Regardless of where you are in life, there is probably a lot going on. Taking care of your financial needs may not be top of mind. That’s where National Life Group can help. Whether you are planning just for you or your family, we have a variety of financial solutions to help you meet whatever your goals may be.
Today many retirees face the challenge of outliving income. You have done all of the hard work up to this point and feel like you are prepared. However there are still variables that you might not be able to completely control. What you want to do is minimize those and protect yourself as much as you can against the unknown. National Life Insurance Company has been in business for over 165 years and pride ourselves on keeping our promises. Our team of professionals is equipped with knowledge and resources and will work with you to help ensure you are able to live life on your terms.
Creating your legacy
Your legacy will be how you are remembered and how you will impact the future. A big part of your legacy plan will be focused on how you want to distribute your assets to family members. Making sure you have all the proper documents like a will and possibly trusts. But a legacy is more than leaving an inheritance to your survivors - it may include benefiting a favorite charity as well. Giving and asking for nothing in return is the noblest of gestures. Organizations that do so much for so many simply could not exist without charitable donations. As a retiree, your time will certainly be invaluable and you may want to give back in some form or fashion. There are concepts that will allow you to establish a legacy that will provide for your family and others today and for many tomorrows. What could be better? Our products and services can be leveraged to establish financial resources to be delivered as well as providing certain tax benefits.
What is your Legacy?
starting your career
What an exciting time, you have a bright future ahead of you. Time, believe it or not is your biggest asset. There will be many financial decisions to make, money to invest and benefits to select. Paying and protecting yourself first will pay off in the long run. There are a variety of financial solutions you can take advantage of to help protect what you have begun to build.
Pay yourself first.
Planning your big day is one thing, planning your life together is another exciting challenge. Deciding where to live, putting a budget together for the first time and thinking about protecting the one you love: any or all of these can be challenging. But they don’t have to be. It may even make sense to review prior to your walk down the aisle. We can do that. With a wide range of products and other services let us help you to protect what needs protecting, grow what needs growing and plan for what needs planning. Grow old together!
starting a family
One of the great privileges in life is being a parent. From the first diaper to the last day of school and beyond wouldn’t it be great to know that you took advantage of the many financial solutions available that will help protect today so you can enjoy tomorrow. Let us help you design a plan that makes sense for you.
Protect and enjoy!
Buying a Home
Congratulations! Here are the keys…and the mortgage. It will take time to truly make your home your own and ensure that it continues to be a place of safety and security for your family. We have solutions that can ensure your home is paid for if you were to die too soon or become ill, and if all goes well, pay it off sooner than you thought. It’s your castle, protect it.
Caring for Parents
You may have thought of yourself as many things, but a sandwich probably wasn’t one of them. Today, as many as 1 in 8 people find themselves supporting aging parents, financially and otherwise. They have become known as the Sandwich Generation. Your parents provided so much for you; they might need your help now. If you think this might be a possibility, let us help to take the guesswork out of supporting those who supported you. It’s your turn.
Caring for special needs
You have been blessed with having a special needs child. With those special needs comes special planning. No one knows what your child needs are more than you. Over time, you have learned everything about them, including what their future holds and what will be required for them to live their best life. We have a dedicated team of professionals that are thoroughly prepared to help.Let’s plan for the expected and prepare for the unexpected.
Planning for college
“You have to start saving for college now.” How many times have you heard that? Providing the opportunity for your kids to gain the advantages of higher learning is every parent’s wish, but it requires a disciplined approach. With tuitions on the rise, it’s never too early to start saving. Where should you begin? Relax, we can help. We will work with you and for you to figure out the best ways…for you. Our solutions based approach will help ensure that your college savings goals will be achieved, even if you’re not able to complete them. Let’s get started!
will and trust planning
Life can be complicated, but it doesn’t have to be. Ensuring your wishes are carried out are what wills and trusts do best. These legal documents are not only for the wealthy, they can be designed to carry out a wide variety of wishes that can positively impact preserving businesses and assets as well as a variety of situations such as estate planning, disability, illness, divorce and remarriage. Learn more about how National Life Group and its team of professionals can guide you, regardless of circumstance.
Have your voice heard!
planning for retirement
When I retire, I am going to ________. What a great question and not an easy one to answer. Retirement may be nothing more than a far off dream at this point in your life. How much money will you need? When can you retire? Can you retire? Well, that depends…on you. By beginning early enough, with proper planning and some help from National Life Group we will get all of your retirement questions answered.
Let’s fill in your blank.
planning for divorce
For better or worse, life’s plans do not always turn out as designed. Besides the emotional challenges being faced, there are many financial considerations that need to be reviewed now that life has changed. We have solutions and processes that can help to make sure that you are financially prepared and protected.
You are not alone.
Frequently Asked Questions
Q: Do I need life insurance if I am single?
