Life Insurance

Life Insurance For Retirement

You probably have a basic understanding of what the purpose of life insurance is. The main function of life insurance is to provide for your loved ones when you’re no longer here. However, life insurance in retirement can provide additional benefits to you, the policyholder, while you are still alive. It makes for a good place to keep some of your money, where it’ll be kept safe, but still earn interest at a reasonable rate.** Furthermore, life insurance doesn’t apply to the same tax rules as other, more traditional vehicles for your savings.

For example, let’s say you have a retirement plan account such as a traditional IRA or 401(K). With one of these accounts, you pay taxes on withdrawals. Furthermore, they come with RMDs (required minimum distributions), which means you’ll have to withdraw funds and pay taxes on them once you reach a certain age. In contrast, life insurance in retirement may allow you to receive your money income-tax-free.* 

portrait of grandfather and grandson hugging on the couch life insurance for retirement

Do You Need Life Insurance For Retirement?

Life insurance in retirement could help cover your final expenses and estate taxes, pay off outstanding debt, and provide tax-free inheritance to your loved ones. Additionally, it may be useful as an income source for you to partially fund your retirement. Of course, everyone’s situation is different. It may not be the right choice for everybody. So, reach out to us. We can discuss these products with you in further detail. 

Reach out to us: We can walk you through your options.

Benefits of Life Insurance For Retirement

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Life insurance in retirement can offer you benefits such as:
  • Cash value protected from loss
  • Fund your policy all at once, or over time
  • Earn a reasonable rate of return**
  • You can "lock in" what you accumulate
  • Potential tax-free* cash value growth
  • You can access the money tax-free* as well
"Legacy benefits" available to your beneficiaries include:
  • The immediate death benefit is much greater than the premium paid
  • Can be received as a lump sum, or as income
  • Additionally, the death benefit can also increase over time
  • The death benefit is also income-tax-free*
  • It avoids probate court and goes directly to beneficiaries
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What We Do
Our Company
  • 3450 Triumph Blvd Suite 102
    Lehi, UT 84043
  • 2825 E. Cottonwood Pkwy. Suite 500
    Cottonwood Heights, UT 84121
  • 701 S. Main St. Suite 100
    Logan, UT 84321

*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 website create an agent-client relationship. By contacting Breck Jacobs, License #533051/Future Focus Financial, License #101193, you may be offered information regarding the purchase of insurance products, including fixed index annuities and life.

Investment advisory services offered through Jacobs Financial Group, a Registered Investment Advisor in the state of Utah. Insurance products and services are offered through Future Focus Financial, License #101193, and Breck Jacobs, License #533051. Jacobs Financial Group and Future Focus Financial are independent of each other.

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