LIFE INSURANCE

At the McIlrath Agency, our Life Department handles all areas of Estate and Retirement Planning, which include:

• Term and Universal Life
• IRA's
• Long Term Care Coverage
• Annuities

I will select the program that best suits your Estate and Retirement Planning needs.

We are here to make sure, you get it right.

Term Life provides death benefit only for a low cost in the early years. It gets very expensive as time goes on. Only 2% of term policies ever pay a death benefit because most people drop them when the cost goes up. It is excellent for short-term coverage.

Universal Life provides lifetime coverage. The premiums are more expensive in the early years, but you get level cost, a cash value buildup in a tax friendly environment, low cost loans, and lifetime coverage. This can be an excellent long-term solution.

To determine the amount of Life Insurance you will need, it's usually a good rule of thumb that it sould be 10 to 13 times your annual income, if you have dependent children. We always recommended that you have a professional evaluate your current situation to determine how much coverage you should have.

An IRA is an Individual Retirement Account. An IRA is a personal savings plan that provides income tax advantages to individuals saving money for retirement purposes.

There are 5 different types of IRAs. They are : the Traditional IRA, Education IRA, Roth IRA, Simple IRA, and SEP IRA - Simplified Employee Pension.

You invest money in an IRA, up to the amounts allowable under the tax law. These investments are termed "contributions." In many instances an income tax deduction is available for the tax year for which the funds are contributed.

The contributions, as well as the earnings and gains from these contributions, accumulate tax-free until you withdraw the money from the account. You therefore enjoy the ability to generate additional earnings, unreduced by taxes on these earnings, each year the funds remain within the IRA.

Long Term Care Insurance provides monitary funds so you can purchase the services needed to help you perform daily activities if you had an ongoing illness or disability. This includes the kind of care needed if you had a severe cognitive problem like Alzheimer’s disease or if you need assistance with one or more of the six ADL’s. This type of care is not received in hospitals, nor is it meant to cure you. It is chronic care that you may need for the rest of your life. You may be able to receive this care in your own home, at a nursing home, or other long term care facility.

It is insurance that helps you pay for long term care services, such as home care or care in a nursing home or assisted living facility.

An Annuity is a contract between you and an insurance company, under which you make a lump-sum payment or series of payments. In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date. Annuities typically offer tax-deferred growth of earnings and may include a death benefit that will pay your beneficiary a guaranteed minimum amount, such as your total purchase payments.

There are generally two types of annuities - fixed and variable. In a fixed annuity, the insurance company guarantees that you will earn a minimum rate of interest during the time that your account is growing. The insurance company also guarantees that the periodic payments will be a guaranteed amount per dollar in your account. These periodic payments may last for a definite period, such as 20 years, or an indefinite period, such as your lifetime or the lifetime of you and your spouse.

Life Insurance - Get a Quote

Submit your contact information and I'll develop the appropriate insurance plan for you. Thanks, Mac

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