Risk Management
Wave Wealth provides financial planning and risk management services.
Let’s face it. Insurance is oversold by agents. These agents, often in captive environments, are convinced that their product is the solution to every planning need. Insurance has two purposes: 1) to cover a risk; and in some instances, 2) to accumulate money on a tax deferred basis.
Part of the risk management analysis we perform with clients is an insurance audit. Often, we find that clients were sold products that are no longer suitable. Or perhaps you have too much life insurance given your current net worth. Perhaps you no longer have a need for life insurance at all. Why continue to pay for something that you no longer need?
In some instances, the provisions allowed by IRC §101 can be of particular benefit to clients. You can use life insurance as a creditor protected, tax-free accumulation tool to complement your other savings vehicles providing massive tax savings for you or your heirs.