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818435778It’s getting to be that time of the year! That time where everyone looks back on the past year and makes changes for the upcoming one. Whether it is taxes, budgets, even weight loss, the motto is “out with the old, in with the new!” However, you may have not originally thought to review your life insurance policy. It’s always a good idea to review any insurance policy periodically, but the end of the year brings a perfect time to look at your current policy and see if it still offers the coverage you need.

Do You Have New Dependents or Family Members?

A lot can change over the course of a year, especially when it comes to relationships and families. Did you get married? Did you have children? Do you have new dependents in your life that may need to be made a beneficiary of your life insurance policy? These are all questions you should ask yourself when reviewing your policy. Also, maybe you need to increase the overall value of the policy to account for new dependents.

Did You Have Any New Major Purchases or New Debts?

Many times, people decide on the value of their life insurance policy based on their outstanding debt. For example, if you have a mortgage of $200,000, it would be smart to include $200,000 in your calculation for your life insurance to cover the cost of the house if something were to happen to you. Purchases such as buying a house, buying a car, starting a business are all ways to increase your debt, and should be taken into consideration when deciding the value of your policy.

Did Something Change at Your Job?

There are scenarios of changes at the workplace that should give you a reason to review your life insurance policy. One is if you were to start a new job. There is a chance that your job offers employee sponsored life insurance based on your salary. This is a great benefit to have, so take the amount of coverage provided into consideration if you are purchasing a policy.

If you didn't start a new job, there are still changes that may have occurred over the past year that warrant a policy review. Getting a raise may give you more expendable income to increase your policy value. Also, if you received a promotion, there may be changes to the benefits provided to you such as the value of your life insurance policy.

Did You Move?

Moving always seems to bring more changes to someone's life than they originally expected. If you moved to a foreign country, there is a strong possibility that your life insurance coverage didn't follow you to your new home. Many life insurance policies are only covered in the country of purchase. However, it should be noted that there are several options for international life insurance coverage. If you would like more information on international life insurance, read our previous blog "Does Your Life Insurance Cover You Outside You Home Country?".

There are many things to take into consideration when making the decision of which type of policy is best for you, your family, or loved ones. For help trying to figure out which policy is best for you, read our previous blog, “What Are My Life Insurance Options?” Are you interested in purchasing Life Insurance or International Life Insurance? Would you like some more information regarding Life Insurance options that are available to you? Would you like to ask some questions to a Life Insurance expert? If the answer to any of these questions is yes, please contact us 954-828-1819 or visit us online at mhginsurance.com and talk to one of our insurance specialists for help in selecting Life Insurance and other coverage to ensure that you and your loved ones have the protection you need at every stage of life.

It’s always a good idea to review any insurance policy periodically, but the end of the year brings a perfect time to look at your current policy and see if it still offers the coverage you need.

Plane lands at an airfield at the sunsetDid you know that taking at least one trip a year, reduces your risk of heart disease by 30%? With a statistic like that, how can you not already have your bags packed?! Before you rush out to book your next trip, be sure to use our checklist below when making any decisions about travel insurance, as well as traveling abroad. Traveling abroad can create some of life’s greatest experiences. Seeing other countries, cultures, and people can create memories that can be shared for a lifetime. In order to ensure that those memories are happy ones, travel insurance should be on the top of your list before you book that flight.

Having an emergency while you’re abroad can be a scary experience for many reasons. You are far from home, in a country that you do not know much about, and may not know where to go in the event of an emergency. Maybe you don’t speak the language which could make it impossible to try and get assistance from a local. You don’t have the family/ friend support that you do at home. Travel Insurance should provide you with the proper coverage to protect from an array of unplanned events that can really ruin a trip.

Travel Insurance Checklist

A good travel insurance policy should include the following:

· Maximum plan limit of at least $1,000,000.

· Provide coverage in most countries around the world.

· Provide coverage for accidents, illness and the acute onset of a pre-existing condition.

· Emergency air/ground transportation to the nearest qualified hospital.

· 24-hour worldwide emergency assistance.

