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.

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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:

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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.