A retirement and income planning specialist based in Highland Park, Illinois, Arthur S. Miller has served as the president of Capital Preservation Strategies, Inc., since 2013. Previously the owner of Asset Protection Associates, Arthur S. Miller also analyzes client's personal needs for life insurance and determines the value of utilizing life insurance and annuities for charitable giving purposes.

1. By Arthur S Miller, Highland Park Illinois

2.  A retirement and income planning specialist based in
Highland Park, Illinois, Arthur S. Miller has served as the
president of Capital Preservation Strategies, Inc., since
2013. Previously the owner of Asset Protection Associates,
Arthur S. Miller also analyzes client's personal needs for
life insurance and determines the value of utilizing life
insurance and annuities for charitable giving purposes.
Life insurance is a valuable investment that allows
individuals to designate family, friends, or a charitable
organization as a beneficiary. One type of term life
insurance covers a person for a set number of years with
established, guaranteed premiums. A less costly option
than other types of insurance, its benefits are paid out in a
single lump sum. After the set number of years, term life
insurance may still be available but generally at a much
higher premium.

3.  A more expensive option, whole life insurance
builds value through investments made by the
insurance company. Although premiums usually
stay the same throughout the length of the
policy, the cash value of the whole life insurance
can be borrowed without being taxed. Universal
life insurance incorporates elements of both term
and whole life insurance, and its accrued
earnings can be used to cover the premium cost,
often making it less expensive. The death
benefits of a universal life insurance policy may
be paid out in a lump sum or over a selected
period of time.