A sensible new calculator helps unbiased brokers present their annuity and life insurance coverage purchasers the tax advantages of two merchandise over one.
The Prosperity Choose Combo Calculator, created by Oxford Life Insurance coverage Firm®, affords an immediate comparability of the after-tax worth of an annuity buy versus the after-tax worth of an annuity-life insurance coverage mixture buy at a selected cut-off date.
By getting into a number of easy particulars based mostly on the shopper's monetary standing and targets, brokers are in a position to plainly illustrate probably the most tax-efficient path for his or her purchasers to go retirement financial savings to their youngsters, grandchildren or charitable organizations.
"For brokers who're so used to solely promoting annuities, right here is an easy-to-use software that may help them in promoting single premium life insurance coverage," acknowledged Mike Quaranta, Oxford Life's Vice President of Gross sales. "The explanation I just like the calculator is you possibly can alter deposits to every product line whereas sitting together with your shopper on the kitchen desk, shifting the numbers up and down, to point out the shopper how the allocation modifications can maximize what is out there as a loss of life profit."
Life insurance coverage loss of life advantages are tax free from federal revenue tax whereas the curiosity buildup in an annuity is taxable. If a shopper has plans to earmark financial savings for his or her heirs, church or different nonprofit, the Prosperity Choose Combo Calculator helps them decide what portion of retirement can go towards life insurance coverage to maximise the funds that will probably be handed down.
Take heed to a tutorial in regards to the calculator on YouTube. This software just isn't selling a joint or combo sale. The agent is promoting two separate merchandise on this state of affairs.
"We're simply combining the evaluation of the loss of life profit into one straightforward calculation," added Quaranta. "The advantage of utilizing the Prosperity Choose Combo Calculator is to get to the purpose the place the shopper feels very comfy seeing the benefit of getting some cash in a tax-free life insurance coverage coverage together with a conventional annuity."
To study extra about Oxford Life's top-selling annuity and life insurance coverage merchandise, go to www.oxfordlife.com.
About Oxford Life
Oxford Life Insurance coverage Firm was based within the Grand Canyon state of Arizona in 1965 and stays dedicated to supporting the senior market by way of life insurance coverage, annuity, and Medicare complement merchandise that meet their monetary wants. Oxford Life is regularly working to assist its mission of enabling seniors to stay with dignity of their retirement years by way of monetary safety. Oxford Life is a robust participant in each area the place it competes, and continually strives to be a frontrunner in all classes of the life insurance coverage and annuity markets. Oxford Life is a member of AMERCO®, a publicly traded monetary holding community.
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