Page 8 - Jupiter Ocean Mile - November '21

Page 8, Jupiter Ocean Mile
Financial Focus

Should You Buy Term permanent. And the issue can cause even more confusion if • Permanent insurance investments can grow tax deferred.
Insurance And Invest The you’ve heard the phrase: “Buy term and invest the difference.” If you followed the “buy term, invest the difference” approach,
What does this mean? And is it good advice?
and you purchased stocks or mutual funds, you might incur taxes
Difference? First, let’s review the chief differences between term and on capital gains and dividends. But the investments within a
permanent insurance. As its name suggests, term insurance lasts permanent insurance policy are tax deferred, so you won’t pay
By Sally Sima Stahl for a set period, such as 10 or 20 years, while permanent insurance taxes on interest, dividends or capital gains until you withdraw
If you have children or other can last your entire life. Term insurance only pays a death benefit the proceeds, similar to the tax benefits you get with your IRA
loved ones who depend on – there’s no opportunity to build cash value. But permanent and 401(k) accounts.
you financially, you need life insurance, such as universal life, also contains an investment Even though you should consider the above issues, you
insurance – no question about element. Consequently, permanent insurance premiums are don’t necessarily have to dismiss the “buy term, invest the
it. And you’ll need an amount generally considerably higher than those of term insurance. difference” strategy. Everyone’s situation is different, so you’ll
that can enable your family Given this difference in premiums, you may have heard that want to explore your options carefully. At different times of
members to continue their it’s a good move to buy term insurance and use the “savings” – your life, different insurance and investment solutions may be
lifestyle if you aren’t around. that is, the money you would have spent on a costlier permanent appropriate. But however you choose to do it, you’ll want to
But there may be less certainty insurance policy – to invest in stocks or mutual funds, rather than maintain sufficient life insurance and invest for your long-term
about what type of insurance rely on the investments contained in permanent insurance. But goals – two actions that can pay off for you and your loved ones.
you should purchase: term or in reality, it’s not that simple. Here are a few reasons why “buy This article was written by Edward Jones for use by
term, invest the difference” may not always be the best strategy: your local Edward Jones Financial Advisor, Edward Jones,
Member SIPC.
• People don’t consistently invest the difference. Although
Help Me Help people may have the best intentions when it comes to investing Edward Jones is a licensed insurance producer in all states
the savings achieved by purchasing term insurance, life often gets
and Washington, D.C., through Edward D. Jones & Co., L.P.,
My Child in the way and they find other ways to spend the money. Or they and in California, New Mexico and Massachusetts through
Edward Jones Insurance Agency of California, L.L.C.; Edward
may invest sporadically or make poor investment decisions. By
way of contrast, the premiums that go into permanent insurance
Jones Insurance Agency of New Mexico, L.L.C.; and Edward
are invested systematically and managed by professionals. Jones Insurance Agency of Massachusetts, L.L.C.
By Jim Forgan, Ph.D., • Term premiums won’t always be cheap. Term insurance is Edward Jones, its employees and financial advisors cannot
Licensed School quite affordable when you’re young. But when the term expires provide tax advice. You should consult your qualified tax advisor
Psychologist after, say, 15 or 20 years, the premiums can become much more regarding your situation.
Help me help my child expensive. Consequently, there will likely be much less of a gap Contact us at (561) 748-7600, Sally Sima Stahl, AAMS, 1851
is the mantra of most between the costs of term and permanent insurance. W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
parents we work with. If
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