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Financial Health

for Healthcare Professionals

Don’t Buy a Life Insurance Policy

From Anybody Without Reading This First

There are basically 7 different types of life you know who should be the owner and who should be
insurance policies. When you combine that the beneficiary of the policy?
with more than 100 companies offering sev-
eral options, that gives you several hundred Loans and withdrawals will reduce death benefits and
different policies to choose from. may impact the amount and frequency of future premium
So how do you choose? payments. If you take a policy loan or withdrawal, you
Clearly identify: may incur a significant income tax liability if the policy
• Why you need life insurance? terminates before the death of the insured. When taking
• How long you want that life insurance loans or withdrawals, your policy should be carefully mon-
to be in place for? itored annually with your agent or other financial profes-
• How long you want to pay for it? sionals that Guarantees are based on the claims paying
• Do you want a policy that has the poten- ability of the issuing insurance company.
tial to accumulate cash?
• Do you want the potential growth to BY HOWARD If you know the answer to all these questions, you
come from an interest rate, dividend rate or WOLKOWITZ, purchased life insurance. If not, someone sold you life
the stock market? FINANCIAL ADVISOR insurance. The answers to every question are critical to
• Are you purchasing a cash-value policy & AUTHOR, the ultimate success of your premium investment in life
for death benefit or to access the cash accu- THE HEALTH OF insurance.
mulation for future use?
• If you purchase a term policy, is convert- YOUR WEALTH For more information, please contact
ibility to a cash value policy important to Howard Wolkowitz at
you? HWolkowitz@mycoastalwealth.com or (954) 558-3673.
• If yes, what type of cash value policy do you want to convert
it to? The opinions above belong to Howard Wolkowitz and the information
•If yes, how long do you want the right to convert without any contained herein does not necessarily represent the opinions of MassMutual
evidence of insurability? Do you know what this means and the or its affiliated broker-dealer MML Investors Services, LLC.
implications of this option? MassMutual Financial Group is a marketing name for Massachusetts
•Do you know what underwriting classification you received Mutual Life Insurance Company (MassMutual) and its affiliated companies
and why? and sales representatives. Securities, investment advisory, and financial plan-
•Do you know how the particular insurance company you ning services offered through qualified registered representatives of MML
applied to treats your underwriting issue if you have an issue?•Do Investors Services, LLC. Member SIPC (link to www.sipc.org). OSJ: 1200 S
Pine Island Rd., Suite 350, Plantation, FL 33324. CRN202004-227477

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