Insurance
McGinnSmith offers a full range of life insurance products, as well as fixed and variable annuity programs. Your Account Executive will help you determine whether these vehicles have a place within your financial plan.
McGinnSmith's insurance-licensed associates provide clients with customized service in selecting products best suited for their individual needs. Representing the most competitive companies and products in the industry, McginnSmith's professionals can also provide clients the technical assistance they need in such areas as life, disability, and long-term care insurance, as well as tax-deferred annuities.
Should Annuities be a Part of My Portfolio?
One reason annuities are so popular is that they can allow for tax deferral. With tax deferral, taxes on earnings are deferred until the year they are withdrawn. The main reason Congress granted annuities this benefit was to allow individuals to save more for retirement.
Advantages of Annuities
Life Insurance
A Life Insurance Policy is a contract between a policy-owner and the insurance company. If the named insured dies while the policy is in force the beneficiary will receive a payment (death benefit) from the insurance company. A life insurance policy is a valuable asset which can be used in a number of ways as a solution to life’s financial problems.
Consider this:
- The power of tax deferral works to produce larger retirement assets.
- You gain control over when your earnings become taxable.
- Generally, you have no upfront sales charges.
- Annuities can provide a death benefit to guarantee your heirs your principal and can provide guaranteed future income for current owners. (Guarantees are based on the claims-paying ability of the issuing insurance company, and additional charges may apply for some contract features.)
- Annuities are very rate competitive in the fixed market and have a comparable performance record in the variable market.
- Annuities can provide monthly income for the rest of your life.
Annuities deserve serious consideration for your long-term savings. You should consider carefully the investment objectives, charges, expenses, and associated risks for both the annuity contract and the underlying subaccounts. The prospectuses, which contain this and other important information, are available from your Investment Executive and should be read carefully before investing. Your McginnSmith Investment Executive has the knowledge and service to be an invaluable partner in designing and managing your portfolio.
McGinnSmith has relationships with numerous quality insurance companies. Consult with your McGinnSmith Financial Consultant on which firm may best suit your individual needs.
Uses of Life Insurance
Life insurance is a unique asset which can be used to solve different sets of circumstances. Life insurance can be used to: create an estate, pay estate taxes, fund a business transfer, replace a charitable gift, or equalize inheritances or other perplexing financial problems.
Ask your investment executive for more information about the many different types of policies and companies we represent. Your McGinnSmith Financial Consultant is not bound by one company or type of coverage so we can custom fit a plan specific to your needs.
Long Term Care Insurance
Long term care insurance is sometimes referred to as nursing home insurance. It provides services for people with prolonged physical illness, disability or cognitive disorders, such as Alzheimer’s disease. Long term care is not one service, but many different services aimed at helping people compensate for their limitations to function independently. Long term care differs from traditional medical insurance. Long term care is designed to assist an individual in maintaining their level of functioning. Medical insurance is designed to rehabilitate medical problems.
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