Like most people, you understand the importance of having a permanent life insurance policy to protect your loved ones. However, this insurance vehicle goes beyond basic protection with a death benefit. Permanent life provides flexibility and access during your life.
You can use it to build cash value for emergencies, education, or retirement. A best life insurance broker in Peoria, AZ, can guide you on using permanent as a valuable addition to your retirement plan.
Protection When You Outlive Other Assets
Structured correctly, permanent life insurance provides supplemental income. By using loans and withdrawals, you have access to potential tax-free money to cover living expenses. Keep in mind that the money you withdraw decreases the death benefit value if not paid back.
Maximize a Traditional Pension
Many people are moving away from the traditional pension often provided by an employer. If this is part of your retirement portfolio, life insurance can supplement your income when faced with a sluggish market.
Cover Healthcare Costs
You are not alone in wanting to live a healthy retirement life. Yet, you still must prepare for the unexpected. One major expense to consider in retirement is medical bills that are not covered by Medicare or other health insurance.
Permanent life insurance may help you avoid having other retirement income consumed by care for a chronic illness.
Leave a Legacy
For many, permanent life insurance is a useful estate-planning tool for you to pass on assets to family or your favorite charity. A life insurance broker in Peoria, AZ, can ensure your plans for retirement stay on track.
