When new clients learn about World Financial Group, or WFG, they will find a company that offers basic financial fundamentals, including information about the insurance and financial services that are available to them through the company. WFG associates offer their clients a wide variety of products and services from numerous providers, which makes it possible to devise a more personalized set of financial strategies for the individual or family.
Many clients who seek assistance from WFG associates often are not as knowledgeable as they could be about the available insurance products, as well as the lifestyle changes they could make that could make a huge difference in their financial futures. A good first step to take to build a stronger financial future is to learn about all the options available within the insurance and financial services marketplace. For example, one selection available to a client is permanent life insurance.
What is Permanent Life Insurance?Permanent life insurance is a term used to describe a large category of life insurance plans.The most common types of permanent life insurance are universal life insurance and whole life insurance, although there are also different varieties of these two types of insurance.
Permanent life insurance is the opposite of term life insurance, which has an expiration date. With a permanent life insurance policy, there is no expiration date, and the policy provides both a death benefit and the ability to accumulate cash value. This allows the policyholder to build cash value in the policy that they can borrow against or withdraw from, depending on the type of policy.
How It Works To help clients learn about WFG permanent life insurance offerings, an associate takes care to explain how these policies work, which can be a complex learning process. For example, it’s important for a client to understand the ramifications of borrowing or withdrawing against the savings portion of such a policy.
This process is not easy, and most policies require a waiting period after purchasing the policy to ensure sufficient accrual of funds before allowing withdrawals or funds to be borrowed. Additionally, if a policyholder stops paying premiums with a large outstanding loan balance the unpaid interest & loan balance can exceed the policy’s cash value, causing the policy to lapse.
However, there are also many benefits of permanent life insurance, which WFG associates explain to clients as they learn about WFG insurance and financial service options. Policyholders don’t pay taxes on the earnings, for example, and, as long as various premium limits are adhered to, policyholders can borrow against the policy tax-free, as long as the policy does not lapse.’
Tax and/or legal advice not offered by World Financial Group, Inc. or its affiliated companies. Please consult with your personal tax professional or legal advisor for further guidance on tax or legal matters.
World Financial Group, Inc. (WFG) is a financial services marketing company whose affiliates offer a broad array of financial products and services. Insurance products are offered through World Financial Group Insurance Agency, Inc. (WFGIA) or its subsidiaries. In California such services are provided under the name World Financial
Insurance Agency, Inc. WFG and WFGIA are affiliated companies.
Author Resource:-
What is it About WFG that makes us different? World Financial Group is one of the few companies in the industry that is dedicated to serving the financial needs of middle-income individuals and families - and this has been our mission since the company's inception.
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