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Kerndt Brothers Insurance Agency may specialize in insurance in the Lansing, IA area, but we want to see your finances grow, too. That’s why we search for insurance products that will serve you in multiple ways, like cash-value life insurance policies.
Build Savings with Cash Value Policies
When you buy a life insurance policy with a cash value savings account attached, you can save for your Lansing, IA, retirement while you ensure that your loved ones will receive a death benefit.
Each month, you pay premiums for your whole life policy, but a portion of the premium goes into a savings account pre-tax. That means that you do not pay federal or state income taxes on it until you access it years down the line.
Dual Benefit Life Insurance
While it does require a few years for the account to vest, so you can borrow against it or make withdrawals, you build savings while paying for a necessary financial tool. Your net worth grows – tax-free.
When you do withdraw money or use the savings for a loan, you will need to repay the amount with interest. If you die without doing so, the money withdrawn comes out of the death benefit.
Accessing All of Your Money
Some cash value accounts let you cash out the policy. That means you can close the policy and withdraw all of the savings you built. This also means you would need new life insurance, and you would pay taxes on the savings account balance at tax time.
Contact Us Today
Email or call Kerndt Brothers Insurance Agency serving the Lansing, IA area. Let us help you set up a life insurance policy that provides for your family now and later.
