Life of insurance. Universal Term Life Insurance Plans Policies in West Virginia Ohio, The Lewis Financial Group

When planning out life insurance, many people look to what financial concerns would need to be taken care of in their absence, including college funding, debt payments, income replacement and home ownership. With universal life insurance through The Lewis Financial Group, you can get peace of mind in knowing your insurance program will take care of the needs of your spouse and children. Universal term life insurance.

With a universal life insurance program, you can minimize the amount of taxes and maximize the return on your policy to benefit your family. As a permanent life insurance product, universal life insurance is a tax-free benefit that passes directly to your beneficiary without being subject to probate or public record, allowing your family to discretely use the funds to take care of expenses and other financial demands.

As an additional benefit, universal life insurance can provide a tax-free retirement income option for you, as well as provide equity you can borrow against to help fund college tuition or cover emergency expenses. This life insurance is also flexible since you can make contributions over the years to help grow its value, with tax-deferred growth that can continue to accumulate throughout your life.

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Learn more about the benefits and advantages of universal life insurance with The Lewis Financial Group today by calling 866-709-5206.

Tax Notes: Proceeds from an insurance policy paid because of the death of the insured are generally excludable from the beneficiary’s gross income for tax purposes. (IRC Sec. 101(a)(1).) Income and growth on accumulated cash values have been held by the Tax Court to be generally taxable only upon withdrawal. (IRC Sec. 72.). Policy loans from life insurance polices (assumes non-modified endowment contract) generally are not treated as distributions or subject to income tax (IRC Sec. 7702). Consult your tax adviser or attorney on your specific situation.

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State Specific Information: A two-year suicide provision is included in policies (one year in Colorado and North Dakota). If a policyholder commits suicide during the first two policy years, only a refund of premiums will be made. (Missouri requires coverage for acts of suicide, unless it can be proven that the insured intended suicide at the time the application was completed).

The foregoing is neither a contract nor an offer to contract, but is a general description of benefits available under a policy providing the benefits outlined. The exact provisions, terms and conditions of the contract are set forth in detail in any such policy as may be issued.

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