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The following article was published in our article directory on July 27, 2017.
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Why use insurance in your retirement plan.

Article Category: Finances

Author Name: Jennifer Lang

While not many people consider it as such, there are times when life insurance becomes a retirement account. With the recent fluctuations in the real estate and stock markets, insurance is being reinvested as an asset for the difficult days of future. Products such as universal life, whole life, and indexed universal life have gained value and popularity as other assets such as mutual funds, stocks, real estate, and annuities have lost theirs.

Insurance as retirement plan

With so much to offer, investing in life insurance becomes a lucrative option especially when compared to the other options of investment. For the starters, life insurance takes care of your family by ensuring positive return on the money you have invested during your life. This return varies between 6 to 8% and the income is free of tax for the beneficiaries. This amount equals to 7.5 to 11% return for taxable option at a tax bracket of 28%. Therefore, it is a great financial option to use as a retirement plan.

Moreover, the cash accumulation from a life insurance policy is akin to the retirement accounts and annuities in the way that it grows tax-deferred as well. As a result of this tax deferral, the money grows faster thanks to the compounding interest on the premiums.

Also, the income that is generated from insurance is similar to ROTH in the way that it is received tax-free. You must be wondering why not just go for ROTH then. That is because ROTH is neither insured nor the growth resulting from it have a guarantee. Moreover, ROTH account comes with a few income limitations and contributions, while there are no such requirements for the life insurance money. This makes insurance money a viable option to depend on after retirement.

When Can Your Insurance Be Used for Retirement Planning

Enlisted here are all the reasons why insurance money can be used for retirement planning:

*Death benefit provides a long term benefit
*Premiums on death
*The growth on the policy's internal cash value is tax deferred
*Potential for tax-free income from the policies cash values
*No income limitations or contributions
*An interest rate on the policy's cash values

These are amazing benefits to receive from any investment, and yet you might argue that this is not a great option since the big names in the world of finance disapprove of it. However, the truth is rather simple. Most of them are the old school types and thus they fail to take into consideration the new laws and ideas that are recently being incorporated in the insurance policies. Moreover, such advice targets the people with median income and does not take into account the bigger picture. While in some cases, relying on insurance policies for your retirement plan may not be a success, you need to take the advice with a grain of salt.

In Conclusion

If you are still unsure about whether life insurance can help, you develop a retirement plan then you need to opt for a financial advisor who will study your specific condition and help you make a wise decision.

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