Protect Family | Build Wealth |
Create Legacies
insurance
Health
wealth
Life
Retirement
Our Mission
Each client is special to us! We are committed to offering an elite client experience that will always prioritize transparency, education and integrity to the highest standards. We work with several top-rated carriers so we can find the right product for you. Our goal is to help thousands of families protect and create wealth through financial education and sharing our holistic view of wealth.
Life Insurance
We proudly specialize in designing permanent high cash value life insurance policies with minimal insurance expenses. These special policy designs are exclusively for whole and indexed universal life products which grow via compound interest. Both also offer excellent living benefits. Life insurance is not a one-size-fits-all product so before any product or policy recommendations are given we will assess your needs and goals in order to discover if term and/or permanent insurance is right for you.
Whole life insurance provides guaranteed compounded growth averaging 3-5% returns, liquidity, a tax-free death benefit and are known as one of the safest garages for your money. Heard of becoming your own bank? Utilizing the proper policy structure, this is the top product to function as your own bank due to the top carriers paying dividends for over 150 plus years.
Indexed universal life insurance, also known as the “Rich man’s roth”, grows based on the stock market index.
Cash is not actually placed in the stock market but is housed in a separate cash value account that can yield stock market index returns with usually a 0% floor and growth capped at 4-16% + depending upon contract. Although returns are not guaranteed like whole life, the potential growth is higher. Are you concerned about high fees? Our policy designs are created to manage policy expenses. This product is a great tax-free addition to your retirement plan.
Disability Insurance
Disability insurance offers income protection for employees and self-employed individuals in the event of an unexpected illness or injury resulting in temporary or permanent disability. During your time of disability, benefits can be used for needs of your choice. Avoid major financial setbacks while you rehabilitate.
- Transfer income tax-free generational wealth
- Supplemental tax-free retirement plan
- Access death benefit during qualifying sickness
- Income replacement for surviving family
- Cover final expenses removing financial burden from family
Why Life Insurance?
Additional Offerings
Term Insurance with living benefits which may include a conversion rider allowing term insurance to be converted to permanent insurance with guaranteed insurability.
Fixed and Indexed annuities products can provide principal protection from inflation or guaranteed life income
Life Insurance for Children
Have you ever thought about insuring your children? If so, we have provided information about coverage options and benefits to consider in this educational piece. Of course, the primary goal of any life insurance policy is to provide a death benefit. Although a family will more than likely
not need income replacement in the event of a child’s death, life insurance permits the family time to grieve without additional stress caused by financial burden.
Let’s highlight the benefits of obtaining life insurance for your children. Along with the income tax-free death benefit for both term and permanent coverages, many parents utilize permanent insurance as a savings account for their children that could be used to start a business, for emergency purposes or even as a supplemental tax-free retirement source for their children.
Guaranteed insurability is another benefit in case a health condition occurs that would deem the child as uninsurable. Also, due to age rates for all coverage types are usually reasonable.
Generally, maximum coverage for a child 4 and under will be 1/4 of the parent’s coverage and 1/2 of the parent’s coverage for ages 5 and above. The MJ Wealth Group is here to assist with
your coverage needs and questions.
Coverage Options:
- Children’s Term Rider: Some life insurance companies offer coverage generally up to $25,000 per child to be added to a parent’s term or permanent life insurance policy in the form of a child term rider. Depending on the company, the term rider may have the option of being converted to a permanent policy at ages 18-25 and if not, the coverage will end at a set age normally 18, 21 or 25. Adding a child term rider to your policy is generally the least expensive option.
- Permanent Life Insurance Parents can obtain permanent life insurance in the forms of whole life and universal life Insurance. Whole life insurance involves paying a set premium for a guaranteed death benefit. The included cash value component accumulates interest. Universal life insurance policies also accumulate cash value and unlike whole life offer flexibility which allow adjustment of premium and death benefit. These policies are usually lower in cost than whole life but a bit more expensive than the term option.
IS YOUR EMPLOYER-PROVIDED LIFE INSURANCE ENOUGH?
Group Term Insurance
Most employer-provided policies are group term insurance which is usually lost when resigning or retiring from your job leaving you without life insurance.
Underinsured
The maximum amount of coverage may not be enough to handle debts, loss of income for family you're responsible for financially and final expenses for your burial.
Financial Emergency and Illness
This coverage may only offer a death benefit without access to living benefits that could offer monetary help during financial emergencies or serious illnesses.
Policy Structure
Although the insurance could be a cash-value policy instead of term, building optimal cash value early is highly unlikely due to policy design. During the first 2 years of the policy, there may be $0 or little cash value available and the break even point may not occur for 15+ years. Adding a private policy can fill the gaps of employer-provided life insurance. Contact The MJ Wealth Group for a free consultation.
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We look forward to providing a seamless, simple and client-first experience.
