Smart Money Solutions

Retirement Advisor and Financial Planner

Call UsCall us at
312.613.8500

  • Services
    • Estate Planning
    • Life Insurance
    • Annuities
    • Split Annuities
    • Other Services
  • Social Security
  • FAQ
  • Shredding Checklist
  • News
    • Articles
      • Make a Budget
  • 7 Financial Blind Spots
  • Smart Solutions Radio
  • Contact

Life Insurance

We all know the importance and necessity of having life insurance. And the question of should you have life insurance? How much? What kind? The answers can be complicated. If your family depends on your income, then life insurance is imperative. Life insurance proceeds can be used for any expense. Funeral and burial, estate taxes, higher education for your children, mortgage expense. Or those proceeds can be used to fund your spouse’s future for retirement.

When we assist you to consider the amount and type of life insurance you may need, you must take into account what your ultimate use for the insurance is going to be. Do you have an estate tax issue? Do you wish to create a charitable legacy? Do you want to fund your children’s or grand children’s higher education? Do you wish to guarantee your family’s future financially? All of these issues should be carefully considered and discussed.

We will assist you to design a plan that will accomplish all of your objectives with the proper planning with life insurance.

Premium Financing of Life Insurance

For those individuals, couples and businesses with higher resources, total assets and/or income, we will design an appropriate program to place the necessary life insurance coverage to protect you. Through the use of Premium Financing of Life Insurance, you will be insulated and sheltered from estate and other tax issues, provide for family protection, legacy building and, most importantly, the Living Benefit of providing yourself tax free, lifetime retirement income. There are many other uses for the program, depending on your goals and objectives.

Premium Financing of Life Insurance is a program where the life insurance premiums are paid by a third party lender. This leaves the insured the ability to use the funds that would have gone to pay those premiums for other purposes. The insured must go through financial as well as medical underwriting. The use of an Irrevocable Life Insurance Trust (ILIT) is also required. The insured must also collateralize the loan. The benefits of using this method to secure life insurance are numerous and staggering. Premium Financing of Life Insurance may provide the opportunity to put in place a comprehensive life insurance program that may otherwise would have been neglected.  We will design and illustrate the specifics for your needs to provide an understanding of this popular program.

There are restrictions and other requirements. Not everyone will qualify. Please discuss interest in this program during your consultation.

Living Benefits

Use of this highly popular program allows for additional benefits for the insured. The Living Benefit is tax free, lifetime income while in retirement. After the policy loan is satisfied, (by the policy cash values themselves), the availability of leveraging the policy for monthly, lifetime tax free withdrawals is available. This allows you to still maintain the policy death benefit for tax purposes, family protection, etc., and have the income you desire when you retire. This Living Benefit, will afford you the ability to maintain your standard of living and quality of life without any interruption.

Services

  • Estate Planning
  • Annuities
  • Split Annuity Income Strategy
  • Life Insurance
  • Other Services
  • Financial Inventory
  • Financial Calculator
  • In The News
  • Social Security
  • Make a Budget
  • Shredding Checklist
  • Articles
  • Smart Solutions Radio
  • 7 Financial Blind Spots

Contact Us

Copyright © 2022 Smart Money Solutions · 300 Lexington Court · Schaumburg, IL 60173 · All rights reserved

All written content on this site is for information purposes only. Opinions expressed herein are solely those of Smart Money Solutions and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Insurance products and services are offered through Smart Money Solutions. The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell investment advisory services to any residents of any State other than those permitted by law.

 

We are committed to protecting your privacy. The information you enter on our site is held in confidence between you and us. We do not sell, trade, or rent your personal information to others. This privacy statement discloses how the information you provide is used and protected.