Life Insurance

Life insurance is a unique financial product; the primary purpose of life insurance is to provide income tax-free death benefits that are not dependent on accumulation, time or interest rates. This characteristic of life insurance is invaluable to your security and peace of mind; whether you’re single, just starting out, in the final stages of raising a family, or preparing for your own retirement, there’s a policy out there that’s perfect for you.

However, life insurance can serve other purposes as well. Life insurance contains a cash value element that grows tax-deferred (with no immediate taxes) inside the contract. By not having to pay current taxes on your cash accumulations, your principal is not reduced.

As a result, your money grows faster. This accumulating cash value can then be accessed through income-tax free loans and withdrawals that can be used to meet a variety of purposes:

• Pay off a mortgage
• Fund a college education
• Supplement retirement income
• Provide cash in emergencies
• Reward key employees
• Arrange a buy and sell agreement to continue a business
• Meet a variety of other financial needs

Life insurance is available in a variety of forms to meet your financial goals and objectives:

• Term Life: For those seeking affordable, temporary coverage, there are term policies that can be converted to permanent policies once your financial circumstances change.
• Universal Life: Offering whole coverage and the flexibility of adjusting your premiums and death benefits.
• Whole Life: Traditional Whole Life Insurance provides the security of level premiums and guaranteed coverage.
• Variable Universal Life: For clients who want to try the investment market, there’s Variable Universal Life Insurance, which provides a guaranteed death benefit and the opportunity for you to invest your premiums in various separate account investment portfolios made-up of stocks, bonds and money market instruments.

The George McKenna Agency, located in Massachusetts, is proud to be a General Agency for Midland National Life.

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