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Creating a financial plan involves balancing risk and reward. One often overlooked way to help mitigate risk is insurance. There are many different forms of insurance, but life insurance and annuities are perhaps two of the most important to consider when creating a comprehensive financial plan. Learn more below, and contact Firenze Wealth Management today to request a quote.

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Life Insurance

 There are different types of life insurance available. Our advisors can help you decide which may be best for your unique situation. Explore some of the most common options:

Term Life Insurance

With this option, if someone passes away within a certain time period or “term,” then the beneficiary receives the death benefits. For the duration of the term, the premium is a fixed rate. Once the term expires, the policyholder may renew the policy, switch to permanent coverage, or let the coverage terminate. The premium typically increases if the policy is renewed, since the premium is recalculated—and higher ages typically mean higher premiums.

Whole Life Insurance

Also known as permanent or traditional life insurance, this is one of the most popular life insurance policies. This option provides a death benefit and a savings component, known as the cash value. You may withdraw a portion of the cash value or take a loan against it. Any unpaid portion of the loan will be taken out of the death benefit.

Variable Life Insurance

This option is similar to whole life insurance but comes with investment accounts. These accounts offer tax benefits, including earnings accumulation that is tax-deferred. One of the benefits of this option is that the premium can be adjusted, which means more flexibility. There is also the potential for a larger death benefit based on the performance of the accounts, but there’s no protection against investment loss. This is typically a more expensive option compared to other types of life insurance.

Universal Life Insurance

This policy is similar to whole life insurance but features lower premiums and a savings element. The biggest differentiator of universal life insurance is that it provides the flexibility to adjust the premium and death benefit.


Annuities are most commonly used by retirees as a steady cash flow option in retirement. Annuities come in a few different forms, but the two most common are fixed and variable. Let’s take a closer look:

Fixed Annuities

Life insurance companies offer fixed annuity contracts. These offer some tax benefits, including tax-deferred earnings growth and withdrawals taxed as ordinary income. One thing to be aware of is that money taken out prior to the surrender period may incur a surrender charge.

Variable Annuities

As opposed to fixed annuities, variable annuities offer no guaranteed return. Typically, variable annuities are riskier than fixed annuities but offer the potential for higher reward. One way to think of these annuities is as regular investment accounts, but the principal is secure.

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If you have questions, a Firenze Wealth Management advisor can walk you through which options may best for you. Contact us today to request a consultation.

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Fixed and Variable annuities are suitable for long-term investing, such as retirement investing. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Guarantees are based on the claims paying ability of the issuing company. Withdrawals made prior to age 59 ½ are subject to a 10% IRS penalty tax and surrender charges may apply. Variable annuities are subject to market risk and may lose value.