It’s understandable if your life insurance policy is not top of mind for you on a daily basis. But did you know that, aside from paying your beneficiaries money upon your death, there are other benefits worth exploring? As you look ahead to retirement, it’s worth exploring how your policy can be utilized as a source of income in retirement to help maintain your lifestyle. If you are one of the millions of Americans who own a permanent life insurance policy (or are thinking about getting one) just remember over time many of your financial obligations end. That is when your policy can take on a new life, as a powerful tool to make your retirement enjoyable. In this article we would like to show you a few options for you to consider…

Permanent Insurance Policies Can Help Protect You Against Outliving Your Assets

Your policy can take the pressure off investment accounts if the market is sluggish, giving them time to rebound. You can supplement retirement income via policy loans and withdrawals. Some policies may also provide long-term care benefits. You can even convert your policy into a lifelong income stream.

Supplement the Income of a Surviving Spouse

Pensions are fading fast in America, but those that count on this benefit are often faced with a choice of taking a higher single distribution or a lower surviving spouse distribution. Life insurance can supplement a survivor’s income, enabling couples to enjoy the higher single-life pension-together.

Permanent Insurance Policies Make Leaving a Legacy Easy

You don’t need to be a millionaire to leave a meaningful legacy to your loved ones. According to The Wall Street Journal, permanent life insurance is a fantastically useful estate planning tool. Policy proceeds are income-tax-free and paid directly to your beneficiaries in a cash lump sum. Your loved ones avoid probate. With a large estate, your policy can help pay estate taxes and ensure the continuity of a family business. You may even consider leaving a legacy for a favorite charity or institution.

Where to Start With Permanent Insurance Policies

Have a policy review. By the time you reach mid-life, you may have a mix of coverage such as term, permanent, and even a composition insurance package from work. An insurance agent or a financial advisor can help you access your situation and achieve your retirement planning goals. Life insurance is a long-term financial tool. It can take decades to build permanent policy value so no time like the present to start your retirement goals. Health profiles can change at any time and if you are healthy you can lock in insurability now and look forward to years of tax-deferred policy growth.

Rollins Insurance represents multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio.

Contact us (859-781-7283) for more information or get a free quote!

About Rollins Insurance 

Rollins Insurance is an independent insurance agency providing our clients the best prices with the most coverage possible since 2008. We represent multiple A-rated insurance companies to make sure we deliver the most competitive rate packages to our clients in Kentucky and Ohio. We find that most people are under-insured and over-paying when we meet them. We love what we do and our primary business is Personal Auto, Homeowners, and Life and Health insurance. We are a family-owned and managed business that specializes in providing needs-based insurance services.
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