Permanent life insurance can be used for major life events
Most parents aim to provide their children with everything they need to safeguard their future. As we head into another holiday season, Thorp & Trainer Insurance would like to remind parents that they have many options when it comes to protecting their children.
Howard Thorp, president of Thorp & Trainer, notes that families can provide financial security for their loved ones by considering permanent life insurance. “From helping them with the down payment of a home to reducing the burden of college tuition, a life insurance policy can provide benefits you may not have realized,” said Thorp.
As you place gifts under your Christmas tree, Thorp & Trainer would like to encourage families to consider giving the gift of security and comfort for their loved ones this year.
Here are some permanent life insurance facts you may not know:
- Premium policy payments add cash value for policyholders. The cash value is considered an asset to financial portfolios since they can be taken out or borrowed against to finance a vehicle, pay for college tuition, or applied as collateral for large loans.
- Any interest gained and income that is deposited as a premium payment is tax deferred — meaning the cash placed in this account is not subject to taxation.
- In most instances, policyholders can borrow or take out the cash value without paying taxes. Speak with a Thorp & Trainer insurance agent for more details on this tax benefit.
As the cost of living inches upwards across the United States, Thorp & Trainer would like to assist you in building a nest egg that could provide your family with financial security for many years to come.
For more information on the benefits of permanent life insurance or the different life insurance packages available, speak with a Thorp & Trainer insurance agent by calling 401-596-0146.