The World Is Uncertain...
The Guarantees of Whole Life Can Help You Build Stability
Below is a review of the powerful guarantees and tax benefits whole life insurance provides.
Guarantees and Tax Benefits
If you own an MTL whole life policy, you know that whole life’s guarantees set it apart from other types of insurance products. These guarantees include a guaranteed death benefit—the death benefit is contractually guaranteed never to go down; guaranteed level premiums—your policy’s premium is contractually guaranteed to never change; and guaranteed cash values—your contractually guaranteed cash value grows each year until it is equal to the face amount of your policy at the age specified in the product.
In addition, because life insurance is viewed as a product that benefits society, it is given significant tax benefits. These benefits include: income tax free death benefits; tax-deferred buildup of cash value inside of the life policy; and access to policy values on a tax-favored basis through policy loans or by withdrawing dividends. You can use the tax-deferred buildup of cash in your whole life policy for a variety of purposes over your lifetime, including supplementing your income, planning for college for your children or grandchildren, protecting and accelerating your mortgage payments, paying for long-term care, and gifting.
From a planning perspective, whole life insurance also can play a major role in your overall portfolio and asset allocation strategy. During your peak earnings years, the buildup of cash value in a whole life policy and the policy’s guaranteed death benefit may enable you to be more aggressive in allocating other financial assets. Then, in later years, the benefits of whole life insurance may make you freer in spending down your other financial assets.
Remember, your MTL whole life policy(ies) offer you powerful advantages to help you develop a solid foundation to protect your assets and build wealth in an uncertain world. So one question you should ask yourself is if you have enough life insurance.
There are several ways to estimate how much life insurance a person needs. MTL considers economic human life value, which is the financial value of a person’s human effort—during his or her entire lifetime—to his or her family or business. A person’s economic human life value can be estimated and insured permanently for its monetary replacement value with whole life insurance. To help you calculate your human life value, click here to access MTL’s Human Life Value Calculator, or contact your MTL insurance representative today. |
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