Protecting Your Future with Insurance
Affordable insurance solutions for your peace of mind.
Our Mission
At Slaters Financial Group, our mission is to provide comprehensive insurance solutions tailored to your unique needs. We strive to ensure that you and your loved ones are protected, offering peace of mind in every policy we create. Products offered Life insurance, IUL's Mortgage protection, Accidental and Critical illness Debt Free Life, Wills and Trusts, and Health insurance
Secure your future with SLATERS FINANCIAL GROUP
IULs WITH LIVING BENEFITS ALSO available
Using an Indexed Universal Life (IUL) insurance policy as a way to save for college funds can offer several benefits, though it’s important to weigh them against potential drawbacks. Here are the key advantages:
1. Tax-Deferred Growth
- The cash value inside an IUL grows tax-deferred, meaning you don’t pay taxes on gains as long as they remain in the policy.
- This can help your savings compound faster compared to taxable accounts.
2. Flexible Access to Funds
- You can borrow against the cash value through policy loans, often without triggering taxes if managed properly.
- This flexibility can be useful for covering tuition or other college-related expenses.
3. Market-Linked Growth with Downside Protection
- IUL policies credit interest based on an index (like the S&P 500), but typically include a floor rate (e.g., 0%) to protect against market losses.
- This means your cash value won’t decrease due to negative market performance, though gains are capped.
4. No Income Limits or Contribution Caps
- Unlike 529 plans or Coverdell accounts, IULs don’t have contribution limits or income restrictions.
- This can be helpful if you want to save more aggressively.
5. Death Benefit Protection
- In addition to savings, the policy provides a death benefit, which can help protect your family financially if something happens to you.
Annuities
Grow your wealth with SLATERS FINANCIAL GROUP.
An annuity is basically a financial product that helps you receive regular payments over time, often used for retirement. Here’s the simple breakdown:
- You pay money in: Either as a lump sum or through a series of payments.
- The insurance company invests it: They manage your money.
- You get money back later: In regular installments (monthly, quarterly, yearly) for a set period or for the rest of your life.
Think of it like buying a steady paycheck for the future. It’s designed to give you predictable income when you’re no longer working.
There are different types:
- Fixed annuity: Pays a guaranteed amount.
- Variable annuity: Payments can change based on investment performance.