Lundervold Financial’s
Life Insurance Seminar

Attend a financial seminar with Lundervold Financial and learn about options for life insurance,
life insurance as financial tools, pros and cons of life insurance.

Life Insurance Seminar — Questions and Answers

Lundervold Financial is based in Oakdale, Minnesota, which is a suburb of the Twin Cities. We have been in the business of financial advice since 2004, and we regularly hold a number of financial seminars and events in the St. Paul, Minnesota, area for clients and non-clients alike.

One frequently asked life insurance question is, “How does life insurance work?” Our goal during our financial seminars is to explain the functions of life insurance, answer your questions about it and other retirement topics, and introduce you to the team at Lundervold Financial. Occasionally, we invite guest speakers to join us on special topics.

Life Insurance Options

No financial planning seminar would be complete without an explanation of life insurance. This is why the basics of life insurance is included in the Lundervold Financial’s Blueprint for Financial Clarity™ and our life insurance seminar.

There are numerous ways to use life insurance to protect your retirement plans.
You can use your whole life policy to provide protection throughout your days or term insurance to protect your family until you can grow your wealth. A life insurance policy can be used to protect business interests, and you can even use it to protect some of your assets.

There are two basic forms of life insurance:
1. Permanent Life — Also called whole life or universal life insurance, a permanent life policy remains in effect for the duration of your life or to age 120, depending on the policy and so long as premiums are paid up. It can also accrue cash value, which may be used for any reason, including the payment of premiums. Universal life works much the same as whole life but offers variables geared toward estate planning.
2. Term Life — Sometimes called “temporary life insurance,” term life generally costs less than whole life. It covers a person for a set period of time and protects your family while growing your wealth.

Aside from these, you will find variations in policies based on things like when beneficiaries may collect, how much the policy pays, and even how the benefits are to be used. You may even stipulate that the benefits be held in trust, making life insurance an possible tool for passing wealth to the next generation.
Is whole life insurance a good option for retirement? We can help you answer that once we understand your retirement goals.

Life Insurance as a Financial Tool

Life insurance policies are contracts between you and an insurance carrier that can provide coverage for some of life’s unexpected events. There are many considerations to make when determining if a life insurance policy is right for you.

For starters, a life insurance policy is not considered part of your estate. As such, it is not taxable to your beneficiaries when properly structured.

In addition, you may use life insurance to protect your business. In fact, there is no limit to the number of policies you may own and, provided you have a vested interest, the people you can insure. This is permitted because losing a key member of your staff can have devastating effects on the company. And there may be certain tax advantages* when using life insurance when it is properly structured.

People can insure their spouses, children, grandchildren or another family member. Plus, most whole life policies permit children to convert their coverage when they reach adulthood.

 

Pros and Cons of Life Insurance

There are numerous life insurance pros and cons and in Lundervold Financial’s seminar, you will learn strategies that can help you protect your financial future. Some of the most important include:

• Tax-deferred growth* — Taxes on dividends, interest and capital gains are not paid on the cash value of a whole life policy until the withdrawal of the proceeds. Benefits are not federally taxed as part of the estate.
• Accelerated sickness benefits — Most whole or universal policies allow the owner to use their benefit amount in the event they develop a terminal illness.
• Protect assets — Term life may be used for home and auto purchases to protect these assets. If the policyholder dies before the asset is paid off, the insurance benefit pays off the loan. Some also choose term life for the cost savings over a whole life policy.

Of course, there are downsides of using life insurance in these ways. If a loan is taken out against the cash value and is not repaid at the time of death, the death benefit is reduced to pay off the loan. Also, using the accelerated death benefit means your beneficiaries will not receive funds from the policy.

We hope you found this overview helpful and warmly invite you to attend a financial seminar with Lundervold Financial. In the seminar, you will learn about life insurance options, life insurance as investments, and the pros and cons of using life insurance to protect your family.

Attend a Seminar About How Life Insurance Works

Jun25
After Hours Event: Team Trivia Night
7:00 pm | Lundervold Financial
Jul09
New Client Welcome Event
5:30 pm | 7 Vines Vineyard
Jul13
Dinner Seminar
6:00 pm | Lowell Inn
Jul15
Dinner Seminar
6:00 pm | Lake Elmo Inn
Jul21
Lunch and Learn
11:30 am | Lundervold Financial
Jul21
Wine and Wisdom
4:30 pm | Lundervold Financial
Jul24
Helicopter Tour of Twin Cities | 3 pm
3:00 pm |
Jul29
After Hours Event: Brother Justus Whisky Story
7:00 pm | Lundervold Financial

*Lundervold Financial LLC does not provide tax and legal advice. If you do not have a tax advisor or attorney, we can help direct you to licensed and qualified professionals close to our office in Minnesota or near you if you live elsewhere.

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