A: It depends, first ask yourself - “is anyone financially dependent on me?” You may not have a spouse who is dependent on you but what about other family members? Even if no one is dependent on you, you may want to consider purchasing life insurance to cover the repayment of debts, taxes, funeral and other final expenses.
But before you make a final decision, think to the future. If you get married and have children someday, you may want to have life insurance coverage. If you buy coverage today while you're young and healthy, you'll get much better premium rates then if you wait. Rates increase as you age and if your health deteriorate.
Q: How do annuities and life insurance values affect financial aid for college?
A: Annuity and life insurance policy values are not reported on the Free Application For Federal Student Aid (FAFSA). Non-Qualified annuities, however, are counted as an asset on the CSS Profile, the other aid form that about 200+ colleges, mostly private, require in addition to the FAFSA when assessing a student’s eligibility for their own institutional financial aid dollars.
More importantly, and as often is the case at most state universities, your income may be too high to qualify for need-based financial aid anyway.
The other benefit of life insurance and annuities for college planning, is the ability to accumulate cash values that can be used to help pay for college costs.
Often annuities are used to fund a Roth IRA and Roths offer the option for a penalty free distribution if used for higher education costs. However, you will need to consider the annuity contract free withdrawal feature and surrender charges when deciding to access your Roth annuity.
You can also take a loan or withdrawal from your life insurance policy - potentially tax-free - to help offset some of the cost of college.
Q: Am I too young to buy an annuity?
A: You are never too young to plan for your future and an annuity may be a good choice for your long-term savings goals, such as for retirement. The questions you need to ask yourself is - “will I need to access the money before I am 59 ½?” Although you can take a distribution from an annuity prior to age 59 ½, the distribution may be subject to a 10% premature distribution penalty. If you think you may need to access this money on a more short term basis, an annuity may not be the right savings vehicle for you.
Q: Can I use my life insurance policy cash value to help with buying a home?
A: Yes you can. You may have access to policy cash value through either a withdrawal or as a loan from the insurance company using the policy as collateral. If you take a withdrawal, your policy values will immediately be reduced by the withdrawal amount. If you take a loan, depending upon the type of insurance you have, your policy values may continue to grow. You are not required to repay the loan, or the loan interest, during your lifetime. However, if you choose not to, any outstanding loan balance will reduce the amount of death benefit payable to your beneficiary.
Q: Should I purchase life insurance on my child?
A: The idea of buying life insurance for your child is something no one wants to consider because it forces us to consider the unthinkable. But purchasing a policy for a child isn't just about having financial protection if the unthinkable happens; it's about ensuring the child's financial future.
Purchasing a policy also locks in the child's insurability. Usually, children don't have to go through a medical underwriting process - the parents simply answer a few medical questions. As long as the policy remains in force, the child will always have life insurance. Most insurance policies today also offer optional riders that will allow the child to increase their insurance coverage when they reach certain milestones in life.
Q: How does taking money from my annuity or life insurance policy affect my Social Security?
A: Money taken from an annuity that is considered earnings, is taxable as ordinary income and must be considered in determining taxation of your Social Security benefits. Money received from an annuity that are a return on premiums paid, are received income tax-free and should not affect the taxation of Social Security benefits.
Money taken from your life insurance policy through, a loan or withdrawal, generally are received income tax-free and should not affect the taxation of your Social Security benefits.
Please be sure to consult with your tax advisor on your specific situation.
Q: Who can be the beneficiary of my life insurance or annuity policy?
A: You can name any legally competent person as a beneficiary, including your spouse, children, other relative or friend. You can also name an entity as a beneficiary, such as a trust or charity.
The proceeds of your policy will be paid directly to your beneficiary, privately and without the delays of probate. If your needs are more complex, perhaps to take care of an aging parent or a special needs child, you may want to consider utilizing a trust as your beneficiary. The trust will outline the provisions of how the proceeds will be distributed and a trustee of your choosing can be named to manage the proceeds on behalf of the beneficiary.
Q: I’m making cash contributions to a charity, is there a benefit to using life insurance or annuities for these contributions?
A: If you are a regular donor to charity, life insurance could enable you to make a much larger gift to the charity. Instead of making contributions directly to the charity (particularly if the charitable income tax deduction isn’t a significant benefit to you on your tax return), you could use the contribution amount to pay premiums on a life insurance policy naming the charity as the beneficiary of the policy. Upon your death, the charity would receive the death benefit from your policy which will be a much larger amount than the sum of the premiums paid. (If your charitable deduction is important, you may continue to make the cash contribution to the charity and the charity may use that cash to pay for a premium on a policy on your life that the charity owns.)
In addition to the leveraging potential of gifting through life insurance, you may also receive certain income, estate, and gift tax benefits. The actual benefits you realize will depend on how the donation is structured.