You have poured your heart and soul into years of working, sacrifice, saving and investing for the well-being of your family. Now that your life has shifted out of the workforce, it's time to think about your retirement and how to best pass on your financial legacy to your heirs.
Puritan Beacon was designed with you in mind.
The Puritan Beacon utilizes the value of the funds you earmarked for your heirs and increases the value based on your age and the amount of your initial premium. This is important so that when you pass, it will simplify the process to your heirs by avoiding Federal income tax and the hassles of probate.
The Puritan Beacon is a single premium whole life insurance policy suitable for creating wealth that facilitates transfer of inheritance and estate planning.
Only funds not needed for income should be repositioned into Puritan Beacon.
However, should you ever need money, there are two ways that you can access funds.
You may take a partial withdrawal of your cash value after the first policy year, subject to the following limitations:
Policy Year 1: 0%, Policy Year 2: 10%, Policy Year 3: 20%, Policy Year 4: 30%, Policy Year 5: 40%, Policy Year 6: 100%
If you elect a partial withdrawal, the guaranteed minimum death benefit will be reduced by a proportionate amount. For complete terms and limitations refer to the policy.
Policy loans may be taken after the first policy year. The amount available to borrow is based on the cash value your policy has accumulated when you request the loan. Should you choose to obtain a policy loan, interest will be charged on the balance of your loan at a rate of 7.4% per year. For complete terms and limitations, refer to the policy.
The Puritan Beacon offers, at no additional cost, accelerated benefit provisions to help offset the expense of terminal illness, nursing home care or chronic illness. The total portion of the face amount that may be accelerated under this benefit is the lesser of $250,000 or 80% of the face amount. If you are fortunate enough never to need an accelerated benefit, the Puritan Beacon death benefit will pass unreduced to your beneficiaries.