Life Insurance In Retirement - Retirement and Insurance Services of Florida, LLC

Life Insurance

Learn About Life Insurance Benefits

Life Insurance In Retirement

Aside from leaving money for your beneficiaries to collect, life insurance provides a variety of other benefits, too. In fact, using life insurance in retirement may provide you with a source of income while you are still alive; It may be a viable way to earn a reasonable return** on some of your retirement savings.

Indexed Universal Life Insurance In Retirement

Depending on your unique situation, an indexed universal life (IUL) insurance policy may be able to help you plan for your retirement. One of the primary advantages of an IUL is tax-free* income. Remember that an IUL is an insurance product. Therefore, the tax laws are different than those that apply to a traditional retirement plan. Furthermore, you may be able to transfer some of the funds from your retirement plan account, such as a 401(k) or IRA, into an IUL policy instead.

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Benefits

Here are some of the advantages of choosing an IUL as part of your retirement strategy. In your case:

You may fund it all at once, or over time (IULs are typically “max funded”)
Market loss will not reduce the cash value of your IUL
You will have the ability to lock in what you accumulate
Tax-free* growth in cash value
Tax-free* access to both principal and interest
No fines or fees for accessing funds before age 59 1/2

Plan for Your Beneficiaries

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

The death benefit is also tax-free*
Beneficiaries receive payments directly, no probate court
Payment could be received in one lump sum, or in installments
The death benefit could potentially increase with time

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*Proceeds from an insurance policy are generally income-tax-free, and if properly structured, may also be free from estate tax. Income-tax-free distributions are achieved by withdrawing to the cost basis (premiums paid), then using policy loans. Loans and withdrawals may generate an income tax liability, reduce available cash value, and reduce the death benefit, or cause the policy to lapse. This assumes the policy qualifies as life insurance and is not a modified endowment contract. The Host and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any transaction. This content is not intended to serve as the basis for any investment or purchasing decisions, nor does it recommend or involve the purchase, holding, or sale of a security. All figures herein are hypothetical and for illustrative purposes only to explain general concepts. No figure is to be relied upon as being accurate nor a guarantee or projection and is meant only as a partial overview of some relevant features and benefits of general insurance products that may be in the marketplace, and whose availability will be dependent on the State of residence of the consumer, and their individual suitability for the product they are wanting to purchase. Where insurance products are mentioned, any and all guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.

IMPORTANT CONSUMER INFORMATION

This site is for informational purposes only and is not intended to be a solicitation for or offering of any product or investment. The offer for sale of an insurance product may only be conducted in a state where the agent is licensed and the product is approved for sale. The providing of investment advice relating to securities may only be done by a properly licensed individual operating through a licensed affiliate entity, unless otherwise exempt. Comments about past performance are not to be construed as a guarantee or assurance of future performance. This website may contain concepts that have legal, accounting and tax implications. We do not provide specific legal or tax advice, nor promote, market or recommend any tax plan or arrangement. Consult a tax/legal professional for guidance with your individual situation. No representations are made as to the accuracy or completeness of the information contained herein or any information contained in any link provided herein, nor does a consumer visiting the web site create an agent-client relationship.

By contacting Vincent Erb FL Lic. #E068670/Insurance Services of Florida, LLC FL Lic. #L123870, you may be offered information regarding the purchase of insurance products, including fixed index annuities and life.