Insurance

what is a guaranteed minimum income benefit

What Is a Guaranteed Minimum Income Benefit (GMIB)?

When looking into creating a retirement budget, you may have come across the term guaranteed minimum income benefit (GMIB). Some annuity providers offer this optional insurance rider to guarantee a lifetime income. These providers often present the benefits of purchasing the rider without detailing how it works. As such, it’s important to understand GMIBs before …

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how to fund college education through an indexed universal life policy

How To Fund College Education Through an Indexed Universal Life Policy

The financial burden of a college education is a source of stress for many families. According to CollegeData.com, tertiary education in private institutions would cost approximately $39,400 for the upcoming school year. This rough estimation doesn’t include other supplemental expenses an average college student would incur. With tuition and other expenses increasing each year, finding …

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IUL vs 401k

IUL vs 401k

For a financially secure retirement, it is prudent to have a plan early. By diverting part of your paycheck into a tax-advantaged retirement savings plan, you can grow your wealth exponentially to cater to you and your loved ones. Both employed and self-employed folks can invest in a retirement savings plan. Yet, according to this …

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