Life Insurance

Protect and grow your money tax-free*, fund long-term care, and leave a legacy with life insurance in retirement.

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Life Insurance In Retirement

You most likely have a basic understanding of what life insurance is for. Life insurance provides for the needs of your loved ones after you pass away. However, it could be used for much more than that. For example, one could use an indexed universal life (IUL) insurance policy to generate tax-free* income. While it’s not for everyone, an IUL is definitely worth considering. If you’re looking for a financial planner and are interested in the idea of using life insurance to supplement your retirement income, please contact us.

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How Life Insurance In Retirement Can Help You

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Each retiree’s situation is unique. No retirement plan is “one-size-fits-all.” The best course of action is to consider all options before deciding which ones are best for you. An IUL provides tax benefits; because it is an insurance product rather than a traditional retirement account, it is subject to different rules. Crucially, you may be able to gradually transfer funds from your retirement account, such as an IRA or 401(k), to an IUL instead. This may allow you to withdraw the money (and any earned interest) tax-free* later on.

Some of the benefits of choosing life insurance in retirement include:

  • Market losses do not reduce the cash value of your IUL
  • The ability to lock in what you accumulate
  • Tax-free* growth in cash value
  • Access to both principal and interest tax-free*
  • Fund it all at once or over time
  • No fines or fees for accessing funds under the age of 59½

And here are some "legacy benefits" that apply to your beneficiaries after you pass away:

  • Tax-free* death benefit
  • Beneficiaries receive direct payments, without going through probate court
  • Payment to beneficiaries can be received in installments or as one lump sum
  • The death benefit can potentially increase with time
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