· Pre-trip health and safety advisories on your destination such as required vaccinations, health risks and travel restrictions, medical monitoring, provider referrals for Western-style medical facilities, medical and dental practices and pharmacies. Other useful services include travel document replacement, lost luggage assistance, emergency travel arrangements and translation services.

· Simple online enrollment.

· Easy claim submission.

Travel Insurance benefits can vary based on policy or company, so it’s best to review a few different options from a reputable company to see which plan is best for you. Also, using an Insurance Broker can provide with you benefits that you may truly value. An insurance broker will typically work for you, the client, and offer you advice and assistant to getting the best l plan possible according to your budget. One reason they may be able to get you better coverage is because they represent several companies as opposed to just one. So their best interest is in the customer rather than the company. They can also assist you in with any claims you make and work on your behalf.

What should I Bring?

Once you purchase your travel insurance, you can begin fully to enjoying yourself and look forward to your adventure without having to worry about the unknown. Packing is very important, , be sure to include the following to make it as hassle free as possible:

1. Travel insurance card

2. Passport and visa

· Make sure the expiration date is not during your trip, also bring a copy of your passport for back up purposes

3. Flight itinerary

4. Immunization documents

5. A Full list of all accommodations

· Including addresses and phone numbers from all the locations you will be staying. Also be sure to include this information with a friend or family member who will be staying home.

7. Contact information for your country’s embassy or consulate in your destination

8. Emergency contacts

· It is smart to keep in touch with loved ones during your trip, checking in every so often.

9. Money

· Never have all of your cash in one place. Cash, cards, checks, passport, if you include them all in your day bag, and it happens to be misplaced or stolen, you may be stranded.

10. Map of where you will be going, along with a translation dictionary.

Once you have completed these checklists, you can officially kick back and enjoy your time. Don’t forget to take lots of pictures!

MHG Insurance Brokers wishes you safe travels along your journey. If you are interested in purchasing travel insurance, or have any questions or concerns, please contact us at +1 954 828 1819 or +44 (0)1624 678668 or visit us at mhginsurance.com. Our insurance brokers are experienced and can assist you in selecting the right plan for you, with the best value.

Traveling abroad can create some of life’s greatest experiences. Seeing other countries, cultures, and people can create memories that can be shared for a lifetime.

657826254Purchasing a Life Insurance policy isn’t something you do every day. The benefits and coverage it can provide for you and your loved ones in the event of a loss is irreplaceable, but with that being said, who wants to plan their “death.” We know this is a very sensitive subject, so we took the time to clear the air of some myths that we have heard about whole life insurance. Since purchasing life insurance can be a little unsettling, we wanted to make sure you are prepared and know exactly what you are getting yourself into, in order for you to make the best decision for you. So here are 5 myths that are associated with Whole Life Insurance.

1. Whole Life is too expensive!

Yes, a whole life premium is considerably more money than that of a term life insurance premium, depending on the value of the policy. However, there are some things to take into account. With term life insurance, you will not accumulate any value, once the term ends, you own nothing. As opposed to a whole life insurance policy, where your premiums will build a cash value that will belong to you at the end of the policy.
Also, another thing to consider is the total cost of a policy over your lifetime. Term is not designed to cover you for life, so when your term expires and you would like to purchase more coverage, the cost will increase. When putting the two types of policies together to compare, whole life is substantially less costly than a life time of premiums for term life insurance.

2. Only your beneficiaries will benefit!

While having life insurance helps protect your family in the event that something happens to you, your beneficiaries aren’t the only ones who benefit. A whole life policy can also be used as an investment option. Many times, you will have access to the policies’ cash value for withdrawals and loans which can be tax free. Also, certain companies will generally pay dividends to policy owners after the first policy year. Many times these dividends can be used to help pay premiums or purchase more permanent increments.

3. It’s a money pit!

One of the things that makes a whole life policy differ from a term policy is the fact that at the end of your policy, many times you will receive the value of your policy. Which can be a great investment decision for your financial portfolio, given the fact that it isn’t correlated to the stock market and mostly guaranteed by the insurer so death benefits and cash values aren’t affected by declining markets.

