Minimize Retirement Risk With Permanent Life Insurance

With persistent economic uncertainty, retirement worries plague many Americans. Instead of dreaming about their golden years, workers may be haunted by the possibility of a retirement where the idea of not having enough money may not be hyperbole. Consumers are looking to diminish risk and take control. A financial professional will tailor a plan to fit an individual's own financial goals, but permanent life insurance should be a part of any diversified retirement strategy and can offer security and growth for those with a number of working years ahead.

Permanent life insurance offers death protection as well as the potential for cash value accumulation, which can be an important source of retirement income. As the value of a permanent policy grows tax deferred over time, the cash may be used for any purpose.* This kind of life insurance offers a measure of flexibility that enables consumers to make choices and better manage their financial lives and can augment other income sources like Social Security, 401k savings or pensions for those lucky enough to have them.

The income stream from a permanent life insurance policy may also help cover the "gap years," which fall between retirement and the age when Medicare and Social Security benefits begin. Most retirees will need the guidance of a financial professional to determine the best use of resources during the gap period and throughout retirement. However, consumers should know that a permanent insurance policy could be the difference between retirement at an age you desire instead of when Social Security and qualified plan distributions start. This additional resource may also enable a retiree to delay the start of Social Security payments, which will ultimately deliver larger monthly sums over time.

In addition to assisting with bridging the gap years, a permanent insurance policy may help cover unexpected or planned expenses from healthcare costs, to paying for a grandchild's college education, to contributing to the start-up of a family business.

No matter how permanent insurance is ultimately used, if structured properly, a policy can provide an income tax- and estate tax-free death benefit. Retirees can then spend their retirement income knowing they will still leave a legacy to their children or a favorite charity.

*Accessing cash values may result in surrender fees and charges, may require additional premium payments to maintain coverage, and will reduce the death benefit and policy values.

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