W&S Financial Group Distributors, Inc., wholesale distributor of annuities and life insurance from member companies of Western & Southern Financial Group, has introduced LifeSource, a 10-pay level premium whole life insurance policy issued by Western-Southern Life Assurance Company.
LifeSource helps older individuals pursue legacy planning objectives through permanent life insurance protection. Being marketed primarily through financial institutions, the product provides an insured strategy for people aged 60-80 seeking to leverage dormant annuities for tax-efficient wealth transfer.
LifeSource is offered via simplified underwriting. There are no medical tests, just a few health questions. Automated evaluation then produces an underwriting decision in minutes.
LifeSource provides guaranteed cash value, a guaranteed death benefit and flexible premium payment frequencies ranging from annual to monthly. Additional advantages include:
- Fully paid after 10 years. After 10 years of scheduled premium payments, the policy provides permanent life insurance protection with no additional out-of-pocket premium payments required.
- Flexible funding. Maximum annual premium payments are $20,000 for issue ages 60-69 and $25,000 for issue ages 70-80, allowing financial professionals to align funding with clients' legacy planning goals.
- Simplified wealth transfer. The policy provides a guaranteed death benefit, one generally income tax-free for beneficiaries. Moreover, life insurance proceeds generally avoid probate.
“Legacy planning often calls for solutions that are both straightforward and predictable," said Mark Caner, president of W&S Financial Group Distributors, Inc. "LifeSource offers financial professionals an efficient way to help clients transfer wealth with the certainty of guaranteed policy values and completion of funding after 10 years.”
About LifeSource
LifeSource is issued by Western-Southern Life Assurance Company, Cincinnati, OH. Western-Southern Life operates in DC and all states except NY. LifeSource is not yet available in California or Oregon. Whole life insurance policy series ICC25 2505-4006 WSA, 2505-4006 WSA, and 2505-4006 WSA FL. Accelerated Death Benefit Rider ICC25 2505-2626 WSA, 2505-2626 WSA, 2505-2626 WSA FL.
No bank guarantee. Not a deposit. May lose value. Not FDIC/NCUA insured. Not insured by any federal government agency.
Western & Southern Life is the marketing name for Western-Southern Life Assurance Company, Cincinnati, OH.
Payment of benefits under the life insurance policy is the obligation of, and is guaranteed by Western-Southern Life Assurance Company. Guarantees are based on the claims-paying ability of Western-Southern Life Assurance Company. Products are backed by the full financial strength of Western-Southern Life Assurance Company. Product and feature availability, as well as benefit provisions, vary by state. [See your financial professional for product details and limitations.] Western-Southern Life Assurance Company does not provide tax or legal advice. Please contact your tax or legal advisor regarding your situation. [The information provided is for educational purposes only.]
Neither Western & Southern Financial Group, Inc. nor its member companies provide legal or tax advice. The information provided is general and educational in nature and should not be relied upon as legal or tax advice. Tax laws are complex and subject to change. No guarantees, representations or warranties are made regarding the accuracy or completeness of this information, and no liability is assumed for its use. Clients are advised to consult an attorney or tax professional regarding their specific situation.
Life insurance policy guarantees are subject to the timely payment of premiums. Loans and withdrawals will reduce the death benefit.