Page 21 - Southern Exposure - May '24

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Southern Exposure, Page 21

FinanCial FoCus ®

Term Vs. Perm: Which Is Right For You?

By Sally Sima Stahl

If you’ve been thinking of their careers. Permanent insurance is typically more you’ve reached the end of a term insurance policy. (Some
about life insurance, expensive, largely because it is meant to last for one’s term insurance policies do offer the opportunity to convert
especially if you have lifetime and some of the premiums go toward building cash to permanent coverage, usually without the need for a
family, loved ones, or value in the policy and paying for other features. Generally, medical exam.) You could avoid this potential problem by
anyone who depends on you the younger and healthier you are when you purchase purchasing permanent insurance when you are still young
financially, you might be permanent insurance, the lower your rates will be. and healthy.
curious about the different • Length of time insurance is needed – If you think you Ultimately, you will need to weigh the various factors
kinds of policies available. will only need life insurance for a certain period — perhaps involved in the permanent-versus-term decision. You also
Which type is right for you? until your children are grown — you might lean toward might benefit from consulting a financial professional, who
Essentially, you can look term insurance. If you feel the need for life insurance for can evaluate which type of insurance is most appropriate
at two main categories of other goals throughout your lifetime, for whatever reason for your situation. But whether it’s term or permanent,
life insurance: term and — you might have a special needs child, or perhaps you make sure you have the coverage you need to protect
permanent. want to use your policy to help pay for retirement, or you yourself and your loved ones.
Term insurance is a pay-as-you-go option that covers a wish to include the policy as part of your legacy and estate This article was written by Edward Jones for use by
specific amount of time, usually 20 years or fewer. Term plans — you may want to consider some type of permanent your local Edward Jones Financial Advisor, Edward Jones,
insurance benefits are paid to your beneficiaries free of insurance. Member SIPC.
federal income taxes if you pass away during the coverage • Investment preferences – You may have heard the Edward Jones is a licensed insurance producer in
period, but there’s no opportunity to build cash value. phrase “buy term and invest the difference.” Essentially, all states and Washington, D.C., through Edward D.
Permanent insurance, such as whole life or universal this just means that an investor could purchase low-cost Jones & Co., L.P., and in California, New Mexico and
life, offers coverage for as long as you pay the premiums term insurance, and then invest the money that was saved Massachusetts through Edward Jones Insurance Agency
and, in addition to providing a tax-free death benefit, also by not getting permanent insurance. This can be a valuable of California, L.L.C.; Edward Jones Insurance Agency of
offers a chance to build equity, or cash value, on a tax- strategy in some situations, but people often don’t actually New Mexico, L.L.C.; and Edward Jones Insurance Agency
deferred basis. invest the difference. A permanent insurance policy, of Massachusetts, L.L.C.
When determining which type of insurance is through the payment of premiums, may result in a steady Edward Jones, its employees and financial advisors
appropriate for your needs, you’ll want to consider these buildup of cash value or continued contributions to the cannot provide tax advice. You should consult your
factors: policy’s investment components. For many people, this qualified tax advisor regarding your situation.
• Cost – Term insurance is generally affordable for discipline is helpful. Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
most people, which is why it may be particularly suitable • Future insurability – If you have health issues, it 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
for parents and young adults who may be at the beginning could become difficult to get permanent insurance after

art EvEnts from page 20
It’s the Law! Renowned artist Michele Usibelli judged this year’s

Plein Air Festival, carefully selecting winners across
various categories. Before the collectors’ party, Usibelli
presented select artists with awards, recognizing their
Did You Know That, In Florida… exceptional talent and contributions to the festival.
Among the winners was Kari Ganoung Ruiz, who
was awarded the grand prize for her captivating piece
By Adam S. Gumson, Esq. Golden Morning, Pine Glades, receiving $4,000. Hector
Acuna claimed first place with his artwork Jolly Roger,
A limon y is not pay creditors and distribute assets during the probate earning $2,500, followed by Bill Farnsworth in second
determined via a state- process. Selecting a reliable and responsible personal place for From Both Sides Now, awarded $1,500, and
sponsored alimony representative is a crucial decision that ensures a smooth Marc Anderson secured third place with Beach Babes,
guideline similar to the transition of assets and honors the wishes of the decedent. receiving $500. Additionally, several artists received
one used in child support Guardianship is when a court appoints a surrogate honorable mentions, including Stephen Wysocki for
cases and is not a one- decision-maker for personal and/or financial decisions for Beyond the Animal State, Neil Hughes for Dragon
size-fits-all calculation. a minor or an adult with mental or physical disabilities Lady, Richard Sneary for House on the Midden, Tim
Florida provides a number (the ward). One of the most common reasons as to why Kelly for Om Borneo and Manon Sander for Golden
of distinct alimony a ward needs a guardian is to receive proceeds from a Hour, each earning $200. The artists’ choice accolade
options: temporary, lawsuit, insurance policy or inheritance. Guardianship was bestowed upon Richard Sneary, highlighting the
rehabilitative, bridge-the- is a last resort, especially where naming someone as exceptional talent showcased during the festival.
gap and durational (i.e., attorney-in-fact under a durable power of attorney, The festivalʼs conclusion on Saturday, March 9,
for the length of the marriage) but no longer consists of health care surrogate or trustee could be a lesser restrictive featured a thrilling Battle of the Brushes live painting
permanent alimony (for the rest of a spouse’s life). The alternative. event and a small works sale, rounding off a week of
scope of each type of alimony can vary widely depending Jupiter Law Center is a private neighborhood law artistic excellence and community engagement.
on the financial disparity of the parties, the length of the firm located in the RiverPlace Professional Center, 1003 For more information about Lighthouse ArtCenter’s
marriage and a number of other factors that are considered W. Indiantown Road, Suite 210, Jupiter, Fla., (561) 744- exhibitions and events, please visit lighthousearts.org.
by the court. 4600, jupiterlawcenter.com. The firm provides peace of
A personal representative is entrusted with the mind by solving problems with integrity and compassion
responsibility of carrying out the wishes outlined in a in the areas of estate and business planning, probate, NEED A/C? We’ve Got You Covered!
person’s will. Typically, a personal representative is guardianship and trust administration, probate and
a trusted family member, friend, attorney or financial guardianship for personal injury firms, family law and
institution and has a duty to marshal and sell property, real estate.

“WE SHOW

UP!”

747-PALM Call Today for a FREE estimate!
561.575.2173
747-7256 231 Jupiter St., Jupiter, FL

www.MiklosAir.com