Retirement Savings in Houston
Using Life Insurance to Pay for Retirement
For many people, life insurance and retirement planning are two separate things. Retirement planning is for you, and life insurance is for your beneficiaries. However, some financial advisors also recommend life insurance as one way to plan for retirement.
Because of the costs involved, this strategy is controversial — but there can be upsides, if you’re a good fit.
Permanent life insurance plans can offer benefits
Among the many types of life insurance available, permanent life policies are sometimes touted as a way to supplement retirement savings. When you buy a permanent life insurance plan — whether it’s variable, universal or whole life insurance, or a hybrid — some of your premiums go into a separate account that builds cash value alongside or in addition to your death benefit.
One of the advantages of permanent life insurance is the ability to withdraw or borrow against this cash value. You might do this to pay your mortgage for a few months, if you lose your job, or to fund your retirement. Keep in mind that loans and withdrawals will lower your death benefit unless they are repaid. If you borrow more than the surrender value, your policy could lapse.
Source:Nerdwallet
Retirement Savings in Houston
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