Yes, funds from a 401(k) or IRA can be transferred into a Wealth Maximization Account. To avoid tax penalties, speak with a Wealth Strategist or your tax advisor.
A convertible term life insurance policy can be converted into a Wealth Maximization Account.
A life insurance policy can be cancelled, but the death benefit will be forfeited and the policyholder may not receive the cash value associated with it. If a policyholder no longer wants a life insurance policy, it may be best to sell it. Speak with a Wealth Strategist for more information.
We recommend reviewing life insurance policies once a year and when important life events happen, like the birth of a child, death of a spouse, receipt of inheritance, etc.
Generally, the older the policyholder, the more expensive the life insurance premium will be. So the best time to buy life insurance is now! Schedule a free consultation with a Wealth Strategist here.
Other times to consider adding an insurance policy include starting a new business, bringing on a business partner, marriage, and the birth of a child or grandchild.
Life insurance classifications are levels that signify what rate will be used to calculate a premium. They are based on health and lifestyle, and are typically divided into four classes: standard, standard plus, preferred, and preferred plus.
An insurance beneficiary can typically be a family member, such as a spouse or a child, a business partner, a trust, a friend, or a charity. A policy can have multiple beneficiaries, in which case the death benefit will be distributed among the beneficiaries. Some states have regulations as to who can be a beneficiary. Check with your Wealth Strategist for details.
Underwriting is the process of evaluating the risk of insuring someone and can take up to 6 weeks. During underwriting, the cost of a policy premium is determined. It may involve a medical exam, which our underwriting team is happy to help our clients schedule. We complete most of our underwriting via simple forms filed digitally. We keep our clients updated throughout the underwriting process and are available to answer any questions.
Life insurance coverage begins when the underwriting process is complete, the application has been approved, and the first premium has been paid.
If a life insurance policy lapses, the policyholder no longer has coverage. The policyholder can lose all cash value and the policy’s death benefit. There are multiple options to save a policy before it lapses. Options could include:
If your financial circumstances change, speak with your Wealth Strategist.