Can I use my life insurance after retirement?
Can I use my life insurance after retirement? We generally think of life insurance as a financial product designed solely to protect our family members in the event of our death. Something that is not entirely accurate, life insurance can also be a source of financing for our own retirement.
Indeed, one of the benefits of permanent life insurance with savings is its ability to accumulate a pool of cash within the policy itself. This fund, which increases tax-free during the life of the contract, can be used by the policy beneficiary as a source of income when retirement arrives.
Another benefit of this type of insurance is that you can access the money in times of difficulty. It is like taking a loan of your own money for anything you need. The best of all is that you do not have to pay back, the only thing that will happen is that they will deduct it from the benefit that your family would receive for your death. Some say that it combines the best of life insurance and savings plans with the advantage of offering liquidity at all times.
Imagine that you purchased life insurance for the value of your home mortgage, in case you died before paying it off, your family would not have financial problems and would be protected. After a time, you have finished paying for the house, your children are working, making their own lives, then you decide to use part of the money from your policy benefit as you please. Something you can safely do with this type of contract. Can I use my life insurance after retirement?
This is just a small overview of the benefits of savings life insurance. If you are interested in learning more about them, call Univista Insurance.