Financial Friday: Discussing life insurance as financial leverage with Modern Woodmen

Published: Dec. 2, 2022 at 1:07 PM EST
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LANSING, Mich. (WILX) - It’s Financial Friday. Modern Woodmen of America joined Studio 10 to discuss the monetary benefits of cash value life insurance.

Cash value life insurance can allow you to reallocate inefficient money deemed forever taxable in the eyes of the IRS. The money built up inside the cash-value life insurance plan can reduce or eliminate taxes. This money is totally and completely tax free at the local and state level, can help pay for lost wages or social security benefits in the event of your death, replace loss benefits, and provide an income stream you can’t outlive. Cash value life insurance can be used to offset inflation, or to pay for medical expenses and long-term care. It can supplement retirement and be a safety net for when the market crashes.

Modern Woodmen explains that most people do not realize all the things cash value life insurance can do. It even is protected from loss, has creditor/predator protection, allows you to take advantage of opportunities and avoids probate

If you are interested in taking advantage of this versatile financial tool, you can give the office a call. A Modern Woodmen professional will work with you to help you plan for your insurance needs.

For more information:

Modern Woodmen of America. Securities offered through MWA Financial Services, Inc., a wholly owned subsidiary of Modern Woodmen of America. Member: FINRA, SIPC. Product availability varies by state. Individual agents may not be licensed to sell all products. Loans and withdrawals create a lien against the death benefit and may result in a taxable situation. This is for informational purposes only and should not be construed as tax advice. Consult your tax advisor in regard to your specific situation.

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