Living Benefit Products and Indexed Products that protect you against potential Downside Risk and provide Tax Advantages 4
The odds are staggering the high percentage of Americans that will experience a heart attack, stroke or cancer by age 65.
The cost of severe heart attack – including direct and indirect costs – is about $1 million.1
60% of all bankruptcies are due to medical issues. Of those that filed for bankruptcy, nearly 80% had health insurance.2
One in four people with cancer delayed or turned down recommended care because of cost.3
1Shaw LJ, Merz CNB, Pepine CJ, et al. The Economic Burden of Angina in Women With Suspected Ischemic Heart Disease: Results From the National Institutes of Health National Heart, Lung, and Blood Institute-Sponsored Women’s Ischemia Syndrome Evaluation. Circulation. August 29, 2006 2006;114(9):894-904.
2″More People are Surviving Critical Illnesses” United States Critical Illness Insurance Resource Center, 2012. http://criticalillnesspolicies.com/insurance-coverage/critical-illness-statistics/ (13 April 2012).
3″National Survey of Households Affected by Cancer” The USA Today/Kaiser Family Foundation/Harvard School of Public Health, November 2006. http://www.kff.org/kaiserpolls/upload/7591.pdf (13 April 2012).
4Tax and/or legal advice not offered by Virtual Financial Group or its affiliated companies. Please consult with your personal tax professional or legal advisor for further guidance on tax or legal matters.
*The main purpose of life insurance is to provide a death benefit.
**Policy loans and withdrawals are tax-free to the extent that they do not exceed the basis (generally, premiums paid less withdrawals) and that the policy does not lapse, is not surrendered and is not and does not become a modified endowment contract (MEC)
Loans & withdrawals will reduce the the policy value and death benefit. Loans are subject to interest charges. If a policy lapses while a loan is outstanding adverse tax consequences may result.
Please consult with and rely on your tax advisor regarding your particular situation.