PRISM FINANCIAL SERVICES
Understanding the options available will provide peace of mind now, as you plan for the future. The two main types of life insurance – term and whole – both provide benefits with the main differences being term length and cost. The Prism Financial team can provide guidance for your specific situation.
Term life insurance provides a higher death benefit immediately, to protect against death in the relative short-term (depending on the policy length) and is only for a fixed timeframe. Many times, people will align their mortgage payments / terms with the term of their life insurance (so that if one partner passes away, the other partner doesn’t have to carry the mortgage alone).
Generally, term life insurance payments are lower than whole life insurance. It has no cash value and is temporary. Once the term of coverage is over, one can allow the policy to terminate, renew it for another term, or potentially convert the policy into more permanent coverage.
Whole life insurance is a type of permanent insurance. It starts with an initial death benefit that can be grown over time and can be used as an inter-generational investment vehicle. Unlike term life insurance, it has cash value and is not temporary – so as long as premiums are paid on time and up to the maturity date, you’ll be covered for life. Due to the nature of whole life insurance, it is generally more expensive than term life insurance.
Which one is better for you? In many cases, we may recommend a combination of both! We’ll work with you and your family, and take your financial goals into account when determining which option would be best.
Are you tired of relying on banks and finance providers to give you loans? Are you swimming in debt and are seeking assistance? Wondering how in the world debt elimination works, anyway?
Well – this may sound strange, but Prism Financial helps you become your own bank. By tapping into the benefits of whole life products, Prism can help get you debt free without all the usual fees and hassle of typical debt elimination services.
By becoming your own bank, you make loans to yourself. Unlike other loans and investments, you get to keep the loan principal, dividends, and interest, avoid the fees and penalties associated with other banks, and avoid the market risk of typical investments.
Here are just some of the benefits of Prism Financial Debt Elimination service:
- No typical bank fees
- No typical bank penalties
- No market risk
- Increasing cash value
- Increasing death benefit
- Potential retirement income
Our financial experts can also help dig into your daily spending to eliminate those items that can really add up quickly at the end of month – like meals out, and of course, those morning coffees and lattes (in fact, this is sometimes known as the Latte factor).
The professionals at Prism Financial will develop a custom strategy to help you responsibly pay off credit card bills, student loans, and other debts. Some small tweaks in your lifestyle paired up with the financial experts at Prism can get your debts eliminated quicker than you may think!
Want to know more about our “Family Bank” concept and Debt Elimination? Contact Us today!
The Prism Financial team can help secure your future. We’ll analyze your assets, discuss your goals, and create a plan to maximize your nest egg. We will also discuss asset management and supplemental income opportunities for your retirement years.
Most people think they’ll spend less in retirement than they do pre-retirement, but that is rarely the case. It’s important to work with a professional to determine how much you’ll need to retire. Ideally, we’ll try to match your working income so that you don’t need to go through difficult lifestyle changes and “penny-pinching” in your retirement.
Here are a few questions to ask yourself prior to meeting with Prism Financial. Don’t worry, we can help determine these with you as well.
- How much income do you need to retire comfortably (estimated budget)?
- What assets do you have available?
- What is your time frame to retirement?
- What are your short-term, mid-term, and long-term financial goals and priorities?
- Are you willing to do what is necessary to accomplish those goals?
The more information we have about your finances, the better we’ll be able to structure a plan for retirement that fits your circumstances so please come prepared with financial documents.
Understanding federal benefits can be an overwhelming challenge. The professionals at Prism Financial will review your federal benefits and help you make informed decisions.
It’s important to understand federal benefits so that you can see your “shortfalls” – the difference between your required retirement income and what your social security / pension provides. Too many people fall into the trap of depending on social security and/or pension too heavily to carry them through retirement.
We’ll be discussing the benefits of:
- TSP (401k equivalent, rollover vs. pension option)
- FEGLI (Group life insurance, Government vs. private)
- CSRS/FERS (Pension plans including survivor benefit options)
Schedule a 1-on-1 Federal Benefit Education with Prism Financial today.
*Prism Financial is not, in any way, affiliated with the Federal Government
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The face of retirement has changed in the past decade, and Prism Financial helps clients shape their investments to be a custom fit to their envisioned lifestyle – no matter how lavish or how modest their vision may be.
