Amplify Life Insurance: What You Need To Know

Amplify Life Insurance is a digital platform that offers customers life insurance products that enable them to build wealth and protect their families. The company, founded in 2019, is based in San Francisco, California, and serves customers across all 50 states. Amplify's platform specializes in term, permanent, and cash-value life insurance policies that can be customized based on individual needs, budgets, and interests. Their products provide access to the policy's cash value, allowing customers to use it for retirement, college funding, or any other purpose while they are alive. Amplify aims to democratize access to life insurance by making it a transparent and inclusive opportunity for everyone, not just the wealthiest 1%.

Tax-free savings and investment

Amplify Life Insurance is a digital platform that offers customers direct access to life insurance products that allow for tax-efficient savings and investment through their policies. The company is based in San Francisco, California, and was founded in 2019 by serial entrepreneurs with industry and technology expertise.

Amplify's life insurance products provide customers with the ability to invest and access tax-free savings. The company's platform specializes in life insurance policies that can be accessed for various purposes, such as retirement, college funding, or a down payment. Customers can customize their policies based on their interests, budget, and individual situation.

One of Amplify's key offerings is the Variable Universal Life policy. This policy combines protection with the ability to invest in various assets, offering potential for tax-advantaged growth. The Index Universal Life policy is another option, which provides both a death benefit and the opportunity for cash value growth based on the performance of a market index.

Amplify's platform revolutionizes wealth-building by enabling customers to build tax-efficient wealth through life insurance premiums. This approach provides access to the policy's cash value for any purpose while the customer is alive. By prioritizing a customer-first experience, Amplify transforms the traditional life insurance model and makes valuable permanent life insurance more accessible to a broader market.

In addition to tax-free savings and investment opportunities, Amplify also provides an intelligent customer journey with streamlined digital policy customization, pre-underwriting, and in-force policy management. The company is committed to making the process of securing life insurance transparent and inclusive, ensuring that customers can protect their families and grow their wealth simultaneously.

Democratizing access to life insurance

Life insurance is an important way to secure your future, protect your family, and grow your wealth. However, the traditional life insurance industry has been manual and agent-driven, making it difficult for many people to access this essential financial tool. Amplify Life Insurance is on a mission to change that by democratizing access to life insurance and making it available to everyone, not just the wealthiest 1%.

Amplify is a digital platform that offers life insurance products, allowing customers to invest and access tax-free savings through their policies. This means that you can use your life insurance policy for retirement, college funding, or any other financial goal while still protecting your loved ones. With Amplify, you can customize a plan based on your unique needs and get pre-underwritten for the best rates, all in under 5 minutes. Their streamlined digital experience makes it simple and fast to get a product recommendation and complete your application.

The company's unique approach provides a simple, transparent, and liquid digital experience, offering life insurance wealth products to a younger, mass-affluent market. By focusing on the customer first, Amplify transforms the traditional life insurance model and makes permanent life insurance accessible to a broader market. This includes businesses seeking tax-efficient cash management solutions.

Amplify offers a range of life insurance policies, including Variable Universal Life and Index Universal Life. Variable Universal Life combines protection with the ability to invest in various assets, offering potential for tax-advantaged growth. Index Universal Life provides both a death benefit and the opportunity for cash value growth based on the performance of a market index. Amplify also offers fast and affordable term policies and custom insurance plans to meet individual protection needs and access tax-advantaged growth.

With Amplify Life Insurance, you can secure your future, protect your family, and build your wealth, all with a transparent and inclusive opportunity that is finally accessible to everyone.

Variable Universal Life

VUL insurance lets you invest and grow the cash value through subaccounts that operate like mutual funds. Exposure to market fluctuations can generate high returns but may also result in substantial losses. You can choose how to invest the cash value of your policy from a wide range of investment options, including stocks, bonds, money market securities, ETFs, and mutual funds. The cash value of your policy may grow over time, and you can access it during your lifetime. However, the return on the cash component is not guaranteed every year, and you can even lose money.

VUL is similar to variable life insurance, but it offers more flexibility by allowing you to change your premium payment amount. While VUL insurance offers increased flexibility and growth potential, it also comes with higher risks and potential losses. You should carefully assess these risks before purchasing a VUL policy.

VUL insurance gives you control over how to invest your cash value. You can pick the subaccounts that best fit your risk tolerance and investment objectives. It is important to note that VUL policies can charge high fees due to the combination of life insurance and investment components. Additionally, VUL policies may include a surrender charge where you owe a penalty if you cancel within a certain period after purchasing the policy.

Index Universal Life

Amplify Life Insurance is a digital platform that offers permanent life insurance to its customers. The company aims to revolutionise wealth-building through permanent life insurance, making it accessible to a broader market. Amplify offers a range of life insurance policies, including Index Universal Life (IUL) insurance.

IUL insurance offers permanent, lifelong coverage when premiums are kept up to date. It provides flexible premiums and a death benefit that may also be flexible. The policyholder can decide how much cash value to assign to an equity-indexed account and to a fixed-rate account, if available. The cash value in an IUL policy can be accessed at any time without penalty and there are no limitations on annual contributions.

IUL insurance is a good option for people seeking permanent life insurance with a cash component that earns interest, as well as a death benefit. It offers flexible premiums, cash value accumulation, investment flexibility, and a permanent death benefit. However, it is more expensive than term life insurance and has high fees and premiums.

Retirement and college funding

Amplify Life Insurance offers a range of life insurance policies that can be used to fund retirement and college education. With Amplify, you can access your funds while you are alive, providing flexibility to meet your financial goals. Here are some ways Amplify Life Insurance can assist with retirement and college funding:

Retirement Planning:

• Tax-Efficient Wealth Accumulation: Amplify's life insurance policies offer tax advantages, allowing you to build wealth over time. The Variable Universal Life (VUL) and Index Universal Life (IUL) policies provide tax-efficient growth, with the VUL offering the highest level of tax-advantaged growth and low fees.
• Retirement Income: You can access the cash value of your policy via withdrawals or loans while you are alive. This provides a source of income during retirement, supplementing any other retirement plans you may have.

College Funding:

• Education Savings: With Amplify, you can use your life insurance policy to save for your children's or grandchildren's college education. The funds can be used to pay for tuition, fees, and other education-related expenses.
• Tax-Free Withdrawals: The cash value of your policy can be accessed tax-free, which means you won't incur additional taxes when using the funds for college expenses.

Customizable Plans:

Amplify offers customized insurance plans tailored to your specific needs. You can work with their team of licensed experts to create a plan that fits your retirement and college funding goals, ensuring you have the necessary financial resources when you need them.

Protection and Security:

While planning for retirement and college funding, it's essential to consider protection for your loved ones. Amplify's life insurance policies provide a tax-free payout to your beneficiaries upon your passing. This ensures that your family is financially secure even in your absence.

Digital Accessibility:

Amplify offers a streamlined digital experience, making it easy to manage your policy online. You can get product recommendations, complete your application, and access your funds through their digital platform, providing convenience and simplicity in planning for your financial future.

By utilizing Amplify Life Insurance, you can work towards achieving your retirement goals and securing funds for your children's or grandchildren's college education. Their customizable plans, tax advantages, and accessibility options make it a versatile tool for financial planning. Remember to consult with their experts to determine the best options for your specific needs and circumstances.

Frequently asked questions