What’s Your
WORK-LIFE
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FINANCIAL HEALTH?
Not Your Grandfather’s Life Insurance
What financial instrument can potentially provide you tax free income, assistance if you need Long Term Care as you grow
older, and the possibility of investing in the stock market while limiting downside loss? One answer is permanent life
insurance!
Permanent life insurance (as opposed to term life insurance) can be a difficult financial planning concept to understand.
Just as televisions have improved and have more capabilities over the years, the same can be said of life insurance policies.
Let’s take a look at the potential benefits a properly implemented permanent life insurance policy can provide.
First and foremost, the need for life insurance arises out of a concern for the people we love. What burden would a sudden
loss of income cause a family should the major earner pass away? Without life insurance, the risk of death is borne by the
family. Having life insurance shifts this risk away from the family and to the insurance company. A major benefit of life
insurance is that the proceeds from the insurance policy upon the death of the policy owner generally go to the
beneficiaries tax free!
Another benefit of permanent life insurance is the way potentially tax free distributions can be provided using policy
features such as cash withdrawals and “loans.” When loans are taken from the policy, the loan is typically deducted from
the death benefit before distribution to the beneficiaries. As with most loans, the insurance company does charge interest,
but with many insurance companies, the insurance company charges you an interest rate and then credits you the same
interest rate, making it a wash. This treatment of policy withdrawals/loans make insurance policies a favorite investment
vehicle for funding personal goals such as retirement and college savings/expenses.
There are various types of permanent insurance policies, from fixed rate models to variable models which may have
underlying investments. Each type of policy has its own set of risks and potential rewards. One newer type of permanent
life insurance is called “Indexed Universal Life,” or IUL. Some IULs are becoming popular due to the investments made
available to the policy owner. These policies allow the owner to mirror a major market index, such as the S&P 500. An
investment in the market with a regular investment account has the potential to lose value when the market is declining.
An investment in the IUL on the other hand, may provide potential growth along with some downside protection.
A more recent benefit to come to the permanent insurance world is the addition of Long Term Care (LTC) riders that can
be added to policies. For an additional fee, these LTC riders give policy owners access to the death benefit dollars to help
pay for LTC services if they are required. While the utilization of these riders can decrease the benefit going to the owner’s
loved ones, it does keep from eating into one’s life savings if LTC is needed.
Today’s life insurance policies are generally much more efficient than policies issued years ago. The design that a
permanent life insurance policy can take depends on the individual. It is very important to review and thoroughly
understand all aspects of a permanent life insurance policy before investing. If you would like to review your current policy
or evaluate pros and cons of other life insurance options, give our financial planning consultant, Bret Eberhardt, a call. He
can be reached at 720-981-2301 or [email protected].
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UPCOMING
HOLIDAY BRANCH
HOURS & CLOSURES
Columbus Day - Monday, October 10th
Christmas Holiday Observed – Monday, December 26th
CLOSED: EMPLOYEE STAFF TRAINING
CLOSED: All Branch Locations
Thanksgiving – Thursday November 24th
New Year’s Eve – Saturday, December 31st
CLOSED: All Branch Locations
OPEN: Normal Saturday Hours & Locations
Black Friday – Friday November 25th
New Year’s Holiday Observed – Monday, January 2nd
CLOSED: Englewood Location Only
CLOSED: All Branch Locations
Christmas Eve – Saturday, December 24th
OPEN: Normal Saturday Hours & Locations
Inside this Issue:
BALANCE
COLORADO CREDIT UNION FALL ISSUE | 2016
Mobile Apps:
Access your info
24/7 from your
web-enabled
smartphone or
device.
Smart Phone Security:
Stay protected
EMV Cards:
Arriving Soon!
Home Ownership:
It’s Possible.
Branch Hours:
Upcoming Closures &
Holiday Hours
What’s Your
Financial Health?
Not Your Grandfather’s
Life Insurance
Insert:
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Federally Insured by the NCUA | Equal Housing Opportunity
WORK-LIFE
BALANCE
It's hard to make time for
exercise when you have a
jam-packed schedule, but it
may ultimately help you get
more done by boosting your
energy level and ability to
concentrate.
HOME
OWNERSHIP
The home buying or refinancing process may seem
overwhelming, and at times confusing. Many questions can
come to mind when you first start thinking about
purchasing or refinancing a home, such as:
Where do I begin?
How much can I/We afford?
What's my debt to income ratio mean?
How much can I save on a 15 vs. 30-year loan?
Are rates going to drop or increase?
Should I wait or should I buy?
How soon can I refinance?
If left to your own devices, it may feel like you are walking a
tightrope while caught in a whirlwind at the circus.
Between internet searches, friendly conversation, and the
daily news - you may think it's impossible to achieve.
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MOBILE
Mobile Banking is offered FREE to our members. However, you may be charged access rates depending on your
carrier. Web access is needed to use Mobile Banking. Check with your service provider for details on specific
fees and charges. Federally Insured by the NCUA
SMART PHONE
SECURITY REMINDERS
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That's where we come in, and offer you that "Work-Life
Balance." Our on-site Mortgage Team is here to guide, direct
and answer your questions; even if you are still in the
dreaming stage. Once you are ready to proceed, we will
develop home loan options to fit your specific needs; and
explain your best options. With our competitive mortgage
loan rates and low closing costs, we’ll help alleviate the stress
and take the unknowns out of owning a new home or
refinancing your current one. Give us a call today at
303.978.2274 or visit us online at www.ccu.org.
ARRIVING
SOON!
Enhanced
CARD SECURITY
Thank you for trusting us with your
financial needs. Your security and
satisfaction are important to us. We
are pleased to announce that soon we
will be introducing our new chip
technology VISA Debit and Credit
Cards.
CCU showed me how my home
ownership dreams could become
a REALITY.
FREQUENTLY
ASKED
QUESTIONS
Q: What if a merchant doesn’t have a chip-capable terminal? Will my card
work?
A: Yes. Just swipe your card’s magnetic stripe, like you would with your old
card. Online purchases still work the same way they did with your old card.
Q: When do I swipe? When do I insert?
A: When in doubt, swipe your card. If the terminal is chip-enabled, it will
recognize that your card has a chip and prompt you to insert it instead.
Q: What is different about my new card?
A: Your new card features an embedded chip that improves security every
time you make a purchase at a chip-enabled terminal. The chip technology
creates a unique code for each transaction that is difficult to duplicate,
reducing the risk of fraudulent charges on your account.
Q: Does my chip card work at the ATM?
A: Yes. You can still use your card to get cash, check your balance and more.
Q: Where can I use my chip card?
A: Use your chip card at the exact same merchants you do now by inserting
the card into card terminals that are chip enabled or swiping your card at
merchant locations that have not yet switched to chip-enabled card
terminals. You can also use your card as you did before for online payments,
telephone payments, and at ATMs.