Universal life insurance is great when you want flexible premiums, death benefits, and nominal savings potential.

Types of Life Insurance Trust Arrangements

There are two kinds of life insurance trusts to help you preserve your wealth.

Revocable Life Insurance Trust. The trust is the beneficiary if you pass away, but you retain the right to nullify the trust as well as the ownership of your property. This protects you as well as your beneficiaries and is recommended for younger families.

Irrevocable Life Insurance Trust. This policy allows your spouse to be the beneficiary without controlling the principal and is subject to approval by the trustees.

THINK Insurance & Financial Services in Pomona, CA is here to help you understand all your life insurance options. Call today to set up an appointment for a quote.

 

 

 

 

Many risks gnaw at your business provided that it is running. The best way to navigate through these risks safely is by getting your business an insurance cover. It can, however, be a daunting task trying to find the right commercial insurance policy for your business if you don’t know where to start or where to look.

Here are three things you need to consider when searching for an insurance policy well suited for your business

• Research on the internet

The internet is an excellent start to researching different business policies. Currently, there are a ton of Insurance companies offering different insurance covers for business owners. It is incredible how much information you can get. By visiting various websites, you can get to learn about the cover best suited for your business and the different rates in the market.

• Cheap is costly

Different insurance website on the internet provides different rates for their covers. However, one thing to always have in mind is that cheap is expensive. Insurance companies are also businesses out to make money. Some of these companies give you covers that barely give you the coverage you need.

• Provide accurate information on your business

It is a legal requirement to provide accurate information as you fill in the form for an insurance cover. It is also vital if you wish to avoid problems that may arise over the value of items insured especially after incurring a substantial loss. Always make sure that you add up all the assets you would like protected and do a valuation before you fill in the insurance form.

 To learn more about commercial insurance, contact THINK Insurance & Financial Services, serving Pomona, CA for more information and details.