Life Insurance For Retirement

Should You Purchase Life Insurance For Retirement?

Is your family dependent on your income? You should probably consider purchasing life insurance. You want to enjoy your retirement, and still leave behind inheritance for your loved ones. And, you can accomplish both of these things with just one product. With the right type of life insurance, you can accomplish this, and numerous other benefits. 

There are several different types of life insurance. Which type would best fit your specific situation? Providing for your family is one of the most important parts of setting yourself up for the future. Schedule a one-on-one meeting with us here at Compass Financial. We can discuss what type of life insurance would be best for you, and other important aspects of planning for retirement. One type of product we would recommend is an indexed universal life (IUL) insurance policy.

dad building toy car with son and thinking about life insurance for retirement

Understanding The

Benefits of Life Insurance For Retirement

Using life insurance for retirement has a number of benefits. Firstly, let's discuss the features of these products that will help you during your retirement:
  • The cash value of your insurance policy will remain protected, even in the event of a market downturn
  • With an IUL, cash value growth is based on the performance of a market index
  • The option to “lock in” what you accumulate
  • Fund your policy all at once, or over time (an IUL is typically max-funded)
  • Tax-free* growth, and tax-free* access to your principal & interest
  • There are no fees or fines for accessing your cash value before age 59 1/2
Benefits offered to your heirs after you are gone, meanwhile, include the following:
  • Immediate death benefit (avoids probate court)
  • The death benefit is tax-free*
  • Furthermore, the death benefit can be much greater than the premium paid
  • Additionally, it can increase over time
  • It can be received as a string of payments, or as one lump-sum