Life Insurance

Life insurance options could help support your retirement with tax-advantaged growth, flexible access, and legacy benefits.

granddaughter running toward her grandparents in their yard life insurance for retirement

Life Insurance for Retirement

You probably have a general idea of what life insurance is for. The primary purpose of life insurance is to provide for your loved ones after you’re no longer here. However, life insurance can offer additional benefits to you, the policyholder, while you are still alive. It may be a good place to keep some of your money, because it’ll remain protected while earning a reasonable rate of return.** Furthermore, life insurance is not subject to the same tax rules as other, more traditional methods of saving.

You may have a retirement account, such as a traditional IRA or 401(k). With one of these accounts, you must pay taxes on any withdrawals. Furthermore, they include RMDs (required minimum distributions), which means you must withdraw funds and pay taxes on them when you reach a certain age. In contrast, life insurance in retirement, such as an IUL (indexed universal life) insurance policy, may allow you to withdraw funds tax-free.* You may be able to “rollover” the funds from your retirement plan account into an IUL instead.

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Indexed Universal Life Insurance For Retirement

Purchasing an indexed universal life (IUL) insurance policy may be a good way to protect and grow a portion of your money. This product may provide higher interest rates over time than traditional savings accounts or CDs. Furthermore, the money in one of these insurance policies is transferred to your beneficiaries immediately, without going through probate. As previously mentioned, you may be able to “rollover” money from another account into an IUL instead. Contact us: We can walk you through your options.

Benefits of Life Insurance For Retirement

Benefits offered by life insurance include:

  • Fund your policy all at once, or over time
  • An IUL gains interest based on a market index, but does not lose value if the market drops
  • You have the option to "lock in" what you accumulate
  • Potential tax-free* cash value growth
  • You can also access the money tax-free*
  • No fees or fines for accessing money prior to age 59½
Explore Your Benefits

"Legacy benefits" offered to your beneficiaries include:

  • The immediate death benefit is much greater than the premium paid
  • Furthermore, the death benefit can increase with time
  • The death benefit is also income-tax-free*
  • The benefit can be received as a lump sum, or as a series of income payments
  • The benefit avoids probate court and goes directly to beneficiaries
  • The insured can potentially accelerate a portion of the death benefit to pay for long-term care costs

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Location

3560 Bridgeport Way W, Suite 1D
University Place, WA 98466

*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 Joshua Meyer WA Lic. #238262/Curt Chojnowski WA Lic. #222547/Executive Benefits Group WA Lic. #915203, you may be offered information regarding the purchase of insurance products, including fixed index annuities and life.

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