The life insurance industry in the United States is large and growing. According to LIMRA, US life insurance premiums set a new record in 2023 with over $15 billion in new annualized premium sales. Only $3 billion of the total represents term life insurance which means 80% of the new premiums were generated from non-term policies.
When insurance agents endorse the investment characteristics of life insurance, they are referring to permanent insurance which is a blend of insurance and investments.
In this month’s podcast, we discuss how the investment component of permanent life insurance works and how it generally performs compared to other investment options.
If you are interested in learning more about how the investment component of permanent life insurance stacks up against other investment options, we think you’ll enjoy this episode. Thanks for listening!
For more details on permanent insurance, check out our blog post covering the same topic at https://pw-wm.com/learn/investing/is-life-insurance-a-good-investment/
Discussions of life and death are often uncomfortable. Facing our own mortality forces us to answer questions and consider scenarios we’d rather pretend do not exist. While we’d rather believe life will go on for decades and we’ll be able to continue providing for loved ones, the reality is that we don’t always have that opportunity.
When individuals pass away, often their loved ones are left in a difficult financial situation, and things that previously were assumed to be a given (staying in their current home, covering day to day expenses, assisting children with education expenses, etc.) are no longer guaranteed.
In this podcast, we discuss the financial implications resulting from the untimely death of a loved one and how life insurance plays an important role in ensuring your family is adequately protected.
If you are interested in learning more about navigating life insurance and avoiding pitfalls, we think you’ll enjoy this episode. Thanks for listening!
For more details on navigating life insurance, check out our blog post covering the same topic at https://pw-wm.com/learn/financial-planning/navigating-life-insurance-and-avoiding-pitfalls/
The American Dream has led thousands of people to start businesses, and eventually, become successful through years of hard work and persistence. In most cases, success did not come without lean times in the early years, late nights and long weekends, and missed quality time with family.
On top of the personal sacrifices made, successful business owners typically have paid significant amounts in taxes throughout the years – income taxes, Social Security taxes, Medicare taxes, etc.
Now after decades of hard work, their goal is to pass what they’ve created down to the next generation; so it is no wonder they are frustrated to learn that their estate may also be subject to estate taxes. Despite playing by the rules and paying taxes for years, they feel like they are a victim of their own success as Uncle Sam takes another bite at the apple.
In this podcast, we discuss planning considerations for families who are concerned about estate taxes - including how estate tax rules are expected to change at the end of 2025 when many of the provisions of the Tax Cuts and Jobs Act of 2017 expire.
If you are interested in learning more about ways to protect the wealth you’ve created from estate taxes, we think you’ll enjoy this episode. Thanks for listening!
For more details on estate tax considerations, check out our blog post covering the same topic at https://pw-wm.com/learn/estate-planning/protect-your-estate-from-taxes/
Steve and Nathan have a passion for teaching others about finances and how to build the financial independence that is achievable with the proper planning. In their roles at Prairiewood Wealth Management, both Nathan and Steve focus on providing comprehensive financial advice to ensure their clients have a coordinated plan that covers all aspects of their finances including their investments, insurance, estate plan, and charitable giving goals.
As Certified Public Accountants (CPAs), both Nathan and Steve believe that one of the most overlooked aspects of financial advice is the tax impacts that result. Accordingly, a core focus of the advice they give centers on integrating tax strategy into the overall financial advising process.
Steve and Nathan are excited to share their knowledge through this podcast as well as their blog with the goal of helping you effectively manage your family’s wealth and ensure you have a comprehensive and coordinated plan for your future.
