Life Insurance
Nobody likes to think about life insurance, but it’s an important part of your retirement planning. It’s even more important if you have a family or want a way to build cash value that can be used to help fund retirement or create a legacy.
A Sound Investment
A permanent life insurance policy can be a very sound investment because:
- Cash value growth is not tied to market activity which can fluctuate greatly
- Value remains stable despite swings in the economy
- Cash value is easily accessed and provides a tax-free death benefit to heirs
- Cash amount is not reduced by taxes, transfer costs, management fees or commissions
- Growth is income-tax free
Permanent Life Policies
Permanent life policies cannot be revoked or cancelled once they are issued, your policy is good for as long as you are alive, or as long as you pay premiums. Premiums are higher than a term life policy but, depending on the type of policy you purchase, they never go up. And in addition to providing a death benefit, your policy builds cash value. Through tax-free withdrawals, you can access cash to help provide income during retirement, to pay for college or to offset other expenses.