Securing your retirement and building your estate for future generations.

Preparing for retirement and managing income during retirement remains a major concern for millions of Americans. Terms like “the new face of retirement”, “bridge job” or “working retired” have taken on new definition as Americans labor past the traditional retirement age and continue to work into their late 60’s and beyond. 

With increasing health care costs, inflation concerns and managing or reducing current debt, pre-retirees are making tough financial decisions that will impact their current as well as their future financial lives and many of us expect to work on average a full decade longer than those already in retirement.

It is no wonder that many Americans are feeling financially unstable and are looking for ways to  provide financial protection and future security for their family.

Fortunately, there are a number of strategies that may help you achieve your retirement goals. If you need a death benefit and have objectives that include retirement and providing a financial legacy to your heirs, one possible strategy may include permanent life insurance.  

Permanent life insurance can be the “permission slip” to spend down your assets during retirement without the worry of how to leave a legacy to the next generation.  The life insurance policy can deliver income tax free funds for inheritance, which means other accumulation accounts do not have to be conserved for this purpose.

In addition to the death benefit permanent life insurance provides, there may be unique living benefits, including the policy’s cash value, that may be especially useful today. The cash accumulated inside the policy has the potential to be a source of cash to pay the mortgage or the car loan, improve a home for sale, start a business, or to supplement retirement income[1]. The policy loans do not need to be paid back during the policy owner’s lifetime – any outstanding loan amount, and interest due, will be deducted from the policy death benefit before it is paid to the named beneficiaries.

Another financial risks which can deplete even substantial assets in fairly short order is a serious illness. Through optional riders, life insurance can help address this concern by providing access to the death benefit, during lifetime, to help cover costs associated with a terminal, chronic or critical illness[2]. 

These benefits help make permanent life insurance even more important to families in the current environment where there is an increased desire for a stable, dependable way to protect loved ones.

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[1] Access to the cash value may be available through loans or withdrawals.  Policy loans and withdrawals reduce the policy’s cash value and death benefit and may result in a taxable event.  Surrender charges may reduce the policy's cash value in early years.

 

[2] Receipt of accelerated of life insurance benefits may affect your, your spouse or your family’s eligibility for public assistance programs such as medical supplementary social security income (SSI) , and drug assistance programs.  You are advised to consult with a qualified tax advisor and with social service agencies concerning how receipt of such a payment will affect you, your spouse and your family’s eligibility for public assistance.  Riders are optional and may not be available in all states.  This is not a solicitation of any specific insurance policy.