Life Insurance

People typically select a life insurance policy to provide for their loved ones after they are gone. However, there may be other reasons for choosing life insurance in retirement. Let’s discuss your options.

Life Insurance
in Retirement

Certain life insurance products can provide a source of tax-free* retirement income for you, while you are still alive. A life insurance policy also doesn’t come with the same rules as traditional retirement accounts, and so may provide benefits that they don’t. An indexed universal life insurance policy (or an IUL policy) could be used for savings.

Some people use an IUL as a safe place to keep some additional money in case of an emergency. The money saved in your cash value may also be used for big purchases or funding college for your kids or grandkids. By using the money in an IUL instead of your retirement accounts for these items, it may provide you with tax advantages. Tax implications vary, however. Reach out to us so we can talk about your individual situation.

Why Choose Life Insurance For Retirement

Of course, indexed universal life insurance isn’t the answer for everyone. Every situation is different, and takes thorough planning and thought to pick the right options for you. However, there are quite a few reasons why you should consider an IUL.

Here are a few benefits:

IULs don't come with contribution limits like traditional retirement accounts
Potential tax deferral on earnings
An IUL is not affected by stock market downturns
Death benefit available without going through probate court
Money is accessible when you need it
Protection from potential losses
And more!

Legacy Benefits

Many of us want to ensure that our loved ones will be okay when we’re no longer around. Life insurance in retirement can offer a way to do this by providing a tax-free* income source to both you and your beneficiaries, without having to go through probate before it reaches them. It is a retirement income source that may also leave a legacy.

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*Proceeds from an insurance policy are generally income-tax-free, and if properly structured, may also be free from estate tax. Income-tax-free distributions are achieved by withdrawing to the cost basis (premiums paid), then using policy loans. Loans and withdrawals may generate an income tax liability, reduce available cash value, and reduce the death benefit, or cause the policy to lapse. This assumes the policy qualifies as life insurance and is not a modified endowment contract. The Host and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. This content is not intended to serve as the basis for any investment or purchasing decisions, nor does it recommend or involve the purchase, holding, or sale of a security. All figures herein are hypothetical and for illustrative purposes only to explain general concepts. No figure is to be relied upon as being accurate nor a guarantee or projection and is meant only as a partial overview of some relevant features and benefits of general insurance products that may be in the marketplace, and whose availability will be dependent on the State of residence of the consumer, and their individual suitability for the product they are wanting to purchase. Where insurance products are mentioned, any and all guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.

IMPORTANT CONSUMER INFORMATION
This site is for informational purposes only and is not intended to be a solicitation for or offering of any product or investment. The offer for sale of an insurance product may only be conducted in a state where the agent is licensed and the product is approved for sale. The providing of investment advice relating to securities may only be done by a properly licensed individual operating through a licensed affiliate entity, unless otherwise exempt. Comments about past performance are not to be construed as a guarantee or assurance of future performance. This website may contain concepts that have legal, accounting and tax implications. We do not provide specific legal or tax advice, nor promote, market or recommend any tax plan or arrangement. Consult a tax/legal professional for guidance with your individual situation. No representations are made as to the accuracy or completeness of the information contained herein or any information contained in any link provided herein, nor does a consumer visiting the web site create an agent-client relationship.

By contacting Brendan Grady/Brian Grady/Henry Ingier/Todd Ingier/Katie Grafrath/Mark Sortman/Joel McNinch/Grady Group Insurance & Financial Services, you may be offered information regarding the purchase of insurance products, including fixed index annuities and life.

Investment advisory services are offered through Gibbs Wealth Management, LLC (DBA Grady Group Inc.), a SEC Registered Investment Advisor. Insurance products and services are offered through Grady Group Inc. Gibbs Wealth Management, LLC (DBA Grady Group Inc.) and Grady Group Inc. are unaffiliated companies.