Life Insurance for Retirement
You probably have a basic idea of the main purpose of life insurance: provide money to those you love once you are gone. But, life insurance can actually do much more than just a death benefit. This is especially true if your policy is an indexed universal life (IUL) insurance plan. In fact, IULs can provide tax-free income. Therefore, an IUL may be a good consideration as life insurance for retirement. You can also help protect your wealth with an IUL.
In addition, if you have any money in low-earning CD’s or savings accounts, an IUL might help. In the long run, an IUL may provide a reasonable rate of return. So, using an IUL as life insurance for retirement can be a possible addition to your retirement plan. Also, do you want to leave a legacy? Some retirees consider an IUL for this purpose as well. Tax-free income for you and tax-free death benefit to those you leave behind. Those are just two of the reasons you may consider an IUL. In fact, you may be able to transfer cash value from a different type of life insurance, such as whole or universal life plans. Reach out to us to learn the details and find out which options are available for you.