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Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
Term or perm? This sounds like something you might hear from a hair stylist, but they’re actually the two main types of life insurance. Because September is Life Insurance Awareness Month, now is a good time to learn about the differences between term and permanent life insurance.
While term life insurance offers a death benefit, it does not offer cash value. A few policies may offer a return of premium option, usually at a higher price. Term life may be appropriate if you have a temporary insurance need or limited financial means. If you buy term, consider a policy that allows you to convert without medical underwriting to permanent life insurance at a later date.
The cash value component, which builds over time, is among permanent life’s most attractive features. There are a number of ways to use this cash value. Put it back into the policy to increase the death benefit or use it to reduce premiums. Or you may take a loan against the cash value or withdraw cash. *
Term or perm? It’s your choice. Talk to an insurance professional to learn more.
* Loans and withdrawals can reduce the policy’s cash value and death benefit, and they may result in a tax liability. They can also cause the policy to lapse. If the policy lapses, or is surrendered, any loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 1/2, any taxable distribution from the policy may also be subject to a 10% federal tax penalty. Talk to a tax professional for information about the tax treatment of withdrawals and loans.
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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.