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Whole Life Insurance

Statistics on Whole Life Insurance and Its Benefits

1. 57% of Americans have life insurance coverage, but many are underinsured, according to a 2021 study by LIMRA. Whole life insurance not only provides death benefits but also builds cash value over time, offering long-term financial security and peace of mind.

2. More than half of business owners (52%) report having no formal succession plan in place, according to a 2021 PwC survey. Whole life insurance can help entrepreneurs create a smooth transition plan by providing liquidity for the business in the event of the owner’s passing.

3. The IRS limits contributions to retirement accounts, but there are no such limits on whole life insurance policies. This makes whole life insurance a valuable tool for high-income individuals and entrepreneurs looking to grow wealth while enjoying tax-deferred growth.

Why Entrepreneurs Need Whole Life Insurance

Whole life insurance is particularly valuable for entrepreneurs for several reasons:

  • Wealth Building:

    Whole life insurance accumulates cash value that grows tax-deferred, which can be accessed during your lifetime for business investments, retirement, or emergencies.

  • Business Continuity

    It provides liquidity that can be used to keep a business afloat or facilitate a smooth succession in the event of an owner’s death.

  • Tax Advantages

    The cash value in a whole life policy can be borrowed against without triggering taxes, offering a tax-efficient way to manage finances or fund your business.

  • Protection for Family and Legacy

    Whole life insurance ensures that your family and business are protected financially if something happens to you, preserving your legacy and future financial plans.

How We Can Help

At Next Generation Wealth, we specialize in setting up whole life insurance policies that align with your unique financial and business goals. We help you navigate the complexities of choosing the right policy to build long-term wealth, provide liquidity for your business, and offer tax-efficient growth. Our expert team will guide you through every step, ensuring that your plan is tailored to protect both your family and your business, giving you peace of mind and financial security.

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