We help you find coverage to fit your financial situation and align with life goals.
The insurance industry has a range of products that can fit any financial situation. Choosing can be confusing if you’re not sure what you’re looking for. Non-experts may not understand whole life insurance versus universal life insurance. You may know what annuities are, but can you apply them sensibly to your lifestyle and objectives? Do you understand insurance strategies for business owners that positively impact wealth preservation, tax matters, retirement, philanthropic activities, and more?
At Cary Street Partners, we perform independent reviews of our clients’ insurance coverage. We determine if current coverage fits personalized financial circumstances and aligns with your goals. Our advisors work with you to create a tailored asset protection plan. There’s no all-in-one insurance solution, but we can help you choose one that fits your needs appropriately.
Life Insurance Strategies
Too many consumers see life insurance as a single-purpose resource: benefits after death. But, with smart strategies, these policies can empower your ability to meet life goals.
When considering the right insurance coverage, you must first determine what you need to protect most. Some may want insurance to provide financial protection for their family and replace income for a certain period of time in the event of an unexpected death. Others may need insurance to secure their assets and provide liquidity to help pay for estate taxes. Business owners may need insurance to keep their business intact if a partner passes away. Some seek insurance to protect themselves in case of a disability or long-term health event. Whatever your insurance needs are, Cary Street Partners can help you navigate this often-confusing subject.
Common Uses for Business Life Insurance
As a business owner, obtaining the proper policy and keeping it active can offer comprehensive protection for all involved. Key man life insurance, also known as key person life insurance, is essential for business owners. This coverage ensures that, if a critical owner or employee leaves the business, the probable financial hit is covered. As a legally binding contract between business owners, this arrangement dictates what happens to the business if one of the owners passes away, becomes disabled, or elects to sell their interest. Business life insurance can also be used to informally fund non-qualified deferred compensation (NQDC), which is pay earned by employees that hasn’t yet been distributed.
Common Estate Uses
Life insurance can also play a key role in estate planning by helping to support designated beneficiaries after one’s death. During an estate transfer, life insurance can even help fund a trust, an existing buy-sell agreement, or immediate expenses during a difficult time — such as funeral costs or unpaid debts. If one wishes to give back to a cause or charity that’s important to them, charitable estate plans allow the now-deceased to leave a legacy of their choosing once they’ve passed.
Types of Life Insurance
There are several types of life insurance to consider based on your needs – term life insurance, whole life insurance, or universal life insurance. Each type has unique benefits, and the right one depends on your financial goals and family needs.
Term life insurance
Typically, a temporary, lower-cost insurance option that provides coverage for a set period of time, like 10, 20, or 30 years. This type of insurance does not build cash value and is purely insurance coverage for a specific term and purpose.
Whole life insurance policy
Whole life insurance is permanent life insurance, offering coverage for the policyholder’s entire life. Having this policy comes with benefits. One includes, as a tax-deferred instrument, accumulated savings that can be used for supporting a business, paying for college education, retirement income, or emergencies. Some insurers pay annual dividends, which can be received as cash, to grow cash value, or to be used as death benefits. Whole life is fixed with a guarantee beneficiaries will receive payments as long as premiums get paid.
Universal Life Insurance
Universal life insurance differs from whole life because its policies offer more flexibility and customization. You can adjust your policy and premiums as needed. Therefore, it is resilient, flexible, and can often cost less than permanent insurance. However, if the policy isn’t adequately funded, insurers may terminate it.
What are Annuities?
Annuities are written contracts between consumers and life insurance companies. With that document in place, the insurer makes regular payments to you in exchange for a premium (or premiums), initiating a stream of income for the rest of your life.
There are several different types of annuities:
- Deferred: Payouts start on an agreed-upon date.
- Fixed: Payments are based on amounts outlined in the contract.
- Immediate: Payments start after a single premium gets paid.
- Indexed: Annuities that offer guaranteed returns with an option for sharing in investment market earnings.
- Variable: Accumulation and payouts fluctuate. For an additional cost, contracts can offer minimum guarantees. The variable comes with charges, such as contract fees, mortality and expense terms, and expenses for underlying investment options.
Find the Right Insurance Plan with Cary Street Partners.
Whether you’re using insurance to protect loved ones or to build business interests, our advisors are a resource for facilitating financial and generational growth. We take life insurance strategy and partner it with estate planning, asset management, retirement objectives, and more to help you achieve a higher standard of living. So, if you have a financial plan or need to create one, contact us below.
Prior to investing, investors should carefully consider the investment objectives, risks, charges and expenses of the variable annuity and its underlying investment options. The prospectus provides this and other important information. Please read the prospectuses carefully before investing.
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Design retirement strategies that allow you to achieve your retirement goals to live your best life.
Estate Planning
Create a comprehensive financial plan that addresses what should happen to your estate in the event of incapacitation or death.
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Minimize the amount of taxes you pay by implementing tax reduction and tax-efficient techniques.