Life Insurance

Life Insurance for Retirement

Most people know the basics of how life insurance works. You purchase it to provide a benefit to your heirs when you pass away. And having the right type of life insurance in place to do this is important. However, you probably didn’t know that certain types of life insurance can actually provide income to you while you’re still alive. Putting some of your money into an insurance policy and then borrowing from it instead of dipping into your retirement accounts is a viable strategy.

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Grandparents teaching their son to play chess after planning a successful retirement with Rose Financial

Types of Life Insurance

Several different types of life insurance exist. For example, term life insurance pays a death benefit if you pass away within the term outlined in the policy. Max-funded cash-value life insurance provides much more flexibility. Max-funded cash-value life insurance can build cash value. In fact, some policies allow you to take money from the cash value they’ve built, tax-free.*

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When Life Insurance For Retirement Can Help

Not everyone’s situation lends itself to the use of life insurance for retirement. However, life insurance might be a good option for you if:

  • You have already maxed out contributions to your 401(k), IRA, or other retirement plan
  • Tax-free* options appeal to you
  • Safety is also appealing to you
  • You’re looking for a “just in case” income source
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