Maybe you own a motel, gas station and/or convenience store. Or operate your own IT consulting firm. We at BeamaLife are extremely familiar with your unique situation and can give you tailor-made information on which to base your key financial decisions.
- My business goes up and down, often due to the economic & market forces beyond my control. What is a safe way to save for my retirement?
- What is "will and estate planning" and do I need it?
- What is the best way to save for my children's education?
- How can my partners and I fund our buy-sell agreement with life insurance?
Business is inherently risky; you are taking a risk and reaping rewards (not always) simply by owning your own business. So you want something safer retirement savings vehicle on the side to put money into overtime that will grow into a nice nest egg for your later years. There are many safer retirement planning options but fixed annuities and whole life insurance can be great options for business owner's retirement plan. Both options will provide dual benefit of tax-advantage savings and death benefit with a very decent rate of return.
Creating a will and estate plan is a not only good idea emotionally but financially as well. It helps you plan and secure guardianship and trusteeship for your minor children so that they are well cared for after your passing. Estate planning is the process, often including a will and other trust documents, of making sure that as much of your hard-earned money from your business goes to your loved ones with minimum income and estate tax and hassle. As you can imagine, there are countless philosophies and products out there promising to do this. Let us help you sift through them.
Good question; there is no more important financial commitment than funding children's college education. The problem is, with tuitions and costs where they are, few things are more expensive!
The answer depends on various factors, especially how old the children are. If, like most, you are starting to think about this when your children are fairly young, the best option is a Whole Life Insurance–based college savings plan. This is because over 12 to 15 years life insurance policies can accumulate a handsome sum with which to pay education costs. You may have heard of 529 college savings plans, government-sponsored investment accounts that let your money grow tax-deferred until your child enters college. Whole Life based college savings plan give you almost all the advantages of 529s while eliminating the disadvantages. They are also more flexible, allowing you to use or borrow against your cash value for expenses other than college if you want. And they will pay you or your heirs a cash benefit if you die or become disabled.
If your children are only a few years from entering college, a cash CD or money market account is probably your best bet. So it really pays to start early when planning for this crucial investment in your family's future happiness and prosperity.
There are many ways to fund your buy-sell agreements like creating a sinking fund, loan provision or life insurance policy. The best way is with a life insurance policy and disability insurance policy. Insurance policies will consume very little money of your cash flow to fund your buy-sell agreement and let you use rest of the money for the growth your business.
Please call (877) 972-3262 to speak with one of experienced business planning specialist about your life insurance and financial planning need or complete this short life insurance quote & financial planning request form now.
