Planning for Your Wealth and Retirement Strategies with Life Insurance

Bought or sold a house this year? Planning to downsize or retire? These are all questions to consider as you form your financial strategies for the upcoming year and beyond. In addition to the death benefit that can be provided with a whole life insurance policy, the cash value that builds up can serve as a source of funds for various opportunities or needs that can spring up.^1,2

Being a new homeowner is exciting but can also come with a long list of expenses. Whole life insurance is a tool that can be used for its built-up cash value when you might need it. Read this Living Confidently article that discusses a few of the potential hidden costs of homeownership.

Some individuals may be ready to finally empty their nest and are ready to plan for their new chapter as a retiree. It’s no secret that Social Security benefits may not be sufficient to cover all your costs. This infographic is a useful resource to see the benefits of owning a whole life insurance policy as a means to help you in your retirement years.

Consider the value a life insurance policy can add to your overall portfolio when it comes to your wealth and retirement strategies. Connect with a financial professional at Strategies for Wealth to learn more.

¹Some whole life policies do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information.

²Policy benefits are reduced by any outstanding loan or loan interest and/or withdrawals. Dividends, if any, are affected by policy loans and loan interest. Withdrawals above the cost basis may result in taxable ordinary income. If the policy lapses, or is surrendered, any outstanding loans considered gain in the policy may be subject to ordinary income taxes. If the policy is a Modified Endowment Contract (MEC), loans are treated like withdrawals, but as gain first, subject to ordinary income taxes. If the policy owner is under 59 ½, any taxable withdrawal may also be subject to a 10% federal tax penalty.

2020-105881 (Exp. 08/22)