Life Insurance Isn't Just for Dying! | Life And Leisure NJ

By Mark Charnet

Over the -past 30 years there have been many arguments about the types of life insurance policies available in the marketplace.? The media has compared Term vs. Whole Life vs. Variable Life vs. Universal Life and variations within each of these life insurance products. What has never been contested, debated or discussed, is the need for life insurance.? The need is universally accepted by everyone I have ever spoken to about the subject!? What?s interesting though is that most people would rather not discuss spending any money onlife insurance and that truly is disappointing, regrettable and may I also say flat-out wrong!

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The #1 reason for the purchase of a policy, has traditionally been income replacement of the family breadwinner.? A close second has been to pay for a funeral and final expenses.? Other reasons include: debt coverage or a mortgage or a business partnership buy and sell arrangement to cover the expenses of college for the kids and to equalize inheritances.? Another fabulous reason to purchase a life policy is to settle the tax bill from the government, both state and federal, due to the onerous taxes imposed at death!? Some people purchased whole life policies to accumulate cash value for:emergencies, college savings, a first home purchase,a wedding or even to help with retirement income; and all of these were and are excellent reasons to have a life insurance policy.

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Today, however, there are even more compelling reasons to take a look at how life insurance can work wonders for you!? The biggest one, in my opinion, is to create a non-qualified deferred compensation plan as a retirement plan supplement.? Yes, in addition to your IRA, 401k, savings and emergency funds a properly funded life insurance policy can work wonders for your future in a tax-free environment.? But wait, there?s still more!? Now, your life insurance policy can offer payments prior to death if you are unable to perform some of the activities of daily living like: bathing, moving from room to room, dressing or feeding yourself. If you have a cognitive impairment like senility, Alzheimer?s or dementia your life insurance policy can pay you a partial claim.?? A new life policy can pay a partial claim if you have a heart attack or a stroke or cancer and don?t die! Did you know that? ?If you are diagnosed with a terminal illness, this too will trigger a partial claim.? You know what?s also unique?? These benefits are also available on certain Term policies as well!? Imagine, for one premium you can get coverage for all of these contingencies at the same time from one policy and it will still pay a death benefit when you die!

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Now it?s true that a traditional long-term care policy would offer substantially greater benefits than a life insurance policy with a long-term care rider, but, how many of my readers have either not considered, cancelled or have inadequate long-term care protection?? With the cost of a nursing home in our area exceeding $100,000+ annually and the average length of stay to be around three years, the latest statistics tell us that there is a 70% chance if you are over age 75, that you will enter a nursing home or the watered down definition, an assisted living facility, before you die! The risk to your portfolio and estate requires a second look at providing this much needed protection.? I teach in my workshops that a life insurance policy may be the best long-term care policy of all in that you might never have the nursing home experience, but, for sure you?re going to die!? If there was an intrusion into your net-worth to pay for long-term care, the life insurance policy would ultimately replace those funds tax-free.? If you and or your spouse never spent a dime on long-term care, the life insurance pay-off could be used for one of the reasons mentioned earlier.? Your kids can certainly use the infusion of capital for their retirement years or your grandchildren?s college expenses or to pay estate taxes at your death ?? whatever the reason, I can assure you it won?t go unused!

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No, life insurance isn?t just for dying anymore!? It?s actually better if used for living!? With that thought in mind, may I suggest a policy review to determine if a new and improved model might be better suited to your individual needs in 2012 then when you originally made your purchase in the past.? Have no policy yet?? Regardless of your age or health, it behooves you to investigate your options. Call today for information.? As always there is no cost or fee to inquire, so come in and get the facts and more information. Both you and your family will benefit!

Mark E. Charnet is President and Founder of American Prosperity Group.? APG is the Premier Retirement and Estate Planning Franchise in the United States with 17 offices in 8 states.? Mr. Charnet has over thirty years of experience in the Retirement and Estate Planning fields. Creator of the Trinity Method of Investing?, Mark encourages your inquiries and can be reached at: 800-929-3374 or 973-831-4424 or via email, markcharnet@1APG.com Check out our website: www.1APG.com Interested in a career in retirement and estate planning? Check out this website: www.APGFranchise.comSecurities through: BCG Securities, Inc. Member SIPC, FINRA and a Registered Investment Advisor

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