4. Cash in your policy once you retire!

Back in the day, many people would cash in their life insurance policy when they retired. However, today that is the time when many start to realize the importance of it. Having a whole life policy in your financial strategy could provide you security, financial freedom, as well as a legacy for loved ones.

5. Once you buy Life Insurance, you don’t have to think about it ever again!

Performing maintenance on your policy can save you money. Health changes can sometimes lead to lower premiums. Also, policies with loans and withdrawals, if not managed correctly can hinder some long term provisions and guarantees. Performing regular maintenance may also link your advisors together, which can help build a team around you with strengthened relationships, putting everyone on the same page for your investments, taxes, and your estate.

MHG Insurance Brokers is dedicated to making your Insurance experience as stress free and informative as possible. We have insurance specialists with the experience and knowledge to get the best coverage to fit you, your family, and loved ones. If you are interested in purchasing Life Insurance, have any questions, or need advice, please contact us at 954 828 1819 or visit our website at mhginsurance.com.

We know this is a very sensitive subject, so we took the time to clear the air of some myths that we have heard about whole life insurance.

507498998Just picture it. Looking out the window of a plane, on your way to see some of the most breathtaking sites from 20,000 feet up. You then glance at your significant other to see if they are as excited as you to finally get away from the rat race, and begin planning what you guys will do next. Then, one of you finally remember that this isn’t exactly a honeymoon, the kids are tagging along!

Family vacations create some of our most cherished memories. Ones that we will one day try to create with our own children. From driving across the border, to flying across an ocean, traveling the world is one of life’s most exhilarating activities. Maybe even more so when traveling with children. Follow these do’s and don’ts when traveling with kids in order to make the trip as smooth and stress-free as possible.

Do’s

· Do take your time. Don’t stress out about trying to see and visit everything. Children can get tired quickly, and may not be cut out to be on their feet all day.

· Do keep track of your kids. If traveling with more than one child, regularly count them. Traveling can be very tiring, and easy for a child to run off without you paying attention. Especially if you are rushing to make a connecting flight. It may also be a good idea to “brand” them by writing your phone number on their arm.

· Do ask if the hotel is full. If not, try to reserve a room that doesn’t have any other rooms occupied on either side. This can allow your children to be themselves, and you won’t have to continue telling them to be quiet.

· Do plan for extended downtime. There could be lengthy layovers or delayed flights. Kids can get restless when sitting for an extended period of time. Bring snacks and be prepared to keep them busy with games, books, or other activities.

· Do ask for help. Many hotels and airlines are quite accommodating when it comes to making children comfortable. This can help make your trip more enjoyable, cutting your stress level.

· Do check your travel documents. Make sure your passport is still valid, you have the necessary visas, and that all of your booked dates for flights and hotels are aligned.

Don’ts

· Don’t wait until the last minute to pack. Waiting until the last minute can raise the chances of you forgetting something, or even missing your flight. Also, be prepared for the weather. Pack jackets if it is expected to be cold, raincoats and umbrellas for stormy weather, etc.

· Don’t forget to pack medicine. Getting sick with no relief in sight is a sure way to ruin a trip. Also, check with your pediatrician regarding inoculation and vaccination requirements.

· Don’t let your child roam the hallway of the hotel unattended. Being away from home can multiply the chances your child gets lost.

· Don’t pay for your kids to stay at a hotel. Try to find a hotel that doesn’t charge for kids that are under the age of 12.

· Don’t lose it. If your child has a security blanket, or a favorite stuffed animal, it is a good idea to leave it at home. Don’t risk it getting lost, unless it can be easily replaced.

· Don’t forget travel insurance! Having the proper coverage while on your travels can be the difference between having a great trip, and a major headache. Not only will you not have to worry about medical coverage if something happens to you or your children, but you will have a 24/7 assistance hotline to call in case you get lost, or need help with any other travel arrangements.

If you are interested in purchasing travel insurance, or have any questions or concerns, please contact us at +1 954 828 1819 or +44 (0)1624 678668 or visit us at mhginsurance.com. Our insurance brokers have the experience to assist you in selecting the right plan for you, with the best value.

