What Are The Advantages & Disadvantages of Permanent Insurance?
There are some great attributes to permanent life insurance, and a couple of things you want to make sure you are aware of.
Advantages
1. Tax efficiency- The cash value in permanent life insurance not only grows tax-deferred, it could be accessed tax-free as well.
2. It can be used as a safe bucket when your investment account is down in value and avoids having to sell securities that are down in value
3. The use of funds from permanent life insurance do not count toward making your social security taxable or your medicare premiums increasing.
Disadvantages
1. You have to be careful not to overcommit as there are penalties if you cancel the policy early.
2. The design of the policy needs to be done with precision so you get the most value.
Remember when it comes to financial decisions, never say never, never say always…it depends.
Rees Bridges brings a unique value to the IFW as both a highly accomplished creative professional and a successful financial services executive to serve in his role as Senior VP, Marketing & Communications.
Over the last decade Rees has served as the lead marketing & communications professional for a Fortune 500 Financial Services firm. He oversaw all advisor marketing strategies, client communications, and the entire firms branding and marketing initiatives.
Rees continues to pursue his passions as a creative professional & musician for over 30 years, with an impressive profile and reputation as a designer, performer, teacher, and studio musician. Here is a little secret: He serves in the role as an international clinician for Mapex drums, Paiste Cymbals and held the record for world’s fastest drummer between 2006 and 2007.
Rees grew up in London, England and currently resides in Miami, Florida. When not at work, he enjoys spending time with family and friends, traveling, and indulging in his passions for music and creative pursuits.
