Life Insurance

Does your family depend on you for income? You should probably consider life insurance for retirement.

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Life Insurance For Retirement

The main function of life insurance, as you’re probably aware, is to leave money behind for your beneficiaries after you pass away.

But, what if we told you that the right type of life insurance could be used as a source of income for you while you’re still alive? Not only that, but life insurance for retirement may offer some benefits that your employer-issued retirement accounts don’t. Specifically, indexed universal life (IUL) insurance could be used for this purpose.

IUL Insurance

The issuing insurance company gives you a life insurance policy in exchange for the premium you pay. An IUL is typically “max-funded.” This means that the total premium is paid upfront. Then, the insurance company agrees to keep your money protected. Your policy is linked to an index, allowing it to gain indexed interest at a reasonable rate.** But, it’s important to note that your money isn’t invested in the stock market. In fact, no matter what happens in the stock market, even if another crisis happens, the money in your IUL will remain protected.* This may provide you with more confidence and certainty throughout retirement.

If you borrow against your cash value (the money in your IUL) it can be used as a source of tax-free* income.

So, if you have money saved in retirement accounts and don’t want to dip into those yet, purchasing an IUL and withdrawing money from there instead may be a good option for you.

Life Insurance For Retirement: The Benefits

Life insurance for retirement comes with a number of benefits. First, let’s go over features of these products that will mainly help you during your retirement:

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Benefits offered to your beneficiaries after you are gone, on the other hand, include:

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