Financial
 
Universal Life Insurance




Universal Life is a type of permanent life insurance based on a cash value. That is, the policy is established with the insurer where premium payments above the cost of insurance are credited to the cash value. The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance (COI) charge, and any other policy charges and fees which are drawn from the cash value if no premium payment is made that month. The interest credited to the account is determined by the insurer; sometimes it is pegged to a financial index such as a bond or other interest rate index.

Universal life is similar in some ways to, and was developed from whole life insurance.[1] The advantage of the universal life policy is its premium flexibility and adjustable death benefits. The death benefit can be increased (subject to insurability), or decreased at the policy owner's request.
Mortgage Life Insurance
An insurance policy designed specifically to repay mortgage debt in the event of the death of the borrower. These policies differ from traditional life insurance policies in that, for a traditional policy, the death benefit is paid out when the borrower dies; however, a mortgage life insurance policy doesn't pay unless the borrower dies while the mortgage itself is still in existence.

There are two basic types of mortgage life insurance:

Decreasing term insurance: where the size of the policy decreases with the outstanding balance of the mortgage until both reach zero.

Level term insurance: where the size of the policy does not decrease. Level term insurance would be appropriate for a borrower with an interest-only mortgage.
Individual Retirement Accounts
An investing tool used by individuals to earn and earmark funds for retirement savings. There are several types of IRAs: Traditional IRAs, Roth IRAs, SIMPLE IRAs and SEP IRAs.

Traditional and Roth IRAs are established by individual taxpayers, who are allowed to contribute 100% of compensation (self-employment income for sole proprietors and partners) up to a set maximum dollar amount. Contributions to the Traditional IRA may be tax deductible depending on the taxpayer's income, tax filing status and coverage by an employer-sponsored retirement plan. Roth IRA contributions are not tax-deductible

With the exception of Roth IRAs, where eligible distributions are tax-free, eventual withdrawal from an IRA is taxed as income; including the capital gains. Because income is likely to be lower after retirement, the tax rate may be lower. Combined with potential tax savings at the time of contribution, IRAs can prove to be very valuable tax management tools for individuals. Also, depending on income, an individual may be able to fit into a lower tax bracket with tax-deductible contributions during his or her working years while still enjoying a low tax bracket during retirement.
Pensions & Profit Sharing Plans:
A Profit Sharing Plan or Stock Bonus Plan is a defined contribution plan under which the plan may provide, or the employer may determine, annually, how much will be contributed to the plan (out of profits or otherwise). The plan contains a formula for allocating to each participant a portion of each annual contribution. A profit sharing plan or stock bonus plan include a 401(k) plan.
Group & Individual Health Policies: Group Health is health coverage offered through a group, usually an employer or organization, to a group of people. Group plans spread the cost among the members of the group, enabling such plans to typically cost less per person and offer broader coverage than individual health insurance plans.

Individual health coverage is obtained on an individual basis, not part of a group. The premium is usually higher for individual health insurance than for a group policy.
Retirement Planning: In general, a retirement plan involves setting aside enough money during one's working years to provide income during retirement. A simple concept, but a complicated activity once investment choices, governments and taxes are taken into account. We can help!
Estate Planning:
Estate planning involves making plans for the transfer of your estate after death. Your estate is all the property that you own. It can include cash, clothes, jewelry, cars, houses, land, retirement, investment and savings accounts, etc. Estate planning usually has several objectives and goals. They include:
Making sure most of the estate is transferred to your beneficiaries
Paying the least amount of taxes on your estate
Assigning guardians for minor children, if any