This year, you or a family member may have accumulated medical expenses. On average, Americans spend nearly $5,000 per person in their family, per year*. While many individuals may have health insurance to help pay for some of these costs, it is often not enough. At Northeast Financial Network we understand that caring for family members and managing your own physical and mental health are priorities, and we want to provide you with options to help cover your family’s health expenses.
In addition to the death benefit, whole life policies can help you pay for expensive medical bills because the policy allows you to accumulate funds to help offset future financial obligations.1,2 Whole life insurance helps establish financial protection so you can focus on what matters. In addition, options like disability insurance may help protect a portion of your income in the event of an illness or injury. These are all potential options that we can discuss together to see what makes the most sense for your situation.
Check out this helpful article to see how you can prepare financially for potential health scares.
1 Some whole life policies do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information.
2 Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans and loan interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any outstanding loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable withdrawal may also be subject to a 10% federal tax penalty.