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Should I Have Life Insurance in Retirement?

Choosing the right life insurance in retirement is important. With the right policy, you may be able to retire tax-free.* How is this done?

People often overlook the importance of life insurance when in retirement. Most people only know the most basic purpose of life insurance: It provides a death benefit to your beneficiaries. A lot of people are unaware that you can actually use life insurance to provide income while you’re still alive!

Additionally, some life insurance products can provide you with tax-free* income. This is because insurance products don’t apply to the same tax rules that traditional retirement accounts do. Life insurance may also grant you more flexibility compared to other retirement options.

There are a number of different types of life insurance you can choose from. One option, indexed universal life (IUL) insurance, can provide more flexibility and more benefits than other types.

An IUL policy is not necessarily appropriate for all retirees. There may be a better option out there for you, depending on your individual situation, needs, and goals. But, an IUL may be the best choice in your situation. They are an excellent tax-free* alternative for retirement, if any of the following situations apply to you:

  • You may have maxed out your 401(k), IRA, or other retirement plan
  • You are interested in tax-deferred or tax-free* retirement options
  • Income security is important to you
  • You like the idea of being able to withdraw cash whenever you need it
  • You’d like to have effortless access to some of your funds
  • As a parent of a special needs adult child, you may want income for your child

Reach out to us at Senior Financial Situations. Contact us to schedule an appointment, or to attend a no-cost educational seminar event. We can make recommendations depending on your specific situation.

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