The team at BFL Solutions are trained professionals who can help you identify your financial
needs and then determine which financial and insurance products can best help you meet your
objectives. Some of the products we often use to serve the needs of our clients include:
Life Insurance
Many people think that life insurance is only for people with families. While it’s true that
life insurance can help provide for the needs of dependents, life insurance also can be an
important part of a well-thought-out estate, business succession, or charitable giving plan.
And permanent life insurance offers many living benefits as well, such as tax-deferred cash
value accumulation. For all of these reasons, life insurance can be important for someone
starting out—or for someone who's starting over.
Whole Life
Whole life insurance is also known as permanent insurance. You receive coverage for your
entire life, as long as premiums (which are a set amount per period) are paid. Whole life
policies accumulate cash value tax-deferred.
Term Life
Term life policies provide coverage for a specific amount of time—such as five years, 10
years, or 20 years. Term premiums are often less expensive than whole life premiums, but
once the term of the policy is complete, coverage terminates. There is no accumulation of
cash value.
Universal Life
Universal Life insurance is designed to offer customizable death benefit protection with
non-guaranteed planned premiums and a non-guaranteed death benefit. Depending on the
product selected and the amount of premium you pay, Universal Life insurance can allow you
to keep your coverage as long as you need: to age 80, 90, 100 or longer. Because of the
policy’s flexible and non-guaranteed nature, it is important to fund your policy properly
and actively manage your policy to reflect changes in interest crediting rates and policy
charges over the duration of your policy. This policy will terminate if at any time the
cash surrender value is insufficient to pay the monthly deductions. This can happen due to
insufficient premium payments, if loans or withdrawals are made, or if current interest
rates or charges fluctuate.
Variable Universal Life
Variable Universal Life Insurance combines the premium and death benefit flexibility of a
universal life policy with investment opportunities. You may allocate your premium among a
variety of professionally managed investment divisions plus a fixed account. Of course,
with investment opportunities comes risk along with the potential for reward.
Survivorship Life
Survivorship Life insurance—available as whole life, universal life, or variable
universal life —covers two people and provides payment of the proceeds when the second
insured individual dies. Survivorship Life insurance is often used to help meet estate
planning or business continuation goals.
Annuities
An annuity is a unique financial vehicle designed to help you accumulate money for your
retirement and/or turn a lump sum into a guaranteed stream of income payments. Deferred
annuities offer the advantage of tax deferral and can be used to accumulate money for
retirement. Income annuities are used to generate a stream of income payments that are
guaranteed to last for as long as you need them to—even for the rest of your life.*
Some of the different types of annuities are:
Fixed Deferred Annuities
With a fixed deferred annuity, the interest rate on your policy is guaranteed never to
fall below a certain amount.* For many people, this provides a measure of
security.
(A fixed deferred annuity is subject to a sales charge for early withdrawals, which may
be subject to income tax. Withdrawals prior to age 59½ are subject to a 10% tax penalty.)
Lifetime Income Annuities
A lifetime income annuity is an annuity in which income payments begin one period after
the annuity is purchased. It is designed to provide you with predictable income monthly,
quarterly, semiannually, or annually, no matter how long you live, and regardless of how
the financial markets perform.
Variable Deferred Annuities
A variable deferred annuity offers the advantage of tax deferral and can be used to
accumulate money for retirement. The policy's accumulated value—and sometimes the amount
of monthly annuity benefit payments—fluctuates with the performance of your variable
investment account options. There are fees, expenses, and risks associated with the
contract. Please be aware that assets allocated to the investment divisions are subject to
market risks and will fluctuate in value.
