Life Insurance In Retirement

You probably know at least a little bit about the purpose of life insurance. Life insurance is there to provide for your loved ones when you're no longer around. However, it may potentially be used for much more than that. An indexed universal life (IUL) insurance policy, for example, can not only provide for your family after you pass away, but may be able to act as a source of tax-free* income for yourself while you're still alive. An IUL isn't the best option for everyone, but it's worth considering. If you think life insurance in retirement could benefit you, reach out to us.

How Life Insurance In Retirement Could Help You

Each retiree's circumstances are unique. Strategies for retirement are not "one-size-fits-all." The best course of action (in our opinion) is to weigh all of your options and then decide which ones are best for you. Because it is an insurance product, not a retirement account, an IUL may provide some tax advantages that aren't offered by more traditional options. For example, you might be able to move funds from your retirement account—like an IRA or 401(k)—into an IUL instead. You could then take that money out (together with any interest you earned) tax-free.*

Some of the benefits of choosing life insurance in retirement May include:

Market losses would not reduce the cash value of your IUL
The ability to lock in what you accumulate
Tax-free* growth in cash value
Access to both principal and interest tax-free*
You can fund it all at once or over time
No fines or fees for accessing funds under the age of 59½

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

Tax-free* death benefit
Beneficiaries receive direct payments, no probate court
Payment to beneficiaries can be received in one lump sum or in installments
The death benefit can potentially increase with time

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943 E. Pine St.
Central Point, OR 97502

*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 Kimberly R Chaplin OR Ins. Lic. #2345606/Creative Insurance Options, LLC OR Ins. Lic. #100238401 you may be offered information regarding the purchase of insurance products, including fixed index annuities and life.