5 Reasons to Get a 770 Life Insurance Savings Account

While there are only two main categories of life insurance, term and permanent, there are many subcategories making it hard to know what’s what.

Are you looking for life insurance Timonium, MD that acts as an investment account or a high-yield savings account? Are you trying to make sure your family is covered if something happens to you?

Insurance needs change over the course of your life as you get married or divorced, have children, and prepare for retirement. If you are looking to build wealth and leave a legacy for your loved ones, there are specific policies that can help you do that.

Are you thinking about getting a 770 life insurance savings account but don’t know where to start? Keep reading to learn more about this type of life insurance policy and the reasons you should get one.

What is a 770 Account?

A 770 life insurance savings account is a policy that is designed to help policyholders grow their wealth. It’s a dividend-paying whole life insurance policy with cash value. Premiums are set at the highest the policyholder can afford to help the policy’s cash value grow while the death benefit stays low.

Benefits of a 770 Account

This type of account offers benefits that help you keep your wealth secure and help it grow. Let’s look at the reasons you should get a 770 life insurance savings account.

1. Tax-Free Components

When you accumulate interest and dividends, they are tax-free. You can use the growth of the policy’s cash value tax-free. The death benefit is usually tax-free and your heirs may not be required to pay an estate tax.

2. The Policy is Funded With After-Tax Dollars

It’s like a Roth IRA with more flexibility. You can use the cash value at any time without paying a penalty.

3. Asset Protections

The cash flow in your 770 account stays private and secure. Your assets remain hidden in a 770 account.

4. Policy Loan

You can borrow money from the cash value of your policy for whatever you want or need. When you pay it back, the interest goes back into your account.

5. Riders

You can add additional forms of insurance to your policy. Do you want chronic or terminal illness coverage? If you become ill, a portion of your death benefit is used to pay for your care.

Still not sure what a 770 account is? Click here to learn what it is, how it works, the tax benefits, and how to set one up. This is the product that puts your life insurance needs with your financial goals.

Life Insurance Savings Account

Now that you’ve learned some reasons for getting a life insurance savings account, are you ready to research if it’s the right fit for you? Speak to an expert wealth strategist and learn more about how this type of account can get you to financial peace of mind.

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