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Geoffrey Wight on the Retire Happy Hour

Geoffrey Wight

June 10, 2022

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Office: 561-827-6287

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Wellington, FL 33414

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

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The use of cash value life insurance to provide a tax-free resource for retirement assumes that there is first a need for the death benefit protection. Policy loans and withdrawals reduce the policy’s cash value and death benefit and may result in a taxable event. Withdrawals up to the basis paid into the contract and loans thereafter will not create an immediate taxable event, but substantial tax ramifications could result upon contract lapse or surrender. Surrender charges may reduce the policy’s cash value in early years.

Payment of Accelerated Benefits will reduce the Cash Value and Death Benefit otherwise payable under the policy. Receipt of Accelerated Benefits may be a taxable event, may affect your eligibility for public assistance programs, and may reduce eliminate other policy and rider benefits. Please consult your personal tax advisor to determine the tax status of any benefits paid under this idea and with social service agencies concerning how receipt of such a payment will affect you.

Riders are supplemental benefits that can be added to a life insurance policy and are not suitable unless you also have need for life insurance. Riders are optional, may require additional premium and may not be available in all states on all products. This is not a solicitation of any specific insurance policy.

Premium financing may be suitable for high net-worth and high-income individuals needing a large amount of life insurance, but who wish to reduce the impact on their current cash flow and assists. Premium financing relies on internal policy funding to pay back the loan. This is not guaranteed and results may be dependent upon the performance of the contract and is not guaranteed. If remaining policy values and scheduled premiums are insufficient, additional out-of-pocket payments may be needed to keep the policy in force or to repay the loan.

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