Learn how your permanent life insurance policy can help you post-retirement.
When you first got your permanent life insurance policy, it was likely with your family’s well-being in mind. However, as you approach retirement age, it’s likely that your life insurance needs have changed. This is when your life insurance in Los Angeles, California
takes on a new role. Learn how your permanent life insurance policy can be used as a tool to secure your retirement.
Unlike term life insurance policies, permanent life insurance is unique in that it can actually be used as a financial and estate-planning tool. For instance, your permanent life insurance policy can supply you with a supplemental income, maximize your pension benefits, and even help you leave a legacy.
When you retire, there’s always a risk of your outliving your assets. However, if you have permanent life insurance, then you can rely on your policy as a source of supplemental income. When properly structured, your policy can provide you with an income through policy loans and withdrawals.
If you are lucky enough to have a pension to rely on, then you will have to decide whether you want the higher, single life distribution of your pension or the lower distribution that will provide for a surviving spouse. However, having permanent life insurance can make this decision easy. With the policy able to supply a surviving spouse with a source of income, you are free to accept the higher, single life distribution of your pension.
Finally, your permanent life insurance policy can give you the means to pass your assets onto your loved ones when you die. For instance, the compensation from your policy will be directly paid to your beneficiaries and will not be subject to income taxes. Your policy benefit can also be used to care for your estate, preserve your business, or leave money for a favorite charity.
These are some of the ways that permanent life insurance can help you in your retirement. Do you have more questions regarding your life insurance in Los Angeles, California
? Then don’t hesitate to reach out the experts at Fuller Insurance Agency in Southern California. Our dedicated team is ready to assist you with all your insurance needs. Contact us to get started today.