The "living benefits" of annuities can help you grow your retirement savings and provide regular income in retirement. The advantages for your loved ones, including beneficiary protection, mean annuities can play a crucial role in your legacy plan.
Your life insurance policy has an important place in your legacy plan; it is designed to protect your loved ones. You can also consider giving your life insurance policy to your spouse, child or an irrevocable trust. This removes the policy from your taxable estate and can reduce the taxes that your heirs will face.
Protecting assets is an importance part of leaving a legacy. By helping to cover the significant costs associated with receiving long-term care, a long-term care (LTC) insurance policy helps you to preserve your assets for their intended purpose.
Steve's story is a hypothetical situation.
Talk to your financial adviser about an annuity's ability to provide a base level of lifetime income. This can help you manage the retirement challenges of rising inflation and having enough money to last for an extended retirement.
No matter how financially secure you are, the cost of long-term care could impact your life's savings. That's why long-term care insurance can help provide the protection you and your family need.
Life insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.
Trusts should be drafted by an attorney familiar with such matters in order to take into account income and estate tax laws (including the generation-skipping tax). Failure to do so could result in adverse tax treatment of trust proceeds.
This material does not constitute tax, legal or accounting advice and neither John Hancock nor any of its agents, employees or registered representatives are in the business of offering such advice. It was not intended or written for use and cannot be used by any taxpayer for the purpose of avoiding any IRS penalty. It was written to support the marketing of the transactions or topics it addresses. Comments on taxation are based on John Hancock's understanding of current tax law, which is subject to change. Anyone interested in these transactions or topics should seek advice based on his or her particular circumstances from independent professional advisers.
Fixed and Variable Annuities are issued and administered by John Hancock Life Insurance Company (U.S.A.), Bloomfield Hills, MI 48304 (not licensed in NY) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.
Long-term care insurance is underwritten by John Hancock Life Insurance Company (U.S.A.), Boston, MA 02117 (not licensed in New York) and in New York by John Hancock Life & Health Insurance Company, Boston, MA 02117.
All guarantees are subject to the claims paying ability of the issuing insurance company.