Life Insurance as a Retirement Resource
Many of us do not associate life insurance with retirement. That, however, could be detrimental to your overall financial plan for retirement! Why is that you might ask? Answer yourself this question: “Do you think taxes will increase in the future, stay about the same, or decrease?”
Do we want the government taking 40, 50, or even 60% of our 401(k)’s, IRA’s, or other tax-qualified baskets that we might be putting all our eggs into? Would you like to know how to save for retirement and not have the government be able to take taxes out of any of it? Cash Value life insurance, or Permanent life insurance, could be one of the best friends you have ever had to protect your nest egg.
Whole Life, Variable Universal Life, Variable Life, or Indexed Universal Life (just to name a few) can give you the death benefit up front that any life insurance policy will do, but they will also allow you to “become your own bank.” You will be able to build up cash values in the policy that you can borrow from at anytime (minus any early withdrawal fees the contracts might have), and you will be able to pay yourself back or not pay yourself back at your own volition. Try going to a bank and ask them for a loan, but that you can only pay it back in bits and pieces when you have the time, see how far that gets you.
You can also place your life insurance policy on a settlement option that can pay you an income stream over a certain period of time or for life with minimal tax ramifications on the gain of the disbursements! Isn’t it time you looked into making life insurance a part of your retirement plan? Give us a call at 1-800-651-1953 or email email@example.com. You can also visit our Instant Quote Tool to get a free term life insurance quote too.
About the author: Kyle McDonald holds FIC, FICF, FSCP® & CLTC designations. His viewpoint on life insurance is simple, “Anyone with a family must have life insurance. In the end, life insurance is for others you care about, not you.” He is ready to help you and your family get the best option available. Contact Kyle today at 1-800-651-1953 or KMcDonald@Pivot.com.