We absolutely love life insurance as there is rarely a client that can’t benefit from the many uses that life insurance has. We like to call life insurance the “swiss army knife” of the financial industry as it can play a role in so many different aspects of financial planning. Life Insurance in many cases can be the backbone of each your clients financial plan. Our main goal at Top Advisors Group is to help you implement more life insurance into your financial plans to help create as much safety and security in your clients lives as possible.

Here are some of the benefits that life insurance can provide:


Income Protection

Help protect the future of your client’s family in the event of the loss of a wage-earner or non-wage-earner through the death benefit protection offered by life insurance.
Essentially, anyone who provides for loved ones, whether a wage-earner or non-wage- earner can benefit from this approach. The death benefit provided for families under this concept can alleviate the concerns associated with:

  • Managing everyday expenses
  • Paying off debts
  • Paying off mortgage
  • Retirement goals for remaining spouse
  • Funding for children’s college

While income protection is a popular solution for breadwinners, don’t forget to consider the contributions of non-income-earners. Income protection is also appropriate for young working individuals who don’t yet have dependents, since they’ll likely qualify for lower rates at their younger age.

Tax-Free Retirement Income

There are a lot of opinions about using life insurance products as a tool for tax-free retirement income. As with any tools it really depends on whether or not the it’s being used properly. At Top Advisors Group we feel that life insurance can be a significant part of the overall retirement income plan for your clients. If used properly permanant life insurance can eliminate taxes and stock market risk. Removing these risks can add years of additional income and allow your clients to relieve some anxiety and stress regarding their financial security during retirement.

Please contact us at (507) 424-0468 if you would like to learn more about the strategy of using permanent life insurance for retirement income. This could be one of the most powerful insurance strategies that you can learn that could have a significant impact on your clients retirement.

There have been many books written about this strategy. Here are a few of our favorites:

College Savings

It’s important to review with your clients the amount of death benefit they currently have to ensure it will cover the cost of college for their children if that is their intentions. Especially since the cost of college continues to increase at a rapid pace. Life insurance can also serve as a good vehicle for saving for college. The cash value can be secure and in many cases does not need to be reported for financial aid purposes. Your clients can save money within their own policies, or they can consider setting up life insurance policies on their children.

We have a college planning specialist here at Top Advisors Group. Feel free to contact Adam Rainey at (507) 424-0468 if you’d like to learn more about college planning. Or you can visit

Self Banking Concept

This concept seems to generate a lot of opinions on whether or not it really works. The principal theory is that you can build up cash value within permanent life insurance policies and then use the loan feature to borrow money from the policy in order to make larger purchases throughout your lifetime. Instead of borrowing money from banks or credit cards and then paying interest to those institutions, why not make payments back to your own life policy. Depending on the life policy loan structure, you are theoretically making principal and interest payments to yourself. As with any financial instrument, as long as it’s used properly it can be a very powerful strategy. Here are a couple of books worth reading if you’re interested in learning more about this concept.

Long-Term Care Benefits

Many people are concerned about the traditional stand-alone long-term care policies due to the cost, and the fact that in most policies the premium may increase. There have been many insurance carriers that no long offer the traditional long-term care policies due to the risk of future health care costs. Therefore many people have been turning to life insurance policies to obtain long-term care benefits.

  • ASSET BASED: This type of policy allows you to leverage a portion of your clients assets by combining the benefits of life insurance with long-term care insurance. Should the client need long-term care the policy will pay benefits based on a multiplier of the cash value within the policy
  • LIFE POLICY RIDERS: Usually for an additional cost, a LTC rider will allow for withdrawals against the policy’s death benefit once the rider has been triggered. The withdrawals are usually based on a prearranged schedule. The beneficiaries of the life policy will only receive the remainder of the death benefit upon the insured’s death

Estate Planning

Life insurance is involved in almost every estate plan and serves as a source of support and liquidity to pay estate taxes, final expenses, fund business buy-sell agreements, and sometimes to fund retirement plans.

For larger estates life insurance is an essential component of the estate plan. Using an irrevocable life insurance trust (ILIT) is a common strategy used in estate planning. The purpose of an ILIT is to provide the liquidity necessary to pay estates on illiquid assets such as property or a businesses, or to allow wealth to pass to the heirs outside of the estate.

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Complete List of Life Insurance Carriers

    • Allianz
    • American Equity
    • American General Life Companies
    • American National
    • EquiTrust Life Insurance Company
    • Fidelity and Guaranty Life
    • Fidelity Security Life
    • Forethought Financial Group
    • Genworth Financial
    • Great American Financial Resources, Inc.
    • Guggenheim Life & Annuity
    • Lincoln Financial
    • Minnesota Life
    • National Life Group
    • National Western Life
    • North American Company
    • One America
    • Principal Financial Group
    • Royal Neighbors of America
    • Sagicor
    • Sentinel Security Life
    • State Life
    • Symetra
    • Voya
If you don’t see the company you’re looking for on this list then please call us at (507) 424-0468 and we’ll do our best to either get contracted with that company, or help you find a comparable product.

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