Risk can take many forms: illness, accident, liability, and natural disasters, to name a few. Failing to manage risk properly can jeopardize your financial future.
Smart financial planning evaluates the various levels and types of insurance you carry to make sure they’re aligned with your overall goals and needs. In many cases, insurance can also be used effectively as an alternative revenue stream and a hedge against inflation and riskier types of investments.
Your SECU Financial Partners consultant can walk you through your options:
Whole Life, Variable, Universal Term & Survivorship Insurance
Life insurance was once viewed simply as a means of risk management to protect against financial loss in the event of a person’s death. Today, it’s an important part of an overall strategic financial plan.
We’ll discuss the benefits of the different life insurance options, which may include tax-advantaged savings, income-tax-free death benefits, funds for use in estate planning, and supplemental retirement income, among others.
Annuities: Fixed and Variable
Annuities are a type of investment that can help reduce the risk that you outlive your savings. You buy a contract from an insurance company, then that money grows tax-deferred and the insurance company makes regular payments to you.
Fixed and Variable annuities are suitable for long-term investing, such as retirement investing. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Guarantees are based on the claims paying ability of the issuing company. Withdrawals made prior to age 59 ½ are subject to a 10% IRS penalty tax and surrender charges may apply. Variable annuities are subject to market risk and may lose value.
Your SECU Financial Partners consultant will talk to you about the benefits annuities could bring to your overall risk management strategy.
Let’s Get Started
To find out if risk management planning is right for you, or to begin the process, schedule an appointment with a SECU Financial Partners consultant.