b'FOR YOUR PRACTICEWhole Life InsuranceContinued from page 216. You are fully funding qualified plans and tax advantagedfrequently used for deferred compensation for executives accounts. in corporations.7. You have a cash surplus and a retirement savings shortage.5. In some states its a protected asset from lawsuits. In Now, you can look at whether whole life makes sense for you.the event of a malpractice suit against you, whole life is You may have heard the argument to buy term and invest theone of the few things outside of your retirement plan that rest. While this is a catchy slogan it does not provide all themight provide credit or protection.information for you to make an educated decision.For peopleIf whole life is right for you, work with a specialistwho may have a desire to provide a legacy and can use at least one of the other powerful features of the policy, whole life mayMany people have purchased whole life insurance at the very well be the answer. wrong time or in the wrong situation and that hurts every person who has been improperly advised to purchase whole If you must buy term life. Even if the time and situation was correct to implement We tell people that if you must buy term, buy it from a state-of- a whole life strategy, they also may have purchased the the-art company that provides conversion privileges to best-in- wrong policy. Not all permanent life insurance policies are class whole life policies, meaning dont buy cheap term, dontthe same. Be sure to work with an advisor that understands buy it online, and dont assume that all term is created equal.and can articulate the differences. Overall, if you have a need for life insurance, have enough cash flow to support it, Also, as a dental or medical professional-in-training there areand have tapped out other tax advantaged means for saving opportunities to purchase convertible term insurance. Thesefor the future, you should take a first (or second) look at policies are flexible in that they allow you to convert your termwhole life. insurance into permanent insurance without regard to future changes in health. Buying convertible term is a smart wayWhatever you do, work with someone who understands the to lock in your good health ratings today. Consequently, afinancial needs of dental and medical professionals and potential health event or illness wont get in the way of yourunderstands how whole life fits into the bigger picture of being able to purchase whole life insurance in the future.your financial plan. Because when used properly, this may be just the missing piece in your toolkit. Using whole life strategically Treloar & Heisel, An EPIC Company, is a financial services By now you may have realized that whole life is a wholeprovider to dental and medical professionals across the lot more than life insurance. While this is by no means ancountry. We assist thousands of clients from training to exhaustive list of how whole life may be used creatively topractice and through retirement with a comprehensive suite support your financial plan and savings strategy, we thoughtof financial services, custom-tailored advice, and a strong we would share with you just a few of the strategic uses ofservice-focused support team. For more information, visit us whole life. at www.treloaronline.comBe smart about how you implement whole life Treloar & Heisel, Treloar & Heisel Wealth Management, and Treloar & Heisel Risk Management are all divisions of Treloar 1. Use it for retirement income. There are opportunities to take& Heisel, LLC. income via policy loans tax free at retirement.Investment Advice offered through WCG Wealth Advisors, 2. Borrow from it in down markets. When equity markets areLLC, a Registered Investment Advisor doing business as down, you may consider taking a loan against the cash valueTreloar & Heisel Wealth Management. Treloar & Heisel of your life insurance. The cash value in whole life is notWealth Management is a separate entity from The Wealth exposed to market volatility and it is a smart idea to avoidConsulting Group and WCG Wealth Advisors, LLC. selling equities in a down market.3. Pass it on. Whole life provides a great way to pass money onInsurance products are offered separately through Treloar & to heirs and life insurance proceeds are tax free. Heisel and Treloar & Heisel Risk Management. 4. Use it for deferred compensation. Whole life is a tool that isTreloar & Heisel, LLC. and its divisions and WCG Wealth Advisors, LLC do not offer tax or legal advice. AAP Periospectives| 22'