Life Insurance
To learn more about how life insurance can help you and your family in retirement, we encourage you to get in touch with our team today.
Life Insurance in Retirement
You have worked diligently to accumulate savings for retirement. However, how do you safeguard your savings in order to maintain your financial stability? We can provide you with guidance on how to potentially accomplish this. It may be advantageous for you to purchase life insurance during your retirement. Please reach out to us for additional information.
Life Insurance in Retirement?
You most likely possess a fundamental understanding of the purpose of life insurance. It provides your loved ones with a death benefit to ensure their well-being after your passing. However, it has the potential to serve a purpose beyond looking out for your beneficiaries after you pass away.
An indexed universal life (IUL) insurance policy may serve as a means of safeguarding your money and generating tax-free* income. Considering purchasing an IUL for retirement? Please contact us for additional details.
Benefits of Using an IUL in Retirement
Each individual’s circumstances, needs, objectives, and so forth are distinctive when it pertains to retirement. There is no universal solution; each individual necessitates a strategy that distinctly suits them. Nevertheless, there are certain objectives that are shared by the majority of people.
One advantage of an IUL is that it is subject to different regulations from the majority of conventional retirement options. An IUL does not have a contribution limit. Furthermore, it is subject to distinct tax regulations, and isn’t subject to required minimum distributions. Therefore, if feasible, you may want to transfer funds from your IRA, 401(k), or other plan to an IUL.
Benefits of an IUL in retirement include:
Benefits of an IUL in retirement include:
- Protection of your cash value, even in a down market
- "Lock in" potential interest
- Fund all at once, or slowly over time
- The potential for tax-free* income
- No excess fees for withdrawing money before age 59 ½
Reasonable Rate of Return**
Meanwhile, legacy benefits (benefits relevant to your heirs) include:
- The death benefit may be higher than the premium payments you make
- Death benefit is tax-free* for your beneficiaries
- The death benefit doesn't go through probate court
- The death benefit can increase over time
- And more