Broker Check

Rick Bloom, CFP®, RICP®

(914) 288-8929

Life Insurance

Life insurance can provide an excellent opportunity for you to meet many of your goals while still protecting the financial security of your loved ones. All life insurance policies have some things in common-you make payments, called premiums, to the insurance company. When you die, the insurance company pays a death benefit to your beneficiaries. Often, this death benefit is received income tax-free.

Permanent, or whole life insurance, however, can also provide a living benefit. When you pay your premium, part of it goes into a cash reserve and accumulates tax-deferred. You can generally access this cash reserve at any time, for any purpose. It can be used for things like education expenses, retirement income, and many other needs. It also remains in force during the insured’s entire lifetime, provided premiums are paid as specified in the policy.

Note: All whole life insurance policy guarantees are subject to the timely payment of all required premiums and the claims paying ability of the issuing insurance company.  Policy loans and withdrawals affect the guarantees by reducing the policy’s death benefit and cash values.

 
 

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