Issue 40.16
We live in the golden age of information. The problem with this abundance of knowledge at our fingertips is that sometimes it’s easy to get overwhelmed and we can make mistakes based on the wrong information. This can create some major problems in our lives.
Because of this information overload, life insurance has been misunderstood due to its past limitations. However, few know that it has changed and adapted to offer modern benefits and features.
Most of us would agree that life insurance’s primary function is paying off funeral costs, debts and replacing lost income should you or your spouse pass away. However, you may not realize the modern features of life insurance may be more beneficial to you.
Today, life insurance can be used as an alternative investment to Roth IRAs. They serve as an investment vehicle for tax-deferred growth, tax-free income, and even tax-free medical benefits such as healthcare, long-term-care and assisted living. On top of that, many build up a cash value, which can be used for unforeseen financial needs.
Because of all these additional benefits to life insurance today, it’s become a valid alternative retirement savings option.
Many years ago, one of my first clients passed away. I went to visit his wife shortly afterward. We shared a hug, some memories and more than a few tears before we sat down to look over her finances. After reviewing everything, she looked at me with tears in her eyes and said, “You said you’d be here, and you were.” Because of the planning we had done with this program, she knew she would be okay financially.
Of course, everyone’s situation is different so life insurance may or may not be a benefit to you but with these modern features, you can take a second look at what has become a valid alternative retirement savings option. If you’d like more information or to find out what life insurance can do for you, please call our office at (435)773-9444.