401K rollover – the movement of an existing 401K from a previous employer to another qualified retirement account. This typically occurs when you change employers or retire and want to better control how your retirement savings are invested. Many people have inactive 401Ks from previous jobs that are making little to no money, or even worse, losing money due to bad or out dated strategies. Our advisors can show you how to take your underperforming retirement accounts and turn them into growing, income producing financial vehicles that guarantee your money for the rest of your life.
IRA accounts – an Individual Retirement Account is a form of retirement plan, provided by many financial institutions, that provides tax advantages for retirement savings. Like many 401Ks, these IRAs are often allocated to risky, underperforming funds that are in dire need of revamping in order to reach retirement goals. Affinity can show you more appropriate investments that will secure your retirement as well as provide a monthly income.
Fixed annuities – an insurance contract in which the insurance company makes fixed dollar payments to the annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both earnings and principal. Fixed annuities are very safe investments that are designed to protect principal, but often do not allow for much growth. These are good investments for those people only concerned with asset preservation.
Equity indexed annuities
Equity indexed annuities – a type of tax-deferred annuity whose credited interest is linked to an equity index — typically the S&P 500 or international index. It guarantees a minimum interest rate if held to the end of the surrender term and protects against a loss of principal. These provide an excellent opportunity for retirees (or soon to be) whom are looking to protect the principal, as well as grow it and provide an additional income source for retirement.
SPIA deferred annuities
SPIA deferred annuities – a single premium immediate annuity issued by an insurance company, allowing a person to turn a lump sum of money into a regular payment that is guaranteed for a certain period. The payout phase of the SPIA could be as short as 5 years, or last as long as the rest of the annuitant’s life and his spouse’s life.
Life insurance is simply an agreement between an individual and an insurance company, where as that individual pays monthly payments (premiums) to that insurance company for the purpose of a lump sum of money being paid (tax free) to another person designated by the individual once they have died. Affinity offers an array of life insurance products designed to cover anything from funeral expenses all the way to multi-million dollar policies to cover estates. We also offer wealth transfer life insurance, which is a way of putting money into an account and having the insurance company leverage the premiums up several times, which then becomes payable to the next generation tax-free. Gifts to an irrevocable life insurance trust (ILIT) can both reduce the size of the grantor’s estate and increase the amount of wealth passing to heirs via the life insurance death benefit, which may significantly exceed the total amount of gifts.
An ILIT is an irrevocable trust designed to hold a life insurance policy. Its irrevocable nature prevents the policy proceeds from inclusion in the insured’s estate. Premium gifts made to an ILIT may qualify for the annual gift-tax exclusion, so there would be no adverse gift tax consequences if the premium and other gifts do not exceed those certain amounts. For the premium to be considered a gift, the trust must contain terms known as “Crummey powers.”
Long-term Care is medical, social, and personal care services on a recurring or continuing basis to persons with physical or mental disorders. The care may be provided in environments ranging from institutions to private homes. Long-term care services usually include symptomatic treatment, maintenance, and rehabilitation for patients of all age groups. 70% of all Americans age 50 or older will be affected by the cost of a long-term care facility at some point in their lives. Affinity agents show our clients how to take away the burden of potential long-term care expenses with products designed to eliminate these costly expenses.
Leveraged Long-term Care
Leveraged Long-term Care is universal life insurance policy with optional long-term care benefit riders that provides guaranteed benefits that can be tapped into to reimburse qualified long-term care costs, helping to protect assets set aside for retirement. Flexible and single premium options are available and level premiums allow you to leverage each dollar at an exponential rate. All benefits are paid on a tax-free basis and our policies also include a money back guarantee that will return all premium payments upon full surrender of the policy.
Disability offers income protection to individuals who become disabled for a long period of time, and as a result can no longer work during that time period. The policy pays a disability benefit as a partial replacement of income loss due to illness or injury.
Medicare supplements – is private health insurance designed to supplement the coverage provided under governmental programs such as Medicare. It helps fill in the gaps from which the original Medicare A & B creates so an individual is not left unprotected.
Advantage programs are health plans that are approved by Medicare and provided by private companies. Medicare sets the rules for Medicare Advantage Plans and regulates the private companies who operate the Plans. A Medicare Advantage Plan combines your Medicare Hospitalization (or Medicare Part A) and Medical insurance or Doctor’s Visit Coverage (or Medicare Part B) into one Health Plan that provides the same medically-necessary services as original Medicare.
Property insurance is insurance that protects the physical property and equipment of a business or home against loss from theft, fire or other perils
Casualty insurance is a provision against loss to persons and property, covering legal hazards as well as those of accident and sickness.