Insurance For Retirement
Life insurance can be a smart way to support your retirement and leave an inheritance. Learn more about choosing the best life insurance plan for your needs.
Should You Purchase Life Insurance For Retirement?
We think you should definitely think about getting life insurance for retirement. While you want to enjoy your retirement, you also want to leave an inheritance for your family. You can use a single product to achieve both of these goals, depending on the type of life insurance you choose. You probably know that the purpose of life insurance is to send a payout to your family after you pass away, but it can actually benefit you as a source of income while you’re still alive. Interested? Contact us to learn more.
What kind of life insurance policy would be best suited for you?
It depends on your circumstances. One of the most crucial aspects of creating a financial strategy for the future is providing for your family. Set up a meeting with us so we can discuss life insurance for retirement. An indexed universal life (IUL) insurance policy is one kind of product that we might suggest; an IUL earns interest at a reasonable rate** over time, and you can withdraw money from it whenever you need to serve as a source of tax-free.* income.
Benefits of Life Insurance For Retirement
Using life insurance for retirement has several benefits.
Firstly, let’s discuss the features of these products that will benefit you during your retirement:
- The cash value of your insurance policy will remain protected, even in the event of a market downturn
- With an IUL, cash value growth is based on the performance of a market index
- The option to “lock in” what you accumulate
- Fund your policy all at once, or over time (an IUL is typically max-funded)
- Tax-free* growth, and tax-free* access to your principal & interest
- There are no fees or fines for accessing your cash value before age 59½
Benefits offered to your heirs after you pass away, meanwhile, include the following:
- Immediate death benefit (avoids probate court)
- The death benefit is tax-free*
- Furthermore, the death benefit can be much greater than the premium paid
- Additionally, it can increase over time
- It can be received as a string of payments, or as one lump-sum