Family vacations create some of our most cherished memories. Follow these do’s and don’ts when traveling with kids in order to make the trip as smooth and stress-free as possible.

tax returnIt’s everyone’s favorite time of the year, tax season! Filing taxes can be a real pain, but if you are one of the lucky ones who are due to receive a nice check from the IRS, this can be a rewarding time. While having the latest iPad is great, you may come to regret that decision later. Instead of spending your tax return on a new gadget or vacation, try paying yourself. Sometimes bills seem like they are never ending, but one bill that you may come to enjoy paying are those that will pay you down the road. Catch my drift?

Be Forward Thinking

Whether you are established in your career or you are just starting out, you should be thinking about your retirement. Sometimes it can be difficult to put yourself in situations later in life, partly because life can be so unexpected. It just happens. But what some people don’t consider is that when you retire, you won’t have the same income to support your lifestyle. One way to fix that is by saving your money! If you are forward thinking and sacrifice the right amount of money now, what you enjoy now you can enjoy later too!

Get a Jump Start

Is it me or do paychecks seem like they are never enough? While there is a lot more to life than earning a wage, the amount you earn is still important because it determines what you can afford. Having a family is important to a lot of people, however a family can be very expensive. Also waiting until you have a family can feel like it is too late to start, or that you missed your chance to begin planning for retirement. While there is a prime age to begin saving for retirement, don’t ever think it is too late to start if you haven’t. Remember, better late than never.

So if you don’t think you have the funds to save for your future and your retirement, using your tax return to do so may be a smart idea! Another thing to note, once you save your tax return, you may feel more motivated and inclined to continue to do so throughout the year.

What Should I Buy?

· Life Insurance – There are several types of life insurance policies that can set you up nicely later in life. Policies such as Whole Life and Universal Life are ones you should consider.

· Annuity – Depending on the person, an annuity may make more sense than a life insurance policy.

· Combination – The best way may be to do a combination of life insurance and an annuity. Ever hear the saying, “Never put all your eggs in one basket”?

Benefits

The obvious benefit of investing in your future is that you will have income later in life when you decide to “hang them up”. But one benefit that should be considered is one that may be provided by purchasing life insurance. Did you know that if you develop a serious or terminal illness, you could have some of the death benefit value available to you to use while you are still alive for medical bills or whatever you choose. Also, you may have the opportunity to take loans from yourself. Wouldn’t you rather owe yourself money than owe the bank?

It is important to note that MHG Insurance Brokers does not provide tax advice. Speak with a tax advisor if you have any questions regarding your tax filings. For more information regarding what life insurance options are available to you, read our previous blog, “What Are My Life Insurance Options?“ Whether you are purchasing life insurance for the first time, looking for better coverage or are interested in learning more about other types of insurance available to you, we can help! Visit our website at mhginsurance.com or speak with an Insurance Specialist at 954 828 1819.

Filing taxes can be a real pain, but if you are one of the lucky ones who are due to receive a nice check from the IRS, this can be a rewarding time.

869469156Have you ever needed to borrow money? Chances are that you have. At some point in life, everyone finds themselves in a situation where they may need to take out a loan, borrow money from their parents, dip into their savings, etc. It’s part of helping yourself get squared away, or getting to the next level, or maybe even just to stay afloat. Many don’t want to put themselves into debt, and sometimes there is no other option. But what if I told you that you can borrow money from your Life Insurance policy? Now do I have your attention?

Well, Can I?

Yes, you can borrow money against your life insurance policy. It is a quick and easy way to get cash when you need it most, with no explanation needed of how the money will be used. Also, unlike bank loans, a policy loan has no effect on your credit, and if you can believe it, you don’t have to go through a credit approval process or credit check. This is because you are essentially borrowing money from yourself. However there are some specifics to note before you make the decision to contact your insurance agent.

