Many people don’t like to talk about life insurance because, well, most people don’t like to talk about dying. But, life insurance should be a part of everyone’s long-term financial strategy, says Howard Kaye, president of Howard Kaye Life Insurance Agency.
Life insurance is an asset – it should not be viewed as an expense. In fact, life insurance may be the only solution that offers you a guaranteed return on principal. “Life insurance is and should be an investment alternative in every truly diversified portfolio,” said Kaye. “We work with our clients to help them understand how best to use life insurance to create and preserve wealth.”
First and foremost, life insurance safeguards your family’s future. It protects your loved ones and gives you peace of mind knowing they will be taken care of in the event of your death. But when properly planned and executed, life insurance can do so much more.
The focus of life insurance in estate planning is to leave your family and charities the most money possible. For highwealth individuals, life insurance is there to pay the estate taxes that Uncle Sam will surely take. Having proper amounts of insurance can prevent your heirs from selling assets at a discount to address tax requirements, says Kaye.
As the saying goes – the only things certain in life are death and taxes. When you have life insurance, your payout is guaranteed, and the good news – your taxes will be covered.
“Everyone is going to die, so you might as well get paid for it,” Kaye said. “At the end of the day, life insurance is money. I often ask my clients, ‘how much money would you like to buy?’”
Even if you have a life insurance policy, it does not mean your heirs and charities are properly protected from loss of value due to taxes.
“It’s important to periodically review your policy to be sure you and your family are properly covered,” said Kaye. “A consultation to review your existing policy is always complementary, and it is time wellspent.”
Kaye warns that individuals who do not have life insurance are exposing their family to many risks. Life insurance may be the difference between preserving your family’s quality of life and a serious financial setback. Kaye and his team of advisors are determined to help you find the best plan for your family.
“There is a program for every age and every level of wealth,” he said.
Kaye has assembled a team of knowledgeable advisors to work with him in his boutique agency based out of Boca Raton, which serves clients nationwide. The team can assist you with estate and legacy planning and charitable gifting. They can help you maximize the benefit of your IRA, and introduce you to the 401-KAYE plan. This program allows adult children to ensure their parent’s legacy passes seamlessly to the next generation and generations beyond.
Another offering – the Everything Solution – “is one of the best products I’ve seen,” says Kaye. This policy is a great alternative to a CD or money market product, but it has better growth potential than those accounts.
“It’s fully liquid, it has a tax-free benefit and is safe from market losses,” said Kaye.
Kaye has more than 29 years of experience in the industry. It’s safe to say that he probably learned a thing or two from his father, Barry Kaye, who is widely recognized as the father of the wealth preservation industry.
Like his father who was also a regular in the media, Kaye spreads the wealth of his knowledge on his a 30-minute financial news and educational television program entitled “In Sure Wealth” Television, with Howard Kaye, which airs Saturdays at 5:30 p.m., on South Florida’s WXEL. The show also airs in the Miami market on WPLGABC which airs Monday, Wednesday and Friday at 1:30am.
Contact Howard Kaye Insurance Agency for a complimentary consultation at 800-343-7424. For more information, visit www.howardkayeinsurance.com.