This year, you may have faced significant changes in your career or business. From starting a new business to unexpected job loss, Northeast Financial Network is here to help you every step of the way. We understand how difficult it can be to manage your career goals in this dynamic environment, so we want to provide you with various options to help you better prepare. Regardless of the stage you’re at, meeting your business or career goals can be made possible with the help of whole life insurance. In addition to the death benefit whole life insurance provides, it also allows for the accumulation of funds to help offset any number of future financial obligations.1,2
Whole life insurance can be used as part of a business strategy. Beyond its core value of death benefit protection, one advantage of the cash value is that a policy owner can make a withdrawal in the event of an emergency, for any challenge that a small business owner may face. This flyer is a useful resource to determine how whole life insurance can help your business.
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.