The Specifics

For those of you who are thinking about borrowing money from your life insurance policy, let’s not get ahead of ourselves. First, you need to know that this can only be done with a permanent or whole life policy, not a term policy. A whole life policy typically has a higher monthly premium than a term policy, partly because it lasts for life. Part of those monthly premiums will collect as cash value that you can have access to. Keep in mind it can take quite a few years to build any cash value, so it may be significantly lower than the total of your premiums payments.

Once you have enough of a cash value built up, then you can borrow money. Unfortunately, you can’t go and purchase a life insurance policy right now and take out a loan tomorrow. However, this may be the little push you needed to get life insurance if it was something you have been putting off. It should be said that it isn’t a good idea to get life insurance coverage just for loan purposes, or trying to beat the system. This is just one of many benefits for those who make the decision to get coverage.

The Fine Print

It should also be noted that depending on your loan, it will still be expected to be paid back with interest, much like a bank loan. Typically the loan can be paid back with lower interest rates and a more flexible schedule, however it should still be paid in a timely manner. Some loans won’t require you to payback, however the loan amount will be deducted from your death benefit. There will also be interest to pay in this case. Even better news, the loan is not recognized by the IRS, so it will be tax free. The only way you will have to pay taxes on the loan is if the policy lapses, then you must pay taxes on the full amount of the cash value.

For more information on life insurance, be sure to read our previous blog, “Should I Purchase Life Insurance in My 20’s?” If you are interested in purchasing life insurance, or have any questions about your policy, or which policy would be best for you and your family, contact us at 954-828-1819 or visit us online at mhginsurance.com. We have the insurance specialists to assist and advise you on the best coverage for you and your loved ones at every stage of life.

At some point in life, everyone finds themselves in a situation where they may need to take out a loan, borrow money from their parents, dip into their savings, etc.

Doctor holding piggy bankAhhh, what is it about the start of a new year? I guess it’s the opportunity for us to start fresh and leave our old baggage behind. Many of us are thinking about what this new year will have in store. Will we make it big? Will I find the “one”? Can I go to the doctor now? Wait, that last one doesn’t quite seem to fit. Every year, typically on January 1st, many insurance policies “start over”, refreshing deductibles and annual benefit maximums. So, for those of you wondering why insurance should even be on your mind this time of year, let us explain!

With a new calendar year comes the possibility of new insurance benefits such as, vision and dental, to go along with your health insurance. Depending on where you work, and what benefits your company provides, you may have a new benefits package. If you already had these benefits, then the annual benefit maximum will be reset. The annual benefit maximum is important because there are many cases where it can save you money depending on what time of year you visit the doctor or dentist. Let’s use Bobby as an example. Bobby has dental insurance with an annual benefit maximum of $1,000, and since he believes in good oral hygiene he visits the dentist twice a year for cleanings as recommended.

  • Visit 1: Bi-annual cleaning. Insurance covers 100% of this visit, which totals $250.
  • Visit 2: Second bi-annual cleaning. Insurance covers 100% of this visit, which totals $250.
  • Visit 3: Uh-oh! The dentist determines Bobby needs a root canal. Insurance only covers 50% of this visit, which totals $1,000.

If Bobby needs to visit the dentist again within the same calendar year, he will be paying for it out of pocket because his $1,000 annual benefit maximum has been reached ($250+$250+$500=$1,000). So in this situation it may make sense for Bobby to hold out until the following calendar year for his next visit to be covered by insurance. It is important for us to mention that this strategy should NOT be used by everyone.

You should seek medical treatment right away for circumstances that require immediate attention. Emergencies, or issues that can really affect your health should be taken seriously. If you need medical attention, it is better to be safe than trying to save a few bucks! With the new calendar year, it is also a great time to review your health insurance coverage. The implementation of the Affordable Care Act has caused many policies to change. A particular benefit that may have been covered in your policy, may no longer be covered, and vice versa. Also, your network of doctors may have changed as well so it’s important to check to see if your doctor still accepts your insurance before you schedule your next check-up.

Your health and wellness is important to us. Whether you are purchasing health insurancefor the first time, looking for better coverage or are interested in learning more about other types of insurance available to you such as life insurance, we can help! Visit our website at mhginsurance.com or speak with an Insurance Specialist at 954 828 1819.

