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carterjblake | I will be 60 next month, should I purchase life insurance or an annuity? |
I want access to my investment and I want to pass funds on to my son when I die. |
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Bill H
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lifeinsurance.awardspace.info - try this one. I have their insurance and, as remember, they can provide such a service. |
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Michael M
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Neither life insurance or annuities really offer a lot of liquidity if you want to have access to your investment. There are usually withdrawal limitations and penalties. Life insurance is good for managing risk from an unexpected death and dealing with estate tax issues from transferring large estates. Annuities is one of the tax deferred alternatives for saving for retirement but you better be in it for the long hall.
You should probably get with a good investment adviser that you trust that can look at your goals and get you invested in a good mix of safe short term investments so you can access the funds without penalties and higher earning long term investments for yours and your son's future. |
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Insure Man
 |
It depends on how much access you want to your investment. Annuities will allow for some access, while you can borrow against your life policy.
Life proceeds go tax free to beneficiaries, while the deferred income will be taxed in an annuity at passing.
But both are safe and reliable in troubling economic times. And despite some erroneous answers on this board - annuity yields are pretty good right now. You can lock in 5% for five years if not better depending on your time horizon.
We have written extensively about both products and you can learn more at our website:
Annuity Accounts:
http://www.ohioinsureplan.com/index.php/annuities/fixed-annuities/
Single premium life insurance:
http://www.ohioinsureplan.com/48/wealth-transfer-using-life-insurance/ |
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insuranceguytx
 |
Please meet with a financial planner to discuss all the different aspects of your question.
Are you healthy enough for life insurance at reasonable rates? Since you want to pass funds to your son, you will need permanent life insurance (whole life or Universal life).
How much money do you want to pass on?
How much money do you have now?
How much money do you need to live on? Have you thought about the situation where your annual expense increase due to the costs of medical and personal care that you may need in the future?
What about the effect of taxes and if tax rates go up (they will)?
There are too many factors involved to give you a firm answer to your question.
Good Luck |
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BARBARA G
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YOu are not the only one who met this problem,I have met this type of problem before.I have good experience here http://www.insuranceidea.info/free-insurance.htm to solve my similiar problem. |
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Joe L
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There are several options.
One to fit your situation would be a product that is a Life Policy which will pay a benefit to your benificiary upon your death. It also saves some money in an annuity. This way you can have the Death Benefit coverage from day 1 and also have some money building cash vale to acess for later in life. The company that provides it is called Colorado Bankers Life Insurance Co. I am a registered representitive. Please email me at joseph@carylevinson.com I will be able to send you a quote and some information on how the product works.
Thank you, |
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Judy
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Charles Schwab offers laddered cd's that pay monthly cash.
No fees whatsover!!!!!!!
Purchase an annuity if you must but don't buy a variable rate one.
Review all the annuity fees carefully - they are hefty.
/ |
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mbrcatz
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You need to redefine your goals, because NEITHER of those products are in line with the goal you have set above.
Annuity is a good tool, once you've maxed out everything else, for a guaranteed, tax free income. But as an INVESTMENT, the return is pretty crappy. Very low. Very steady, but very, very low. You're lucky if it keeps up with inflation.
Life insurance is NOT an investment. It's a bet if you're going to die or not. Odds will always favor the house, just like with ANY bet.
You probably need to redefine your goal, and sit down with a paid financial planner - someone who isn't trying to sell you anything - and figure out what you really want to do, and the best way to do it. |
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