Every year, typically on January 1st, many insurance policies “start over”, refreshing deductibles and annual benefit maximums. So, for those of you wondering why insurance should even be on your mind this time of year, let us explain!

iStock_000021078001_MediumAs we grow older, there are many of us who think back and regret not doing certain things while we were young. There are activities or decisions that we can’t make now because it’s too late, or we don’t have the time or energy. I’m sure many of you are thinking about skydiving or some other thrill seeking adventure, but I’m talking about purchasing life insurance!

While the benefits of having life insurance in your 20’s may not be obvious to all, they are enough for you to consider buying a policy. So if you find yourself asking the question, “Should I Buy Life Insurance in My 20’s?” The answer is YES!

Cost

Similar to health insurance, life insurance premiums are less costly when you are younger, typically because you are less of a “risk.” When in your 20’s, you may be thinking that you don’t need life insurance now, you’ll wait until you get married, or start a family, or buy a house. While all of those are great reasons to get life insurance, you could be costing yourself a few hundred dollars or more per year in premium by waiting. The older you are when buying a policy, the more costly the premiums. Something important to note, many times you lock in that price for the rest of your life.

Health

Most consider younger people to be healthier. While that may not always be the case, insurance companies tend to reflect that outlook in price and requirements. Depending on the face amount, you may not have to go through the extensive physical in order to get insured. Many older people have to go through a full physical and sometimes can be denied coverage. However, if you apply for it early enough, there is a chance that you won’t have to be examined at all and still attain coverage.

Investment

When most people think of life insurance, I doubt they are thinking about it as a financial investment opportunity. But depending on the type of policy, that is exactly one of the benefits it can offer. Whole Life and Universal Life insurance policies are much like savings accounts that you can withdraw money from, essentially taking a loan from yourself.

Also, after a certain amount of time, you can withdraw all of the money without having to pay a penalty. Usually your money will earn an ROI after a certain amount of time. So unlike some life insurance policies, you won’t be putting your money into a “black hole.”

Situational

Every person’s situation is different. Which is why you should evaluate your life when making a decision to purchase life insurance. Being a young person in your 20’s, there is a chance that you don’t have as much disposable income as someone who is a bit more established in their career. Keep in mind that once you become more established, you may wish your younger self had purchased a policy so that you would be paying a lower premium later in life.

Maybe, you could be starting a family, in which case you definitely need life insurance. If you are having trouble deciding which route to go or how much coverage you need, call us. We are here to help!

For more information regarding what life insurance options are available to you, read our previous blog, “What Are My Life Insurance Options?“ If you are interested in purchasing life insurance, or have any questions, we’re here to help! Please contact us today at 954-828-1819 or visit mhginsurance.com. We have the insurance specialists to assist and advise you on the best coverage for you and your loved ones at every stage of life.

If you find yourself asking the question, “Should I Buy Life Insurance in My 20’s?” The answer is YES!

499211198Life insurance provides many valuable benefits. It can protect our assets, provide a way to make charitable contributions, and perhaps most importantly, it is the one way we can make sure our loved ones’ needs will be taken care of long after we are able to look after them ourselves. While most adults realize the importance of buying life insurance, lack of knowledge about the process may cause some to put off purchasing this essential coverage until it is too late. Purchasing life insurance may seem complicated, but, it doesn’t have to be. Read on to learn 5 things to know when buying life insurance:

What should I expect when buying life insurance?

You will need to determine your most important needs as well as any additional coverage you may wish to purchase. Many policies offer riders that may be of value for you, such as critical illness or disability. Expect to answer questions about your and your family’s health and medical history, and be certain to answer completely and truthfully because any falsehoods could disqualify you for coverage or invalidate your policy.

How much life insurance coverage do I need?

The amount of life insurance coverage you need is determined by many variables, and while coverage is important at every age, the amount you need will change over time. To determine the amount of coverage you need now, you should calculate what would be needed to clear your debts and care for your loved ones’ current, ongoing, and future needs. That will include replacing the income of a passing spouse or the value of services provided by a homemaker spouse, as well as medical and schooling expenses.

What type of life insurance should I buy?

There are two basic types of life insurance: term life insurance and cash value insurance. Term life insurance generally has lower premiums, but does not build up cash values that you can use in the future. Cash value life insurance, which includes whole life, universal life, and variable life, provides an investment or cash accumulation feature that can be used if needed. Most individuals find a mixture of policies is the best way to meet their coverage needs while keeping premiums at an affordable level.

When is the best time to buy life insurance?

The short answer is NOW! When you purchase a life insurance policy, you lock in premium rates for the length of the policy. Since rates increase as you age, as do the health problems that can make it difficult to qualify for coverage, you should purchase life insurance as early as possible.

Should I buy life insurance from an insurance agent or an insurance broker?

You should always buy life insurance from a professional insurance broker like MHG. An insurance agent works for a single company, while insurance brokers work with several insurance companies, so they can find you the best life insurance coverage for the lowest rates. While life insurance has become more complicated over the years, it has never been easier to purchase than now.

For more information on life insurance, be sure to read our previous blog, “Converting a Term Life Insurance Policy to a Whole Life Insurance Policy.” If you are interested in purchasing life insurance, or have any questions about your policy, or which policy would be best for you and your family, contact us at 954-828-1819 or visit us online at mhginsurance.com. We have the insurance specialists to assist and advise you on the best coverage for you and your loved ones at every stage of life.

Life insurance provides many valuable benefits. Read on to learn 5 things to know when buying life insurance.

Pink piggy bank with a dollar bill in the slotDid you know? About 250,000 Americans turn 65 each month, and many don’t feel financially prepared to retire. How is your retirement planning coming along? Are you on track to retire with the lifestyle you have gotten used to?

Studies show that many workers haven’t saved enough money to last them from the time they stop working through the rest of their lives. Part of the reason is the increase of life expectancy due to the advancement of medical technology and services. Many don’t account for the increased amount of medical costs that people experience as they climb in age, as well as the increase in the cost of living. No matter how much you are saving for retirement, it can never hurt to save more. You’ll thank yourself later.

Who Can Benefit?

Diversifying your retirement portfolio is important if you would like to reach your savings goals. A Universal Life insurance policy (UL) can act as another option for those looking to add to their portfolio in other ways than the stock market. It can work well for many; those who are looking for a long term savings option that is tax efficient, executives who would like to save more than the allotment of the company plan, or clients who are concerned with future tax rates and are looking for different options for tax free distributions in retirement.

What You Need to Know

You can invest more money into a Universal Life policy than you can in an IRA or 401-K, however there are still limits. The amount of your policy will determine your premium, which will then determine the window as to how much you can overfund. From there you can decide whether you would like to overfund the policy to invest money.

The Benefits

Some of the main benefits are tax-favored growth, asset protection, no penalty for distribution before age 59 ½, and a disability waiver. One of the great benefits of a Universal Life policy is that you can access your savings through a tax favored loan, essentially borrowing money from yourself. Other benefits include:

· Tax free withdrawals

· Additional retirement savings

· Accrue interest tax deferred

· Little to no market risk

· Death benefit

· Protected from creditors

The Fine Print

If you do happen to use the benefit of borrowing money from the policy, there is something you should know. If you were to pass away prematurely, the dollar amount that you owe will then be taken out of the death benefit before it is paid to your beneficiaries.

It’s important to note that we are not financial advisors. If you would like advice or guidance about your investment portfolio, please contact your financial advisor.

For more information on life insurance, be sure to read our previous blog, “Converting a Term Life Insurance Policy to a Whole Life Insurance Policy.” If you are interested in purchasing life insurance, or have any questions about your policy, or which policy would be best for you and your family, contact us at 954-828-1819 or visit us online at mhginsurance.com. We have the insurance specialists to assist and advise you on the best coverage for you and your loved ones at every stage of life.

How is your retirement planning coming along? Are you on track to retire with the lifestyle you have gotten used to?